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Grain bids remain in an upward trendGrain trade remains in an upward trend as this bull market seems to eat twice or more a day, according to the National Grain Market Summary, Feb. 25. Nearby March wheat futures in Minneapolis surged to $24 on a "limitless" trade with all other wheat closing limit up, with Chicago and Kansas City at 60 cents and Minneapolis at 90 cents. Corn closed up on surging wheat values and sharply higher trade in the soybean complex as fund buying and strength in all grains were a bullish force. Soybeans were sharply higher following wheat prices, but a surging palm oil market also was a very supportive for soybeans. There is continued talk of China needing to buy soybeans and soybean oil. Wheat closed 60 to 90 cents higher. Corn traded 10 to 14 cents higher. Soybeans closed 27 to 34 cents higher. Grains inspected for export for week ending Feb. 21: Wheat totaled 17.3 million bushels, down 5.9 million bushels; corn 46.6 million bushels, down 4.9 million bushels; sorghum 8.5 million bushels, up 3.5 million bushels and soybeans 23.9 million bushels, down 10.0 million bushels compared to a week ago. Year to date: Wheat totaled 947.6 million bushels up 310.9 million; corn 1222.6 million bushels up 191.3 million; sorghum 175.3 million bushels up 100.8 million and soybeans 689.3 million bushels down 53.1 million. Crop marketing years begin June 1 for wheat and Sept. 1 for corn, sorghum, and soybeans. In the futures close, Kansas City March wheat was $11.67, up 60 cents. Terminal wheat bids, paid for truck delivery, included Kansas City, $11.27, up 60 cents; Minneapolis, $20.08 1/4, up 90 cents; Portland, was unavailable; St. Louis, $10.25, up 65 cents. Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $5.26 to 45.28, up 11 cents; Minneapolis, $5.02 1/4, up 11 cents; southern Iowa, $5.09 3/4 to $5.14 1/4, up 10 to 14 cents; Omaha, $5.09 to $5.20, up 12 cents. Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $13.70, up 32 cents; Minneapolis, no bids; southern Iowa, $13.95, up 27 cents; central Illinois processors, $14.02 to $14.17, up 32 cents. Kansas City wheat prices Feb. 26, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $13.20 1/4 to $14.37 1/4, up 90 cents; 12% protein, $14.42 1/4 to $15.27 1/4, up 90 cents; 13% protein, $16.12 1/4 to $17.57 1/4, up 140 to up 90 cents; 14% protein, $18.42 1/4 to $18.57 1/4, up 90 cents. U.S. No. 2 soft red winter wheat was $12.67 1/4 to $13.02 1/4, up 90 cents. U.S. No. 2 white corn was $5.09 to $5.15, unchanged. 3/3/08 Date: 2/26/08
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