Wheat, soybeans cash bids were mostly higher

Compared to April 16, cash bids for wheat and soybeans were mostly higher, corn was mixed, while sorghum was lower, according to the National Grain Market Summary, April 17.

USDA said 3 percent of corn was in the ground. Most planting has taken place in Texas as soil temperatures in the bulk of the Corn Belt remain too cold, still under snow in the Northern Plains.

Fundamentally, the outlook for corn prices remains neutral with plenty of uncertainty ahead in the new season. The main hurdle for old-crop soybean prices lately has been the slow pace of demand so far in 2017-18 as exports are running 13 percent below last season. Trade tensions remain high with China, and it will be interesting to see how long they are able to keep avoiding buying U.S. soybeans. Wildfire risk remains high in west Texas where windy conditions are taking temperatures into the 90s April 17 providing no help for the winter wheat crop.

Corn was from 3 cents lower to 1 3/4 cents higher. Sorghum was 4 cents lower. Soybeans were 4 to 9 cents higher. Wheat was steady to 7 cents higher.

In the futures close, Kansas City July wheat was $7.26, up 39 cents.

Terminal wheat bids, paid for truck delivery, included Kansas City, $4.70 1/2, up 2 1/2 cents; Minneapolis, $6.42 1/2, up 6 cents; Portland, $5.77 1/4 to $5.90, up 4 cents to unchanged; St. Louis, $4.59 to $4.78, up 7 to 4 cents.

Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $3.67 1/4, down 2 1/4 cents; Minneapolis, $3.44 1/4, up 3/4 cents; southern Iowa, $3.35 1/4 to $3.40 1/4, up 1 3/4 to down 2 1/4 cents; Omaha, $3.60 to $3.65, down 3 to 1 cent.

Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $10.16 to $10.21, up 4 cents; Minneapolis, $9.96, up 7 cents; southern Iowa, $9.94 to $10.01, up 9 to 4 cents; central Illinois processors, $10.24 to $10.38, up 4 cents.

Kansas City wheat prices April 17, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $5.64 1/2 to $5.79 1/2, up 2 1/2 cents; 12% protein, $6.11 1/2 to $6.26 1/2, up 2 1/2 cents; 13% protein, $6.35 1/2 to $6.50 1/2, up 2 1/2 cents; 14% protein, $6.45 1/2 to $6.60 1/2, up 2 1/2 cents. U.S. No. 2 soft red winter wheat was unavailable. U.S. No. 2 white corn was $3.79 3/4 to $3.84 1/2, down 2 1/4 to 1 1/2 cents.