Cash bids mostly lower

Compared to last week, cash bids for wheat were mostly lower; corn and soybeans were lower and sorghum were mixed, according to the Weekly National Grain Market Review, Feb. 28.

For the week ending Feb. 20, an increase of 34.0 million bushels of corn export sales for 2019-20 were reported while an increase of 12.5 million bushels of soybean exports sales for 2019-20 were formulated. Wheat export sales showed an increase of 14.0 million bushels for 2019-20 were reported.

Ethanol production for the week ending Feb. 21 reported an increase of 14,000 barrels per day to 1.054 million barrels a day. Ethanol stocks decreased 0.063 million barrels at 24.7 million barrels.

The Ag Outlook Board released estimated plantings of corn in the U.S. this year to be 94.0 million acres, an average yield of 178.5 bushels per acre for a total production of 15.5 billion bushels. Estimated plantings of soybeans acres were pegged at 85.0 million acres, an average yield of 49.8 bpa for a total production of 4.2 billion bushels.

Wheat was 56 cents lower to 9 1/2 cents higher. Corn was 7 1/4 cents to 16 cents lower. Sorghum was 16 cents to 29 cents lower. Soybeans were 3 1/2 cents lower to 7 1/2 cents lower.

In the futures close March 3, Kansas City March wheat was $4.52, up 1 cent.

Terminal wheat bids March 3, paid for truck delivery, included Kansas City, $4.58 1/4 to $4.68 1/4, up 1/2 cent; Minneapolis, no quotes; Portland, $5.93 to $6, unchanged to down 21 cents; St. Louis, $5.62, up 6 cents.

Terminal corn bids March 3, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $3.91 1/4 to $3.93 1/4, up 5 3/4 cents; Minneapolis, $3.52 1/4, up 5 3/4 cents; southern Iowa, $3.69 1/4 to $3.73 1/4, up 5 3/4 to 4 1/2 cents; Omaha, $3.77 to $3.78, up 7 1/4 to 5 1/2 cents.

Terminal soybean bids March 3, U.S. No. 1, price paid for truck delivery, included: Kansas City, $8.92 1/2 to $9.03, up 2 1/2 cents; Minneapolis, $8.66 1/2, up 2 1/2 cents; southern Iowa, $8.73 1/2 to $8.84 1/2, up 2 1/2 to 8 cents; central Illinois processors, $9.07 1/2 to $9.13 1/2, up 2 1/2 to down 2 1/2 cents.

Kansas City wheat prices March 3, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $5.31 1/4 to $5.41 1/4, up 1/2 cent; 12% protein, $5.83 1/4 to $5.93 1/4, up 1/2 cent; 13% protein, $6.36 1/4 to $6.46 1/4, up 1/2 cents; 14% protein, $6.46 1/4 to $6.56 1/4, up 1/2 cent. U.S. No. 2 soft red winter wheat was unavailable. U.S. No. 2 white corn was unavailable.