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Corn bids lower due to lower crude, improved weatherAccording to the May 12 National Grain Market Summary, corn was lower due to a lower crude oil market and improved weather for planting, along with lower than expected export inspections were negatives for the corn trade. Soybeans were lower with crude oil and improved planting conditions. Buying interest in Minneapolis old crop wheat gave the market there a boost, but the outlook for new crop seems to be negative as the U.S. winter wheat crop looks larger than expected. Wheat closed mostly 1 to 9 cents lower. Corn traded 12 to 14 cents lower. Soybeans closed mostly 13 to 20 cents lower. Grains inspected for export for week ending May 8: Wheat totaled 20.6 million bushels, down 1.4 million bushels; corn 34.3 million bushels, down 1.0 million bushels; sorghum 4.3 million bushels, up 1.7 million bushels and soybeans 13.1 million bushels, down 1.6 million bushels compared to a week ago. Year to date: Wheat totaled 1169.0 million bushels up 333.6 million; corn 1719.9 million bushels up 256.2 million; sorghum 230.2 million bushels up 127.4 million and soybeans 937.0 down million bushels 13.2 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 $8.43, down 2 1/2 cents. Terminal wheat bids, paid for truck delivery, included Kansas City, $7.98, down 3 cents; Minneapolis, $11.98, up 45 cents; Portland was unavailable; St. Louis, $6.26, down 9 cents. Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $5.82 to $5.85, down 12 cents; Minneapolis, $5.48 3/4, down 12 1/2 cents; southern Iowa, $5.58 3/4 to $5.62 3/4, down 12 1/2 to 15 1/2 cents; Omaha, $5.74 to $5.81, down 11 to 14 cents. Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $13.08, down 20 cents; Minneapolis, $12.58 1/2, down 8 1/2 cents; southern Iowa, $12.69 1/2 to $12.78 1/2, down 13 1/2 to 16 1/2 cents; central Illinois processors, $13.20 1/2 to $13.28 1/2, down 15 1/2 cents. Kansas City wheat prices May 13, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $8.85 1/4 to $9.85 1/4, down 7 3/4 to 17 3/4 cents; 12% protein, $9.80 1/4 to $10.20 1/4, down 12 3/4 cents; 13% protein, $10.10 1/4 to $10.75 1/4, down 7 3/4 cents; 14% protein, $10.80 1/4 to $10.95 1/4, down 7 3/4 cents. U.S. No. 2 soft red winter wheat was $7.90 1/4 to $8.25 1/4, down 17 3/4 cents. U.S. No. 2 white corn was $5.80 to $5.93, down 13 to 9 cents. 5/19/08 Date: 5/13/08 Advertisement
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