Markets start out bullish

The grain markets started out very bullish before selling off as they seemed to be influenced by the crude oil trade as crude trade higher before dropping sharply at the close, according to the National Grain Market Summary, June 16.

Wheat opened higher before trading sideways and falling at the close. Corn opened sharply higher then sold off closing slightly higher ahead of the weekly Crop Conditions Report. Corn followed crude oil in trading June 16. Soybeans opened higher then prices fell off their highs with crude oil.

Wheat closed mostly 3 to 6 cents lower. Corn traded mixed from mostly 1 higher to 1 to 3 cents lower. Soybeans closed mostly 26 to 29 cents lower.

In the futures close, Kansas City July wheat was $9.21, down 3 1/4 cents.

Terminal wheat bids, paid for truck delivery, included Kansas City, $8.91, down 3 cents; Minneapolis, $11.05 1/4, down 6 3/4 cents; Portland, was unavailable; St. Louis, $6.47, down 5 cents.

Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $7.17 to $7.18, up 1 cent; Minneapolis, $6.56 1/2, down 14 1/4 cents; southern Iowa, $6.65 1/2 to $6.68, up 1 3/4 to down 3/4 cents; Omaha, $6.98 to $7.02, unchanged to up 1 cent.

Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $14.99, down 26 cents; Minneapolis, $14.53, down 46 cents; southern Iowa, $14.68 to $14.74, down 28 to 29 cents; central Illinois processors, $15.24 to $15.34, down 26 cents.

Kansas City wheat prices June 17, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $9.44 to $11.24, up 18 cents; 12% protein, $11.19 to $11.49, up 18 cents; 13% protein, $11.39 to $11.59, up 18 cents; 14% protein, $11.44 to $11.59, up 18 cents. U.S. No. 2 soft red winter wheat was $8.74 to $9.09, up 18 cents. U.S. No. 2 white corn was $7.21 to $7.34, up 70 to 69 cents.

6/23/08
None\2-C

Date: 6/17/08

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