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Selling pressure pushed wheat bids lowerGrains were caught in selling pressure May 5 as wheat closed lower with the winter wheat condition report due out later the same day according to the National Grain Market Summary. Corn closed sharply lower as corn planting is in progress across areas in the Midwest, but rain is back in the forecast for May 7. Also public and political opinion against corn after last week's hearings on rising food cost is not positive as crude oil hit all-time highs May 5. Soybeans followed corn lower as with soy oil and meal with liquidation selling. Wheat closed mostly 3 to 12 cents lower. Corn traded 17 to 20 cents lower. Soybeans closed 14 to 24 cents lower. Grain inspected for export for week ending May 1: Wheat totaled 19.5 million bushels, up 340 thousand; corn 30.7 million bushels, down 5.1 million bushels; sorghum 2.3 million bushels, down 1.5 million bushels; and soybeans 11.9 million bushels, down 3.3 million bushels compared to a week ago. Year to date: Wheat totaled 1145.1 million bushels up 334.3 million; corn 1680.4 million bushels up 257.5 million; sorghum 225.6 million bushels up 125.2 million and soybeans 920.2 million down 21.2 million. Crop marketing years begin June 1 for wheat and Sept. 1 for corn, sorghum, and soybeans. In the futures close, Kansas City July wheat was $8.56, down 5 1/2 cents. Terminal wheat bids, paid for truck delivery, included Kansas City, $8.11, down 5 cents; Minneapolis, $10.95, down 12 cents; Portland was unavailable; St. Louis, $6.36, down 3 cents. Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $5.59 to $5.62, down 20 cents; Minneapolis, $5.32, down 12 1/2 cents; southern Iowa, $5.38 to $5.46, down 19 1/2 to 18 1/2 cents; Omaha, $5.50 to $5.60, down 17 to 20 cents. Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $12.56, down 14 cents; Minneapolis, $12.04, down 19 1/2 cents; southern Iowa, $12.09 to $12.20, down 23 1/2 to 24 1/2 cents; central Illinois processors, $12.66 to $12.81, down 18 1/2 cents. Kansas City wheat prices May 6, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $9.09 to $10.29, up 8 cents; 12% protein, $10.14 to $10.54, up 8 to 13 cents; 13% protein, $10.39 to $11.04, up 13 to 8 cents; 14% protein, $11.09 to $11.24, up 8 cents. U.S. No. 2 soft red winter wheat was $8.29 to $8.64, up 8 cents. U.S. No. 2 white corn was $5.89 to $5.99, unchanged. 5/12/08 Date: 5/6/08
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