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Higher soybean bids push corn, wheat higher

Soybeans had sharp gains helping to rally corn and wheat higher, according to the National Grain Market Summary, Jan. 7.

Corn had spillover support from soybeans. Soybeans found renewed buying support Jan. 7 after last weeks sharp losses. Wheat closed higher following corn and soybeans as the dollar traded lower.

Wheat closed 3 to 6 cents higher. Corn traded mostly 6 to 7 cents higher. Soybeans closed 19 to 22 cents higher.

Grains inspected for export for week ending Jan. 3: Wheat totaled 13.4 million bushels, up 5.6 million bushels; corn 7.2 million bushels, down 800 thousand bushels; sorghum 167 thousand bushels, down 212 thousand bushels and soybeans 39.7 million bushels, up 3.8 million bushels compared to a week ago.

Year to date: Wheat totaled 528.7 down 78.9 million; corn 262.9 down 319.3 million; sorghum 32.6 million up 2.5 million, and soybeans 814.0 up 214.9 million. Crop marketing years begin June 1 for wheat and September 1 for corn, sorghum, and soybeans.

In the futures close, Kansas City March wheat was $8.07 1/2, up 3 cents.

Terminal wheat bids, paid for truck delivery, included Kansas City, $7.68, up 3 cents; Minneapolis, $8.61 1/2, up 5 1/2 cents; Portland, $8.30 to $8.44 1/4, up 7 3/4 to 4 cents; St. Louis, $7.63, up 6 cents.

Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $7.21, up 14 to 6 cents; Minneapolis, $6.65 1/2, up 7 1/4 cents; southern Iowa, $6.77 1/2 to $6.91 1/2, up 7 1/4 cents; Omaha, $7.14, up 6 cents.

Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $14.29, up 22 cents; Minneapolis, no bids; southern Iowa, $13.85 1/2 to $13.91 1/2, up 22 1/4 cents; central Illinois processors, $14.18 1/2 to $14.28 1/2, up 21 1/4 to 19 1/4 cents.

Kansas City wheat prices Jan. 8, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $8.37 3/4 to $9.33 3/4, up 6 1/4 to 8 1/4 cents; 12% protein, $9.20 3/4 to $9.35 3/4, up 8 1/4 cents; 13% protein, $9.20 3/4 to $9.35 3/4, up 8 1/4 cents; 14% protein, $9.20 3/4 to $9.35 3/4, up 8 1/4 cents. U.S. No. 2 soft red winter wheat was unavailable. U.S. No. 2 white corn was $7.63 to $7.75, unchanged.

Date: 1/14/2013



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