Cash bids mostly lower
Compared to July 23, cash bids for wheat, corn, and sorghum were mostly lower, while soybeans were higher, according to the National Grain Market Summary, July 24.
So far, 2018 has the third best good-to-excellent corn rating of the past five years, which suggests a high national yield again this fall. Corn exports have been at a decent pace lately, but are still 3 percent below a year ago with roughly seven weeks left in the marketing year 2017-18. In wheat, world ending supplies of exportable wheat are expected to be down in 2018-19, but so far, the U.S. and Europe have enough to keep customers comfortable.
Wheat was steady to 7 1/4 cents lower. Corn was 2 1/4 to 5 1/4 cents lower. Soybeans were 4 1/4 to 10 1/4 cents higher. Sorghum was 9 1/4 to 9 1/2 cents lower.
In the futures close, Kansas City September wheat was $5.09 3/4, down 1 cent.
Terminal wheat bids, paid for truck delivery, included Kansas City, $5.39 3/4, down 1 cent; Minneapolis, $5.84 3/4, down 7 1/4 cents; Portland, $5.80 to $5.91, unchanged to down 2 cents; St. Louis, $5.17 to $5.20, down 3 cents.
Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $3.52 to $3.57, down 5 1/4 cents; Minneapolis, $3.13, down 2 1/4 cents; southern Iowa, $3.29 to $3.35, down 4 1/4 to 5/14 cents; Omaha, $3.35 to $3.36, down 5 cents.
Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $8.53 to $8.58, up 10 1/4 cents; Minneapolis, $8.06, up 10 1/4 cents; southern Iowa, $8.21 to $8.28, up 4 1/4 to 5 1/4 cents; central Illinois processors, $8.42 to $8.37, up 6 1/4 to 10 1/4 cents.
Kansas City wheat prices July 24, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $5.94 3/4 to $6.09 3/4, down 1 cent; 12% protein, $6.39 3/4 to $6.54 3/4, down 1 cent; 13% protein, $6.49 3/4 to $6.64 3/4, down 1 cent; 14% protein, $6.49 3/4 to $6.64 3/4, down 1 cent. U.S. No. 2 soft red winter wheat was unavailable. U.S. No. 2 white corn was $3.61 1/2 to $3.66 1/2, down 3 to 2 cents.