Cash bids for wheat, soybeans higher while corn mixed

Compared to last week, cash bids for wheat and soybeans were higher, corn was mixed, and sorghum was not quoted May 1, according to the National Grain Market Summary.

Corn planting may be difficult the next few days due to severe weather from the southwestern Plains into the central Midwest, but overall progress should continue with soils gradually warming. Currently, both July and November soybeans are staying below their April highs, showing some caution ahead of Thursday when U.S. and Chinese officials meet to discuss trade differences. With China’s proposed 25% tariff on U.S. soybeans on the table, this week’s talks could have market-making news or end in disappointment. Wheat was the big gainer, taking support from drought in Australia that is going to cut production, and in turn mean less competition for not just U.S. wheat but corn as well. Corn was from 6 cents lower to 10 1/4 cents higher. Sorghum was not quoted. Soybeans were 4 3/4 to 12 1/2 cents higher. Wheat was 4 1/4 to 20 cents higher.

In the futures close, Kansas City July wheat was $5.53, no comparisons.

Terminal wheat bids, paid for truck delivery, included Kansas City, $5.34, up 15 1/2 cents; Minneapolis, $6.53 1/2, up 13 cents; Portland, $5.90 to $6.04 1/4, up 10 to 4 1/4 cents; St. Louis, $5.15 to $5.32, up 19 to 20 cents.

Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $3.91 3/4, up 5 cents; Minneapolis, $3.58 3/4, up 5 cents; southern Iowa, $3.76 3/4 to $3.83 3/4, up 8 1/4 to 10 1/4 cents; Omaha, $3.71 to $3.86, up 6 to 2 cents.

Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $10.28 1/4, up 5 1/2 cents; Minneapolis, $9.91 1/4, up 4 3/4 cents; southern Iowa, $10.10 1/4 to $10.20 1/4, up 12 1/2 to 7 1/2 cents; central Illinois processors, $10.23 1/4 to $10.40 1/4, up 5 1/2 to 6 1/2 cents.

Kansas City wheat prices May 1, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $6.29 to $6.44, up 15 1/2 cents; 12% protein, $6.69 to $6.84, up 15 1/2 cents; 13% protein, $6.89 to $7.04, up 15 1/2 cents; 14% protein, $7.39 to $7.54, up 15 1/2 cents. U.S. No. 2 soft red winter wheat was unavailable. U.S. No. 2 white corn was $3.90 3/4 to $3.97, up 4 to 7 cents.