Cash bids for corn, wheat mixed

Compared to Feb. 12, cash bids for corn and wheat were mixed, soybeans were higher, and sorghum was lower, according to the National Grain Market Summary, Feb. 13.

With U.S. corn crops stored away for winter and domestic demand staying active, cash corn prices continue to push higher in line with their seasonal tendencies and should have room to go higher before farmer selling becomes more tempting. The bullish leader of the soy complex is March soybean meal, thanks to this, the crush incentive in soybeans is now at its highest level since 2002, so we should see a bullish crush report for January in the Feb. 15 report from the National Oilseed Processors Association. Even though the world has plenty of wheat available in early 2018, this winter’s dry conditions throughout the western U.S. Plains has given noncommercial bears something to worry about. Drought concerns could change by spring, but so far, the trends remain up in winter wheat.

Corn was steady to 5 cents lower. Sorghum was a 1/2 cent lower. Soybeans were 10 cents higher. Wheat was steady to 8 1/4 cents lower.

In the futures close, Kansas City March wheat was $4.74 1/2, down 3 cents.

Terminal wheat bids, paid for truck delivery, included Kansas City, $4.69 1/2, down 3 cents; Minneapolis, $6.16 3/4, down 8 1/4 cents; Portland, $5.30 to $5.48 3/4, unchanged to down 3 1/4 cents; St. Louis, $4.60 to $4.77, down 4 to 3 cents.

Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $3.51 3/4, down 1/4 cents; Minneapolis, unavailable; southern Iowa, $3.41 3/4 to $3.51 3/4, down 1/4 cent; Omaha, $3.46 to $3.50, unchanged to down 5 cents.

Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $9.76 3/4 to $9.81 3/4, up 10 cents; Minneapolis, unavailable; southern Iowa, $9.66 3/4 to $9.79 3/4, up 10 cents; central Illinois processors, $9.93 3/4 to $10.08 3/4, up 10 cents.

Kansas City wheat prices Feb. 13, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $5.49 1/2 to $5.64 1/2, down 3 cents; 12% protein, $6.34 1/2 to $6.49 1/2, down 3 cents; 13% protein, $6.79 1/2 to $6.94 1/2, up 17 cents; 14% protein, $6.79 1/2 to $6.94 1/2, up 17 cents. U.S. No. 2 soft red winter wheat was unavailable. U.S. No. 2 white corn was unavailable.