Cash bids higher for sorghum

Compared to March 5, cash bids were higher for sorghum and mostly higher for corn, while soybeans were lower and wheat was mixed, according to the National Grain Market Summary, March 6.

As often happens at this time of year, we are seeing both cash and futures corn prices trending gradually higher while plenty of U.S. corn is in storage, waiting to take advantage of a higher price. The tale of two big producing countries having opposite weather conditions has been a bullish surprise in early 2018 and has added confusion to the fundamental outlook for soybeans at a time when U.S. trade relations with China are increasingly hostile. World wheat supplies are plentiful and U.S. wheat exports are dragging, but the trends in May Chicago and Kansas City wheat remain up until proven otherwise.

Corn was steady to 1 cent higher. Sorghum was 1 3/4 cents higher. Soybeans were 2 3/4 to 3 3/4 cents lower. Wheat was mixed from 4 cents lower to 1 3/4 cents higher.

In the futures close, Kansas City May wheat was $5.07, down 2 1/4 cents.

Terminal wheat bids, paid for truck delivery, included Kansas City, $5.31 1/2, down 4 cents; Minneapolis, $6.44, up 4 3/4 cents; Portland, $5.40 to $5.69, unchanged to up 1 3/4 cents; St. Louis, $4.97 to $5.15, down 2 cents.

Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $3.63 1/4 to $3.68 1/4, up 1 cent; Minneapolis, unavailable; southern Iowa, $3.60 1/4 to $3.62 1/4, up 1 cent to unchanged; Omaha, $3.60 to $3.64, up 1 cent.

Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $10.29 3/4 to $10.34 3/4, down 2 3/4 cents; Minneapolis, unavailable; southern Iowa, $10.25 3/4 to $10.26 3/4, down 2 3/4 to 3 3/4 cents; central Illinois processors, $10.44 3/4 to $10.56 3/4, down 2 3/4 cents.

Kansas City wheat prices March 6, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $6.16 1/2 to $6.31 1/2, down 4 cents; 12% protein, $6.72 1/2 to $6.87 1/2, down 4 cents; 13% protein, $7.06 1/2 to $7.21 1/2, down 4 cents; 14% protein, $7.06 1/2 to $7.21 1/2, down 4 cents. U.S. No. 2 soft red winter wheat was unavailable. U.S. No. 2 white corn was unavailable.