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Corn, soybean bids sharply lowerThe commodity markets were under selling pressure to start this week, with corn and soybeans sharply lower, according to the National Grain Market Summary, July 14. December corn closed less than $7 for the first time since June 9. Wheat was lower with harvest pressure and sharply lower corn. Corn was again under pressure from favorable weather and lower export inspections. Soybeans followed corn lower with good weather and liquidation selling. Wheat closed mostly 8 to 14 cents lower. Corn traded mostly 22 to 33 cents lower. Soybeans closed 30 to 37 cents lower. Grains inspected for export for week ending July 10: Wheat totaled 11.9 million bushels, down 6.5 million; corn 24.2 million bushels, down 8.2 million; sorghum 257 thousand bushels, down 843 thousand bushels; and soybeans 5.8 million bushels, down 3.3 million bushels compared to a week ago. Year to date: Wheat totaled 100.4 up 5.6 million; corn 2058.2 million up 277 million; sorghum 250.8 up 127.2 million and soybeans 1039.7 up 2.0 million. Crop marketing years begin June 1 for wheat and September 1 for corn, sorghum and soybeans. In the futures close, Kansas City September wheat was $8.51, down 13 1/2 cents. Terminal wheat bids, paid for truck delivery, included Kansas City, $8.16, down 14 cents; Minneapolis, $8.79 1/2, down 47 cents; Portland, $7.90 to $8, unchanged to down 3 cents; St. Louis, $6.08, down 8 cents. Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $6.34 to $6.37, down 27 cents; Minneapolis, $5.79 3/4, down 33 1/2 cents; southern Iowa, $6.08 3/4 to $6.09 3/4, down 19 1/4 to 23 3/4 cents; Omaha, $6.06 to $6.13, down 27 to 22 cents. Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $15.72, down 37 cents; Minneapolis, $15.17, down 33 1/2 cents; southern Iowa, $15.52 to $15.55, down 30 1/2 to 33 cents; central Illinois processors, $15.74 to $15.89, down 32 cents. Kansas City wheat prices July 15, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $8.49 to $8.90, down 7 to 6 cents; 12% protein, $8.76 to $8.94, down 5 to 2 cents; 13% protein, $8.87 to $9.11, up 1 to 2 cents; 14% protein, $8.96 to $9.11, unchanged. U.S. No. 2 soft red winter wheat was $6.54 to $7.54, down 7 cents. U.S. No. 2 white corn was $6.34 to $6.60, down 105 to 89 cents. 7/21/08 Date: 7/15/08 Advertisement
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