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Sharply lower row crop bids, wheat moderately lowerThere was sharply lower bids on the row crops, as wheat was moderately lower, according to the National Grain Market Summary, July 21. Wheat closed lower as pressure from the corn and soybean markets had fund selling active in the wheat market. Corn is now trading about $2 lower than the highs posted in late June as favorable weather has moved in and forecast for much of the same with crop conditions report expected to show improvement. Soybeans closed sharply lower as good weather conditions across the Midwest are favorable. Sharp drop in palm oil markets were negative for beans. Wheat closed mostly 13 to 28 cents lower. Corn traded 20 to 21 cents lower. Soybeans closed 45 to 64 cents lower. Grains inspected for export for week ending July 17: Wheat totaled 28.4 million bushels, up 5.7 million bushels; corn 29.8 million bushels, up 1.7 million bushels; sorghum 3.3 million bushels, up 1.5 million bushels and soybeans 3.6 million bushels, down 5.5 million bushels compared to a week ago. Year to date: Wheat totaled 140.3 million bushels up 25.0 million; corn 2097.3 million bushels up 278.4 million; sorghum 257.2 million bushels up 131.5 million and soybeans 1049.9 million bushels up 6.9 million. Crop marketing years begin June 1 for wheat and Sept. 1 for corn, sorghum, and soybeans. In the futures close, Kansas City September wheat was $8.23, down 14 3/4 cents. Terminal wheat bids, paid for truck delivery, included Kansas City, $7.93, down 15 cents; Minneapolis, $8.75, down 13 cents; Portland, $7.65 to $7.95, down 10 to 5 cents; St. Louis, $5.56, down 28 cents. Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $5.59 to $5.60, down 21 cents; Minneapolis, $5.11 1/4, down 20 1/4 cents; southern Iowa, $5.32 1/4 to $5.35 1/4, down 20 3/4 to 20 1/4 cents; Omaha, $5.35 to $5.42, down 21 cents. Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $14.16 to $14.18, down 52 to 50 cents; Minneapolis, $13.52 1/2, down 59 1/2 cents; southern Iowa, $13.72 1/2 to $13.83, down 64 1/2 to 61 cents; central Illinois processors, $14.13 to $14.33, down 45 cents. Kansas City wheat prices July 22, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $8.24 to $8.69, up 1 to down 2 cents; 12% protein, $8.54 to $8.76, down 2 cents; 13% protein, $8.64 to $8.79, down 2 cents; 14% protein, $8.69 to $8.84, down 6 cents. U.S. No. 2 soft red winter wheat was $6.34 to $7.34, up 1 cent. U.S. No. 2 white corn was $5.74 to $5.95, unchanged. 7/28/08 Date: 7/22/08
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