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Weather pushing bidsThe markets remain concerned about the wet weather and the potential due to a late crop as row crops remain volatile, according to the National Grain Market Summary, June 9. Wheat opened sharply higher then sold off ahead of the supply and demand report due out before the June 10 opening. Corn closed higher coming down from its opening highs as weather continues to be the supporting factor. Over the weekend major areas of the Corn Belt received heavy rains with flooding through Iowa and Indiana. Soybeans opened sharply higher then sold off as the news of the Argentina farmer's strike maybe coming to an end. Wheat closed mostly 15 to 22 cents lower. Corn traded 3 to 6 cents higher. Soybeans closed 6 to 9 cents lower. Grains inspected for export for week ending June 5: Wheat totaled 19.4 million bushels, down 2.6 million bushels; corn 36.3 million bushels, down 5.8 million bushels; sorghum 2.5 million bushels, down 700 thousand bushels and soybeans 4.0 million bushels, down 7.6 million bushels compared to a week ago. Year to date: Wheat totaled 16.7 up 7.4 million; corn 1872.0 million up 267.6 million; sorghum 244.8 up 130.2 million and soybeans 978.6 down 10.5 million. Crop marketing years begin June 1 for wheat and September 1 for corn, sorghum, and soybeans. In the futures close, Kansas City July wheat was $8.25 1/2, down 21 1/4 cents. Terminal wheat bids, paid for truck delivery, included Kansas City, $7.96, down 21 cents; Minneapolis, $10.22, down 15 cents; Portland, was unavailable; St. Louis, $5.59, down 22 cents. Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $6.42 to $6.45, up 3 to 6 cents; Minneapolis, $6.03 1/4, up 7 1/2 cents; southern Iowa, $5.95 1/4 to $6.01 1/4, up 1 1/2 to down 1 1/2 cents; Omaha, $6.18 to $6.30, up 6 cents. Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $14.17, down 6 cents; Minneapolis, $13.91, up 3 1/2 cents; southern Iowa, $13.89 to $14, down 13 1/2 to 9 cents; central Illinois processors, $14.45 to $14.55, down 5 1/2 cents. Kansas City wheat prices June 10, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $8.66 1/2 to $10.46 1/2, up 21 cents; 12% protein, $10.41 1/2 to $10.61 1/2, up 21 cents; 13% protein, $10.51 1/2 to $10.71 1/2, up 21 cents; 14% protein, $10.56 1/2 to $10.71 1/2, up 21 cents. U.S. No. 2 soft red winter wheat was $7.81 1/2 to $8.16 1/2, up 21 cents. U.S. No. 2 white corn was $6.51 to $6.65, up 47 to 54 cents. 6/16/08 Date: 6/10/08 Advertisement
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