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Corn market ralliesThe corn market rallied on Oct. 5 as another round of frost warnings for much of the Midwest later in the week and rain also moving in helped to support corn, according to the National Grain Market Summary. Wheat closed slightly higher on support from corn but remains in a bearish market with large supplies. Soybeans were unchanged to slightly lower as buying emerged late in the day. Wheat closed 2 to 3 cents higher. Corn traded 5 to 13 cents higher. Soybeans closed mixed as basis changes were unchanged to negative in the prices. In the futures close, Kansas City July wheat was $4.61 3/4, up 2 1/4 cents. Terminal wheat bids, paid for truck delivery, included Kansas City, $3.97 to $4.02, up 2 cents; Minneapolis, $5.01, up 3 cents; Portland, $4.30 to $4.38, up 2 to 3 cents; St. Louis, $2.48, up 2 cents. Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $3.17 to $3.22, up 8 cents; Minneapolis, $3.06 1/4, up 13 3/4 cents; southern Iowa, $3.19 1/2 to $3.24, up 13 to 8 cents; Omaha, $3.15 to $3.30, down 3 to up 5 cents. Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $8.70, down 20 cents; Minneapolis, $8.60, up 4 cents; southern Iowa, $8.83 to $8.90, up 17 cents to unchanged; central Illinois processors, $8.90 to $9.05, unchanged. Kansas City wheat prices Oct. 6, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $4.40 1/2 to $4.88 1/2, up 13 3/4 cents; 12% protein, $4.88 1/2 to $5.07 1/2, up 13 3/4 cents; 13% protein, $4.92 1/2 to $5.29 1/2, up 13 3/4 cents; 14% protein, $5.19 1/2 to $5.34 1/2, up 13 3/4 cents. U.S. No. 2 soft red winter wheat was $4.25 1/2 to $4.75 1/2, up 13 3/4 cents. U.S. No. 2 white corn was $3.40 to $3.54, unchanged.
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