Wheat, soybean cash bids lower
Compared to March 26, cash bids for wheat and soybeans were lower, corn was mixed, while sorghum was unchanged, according to the National Grain Market Summary, March 27.
Corn use is likely to fall short of last year’s record high 8.32 billion bushels as exports are down 26 percent from a year ago. In South America, crop conditions remain split with Argentina’s forecast dry again this week while Brazil’s second corn crop is getting adequate moisture. Soybean use in the first half of 2017-18 is likely to stay below last year’s record high of 2.78 billion bushels as exports are running 12 percent below a year ago. Even though the U.S. winter wheat crop will likely be lower in 2018, it is difficult to build a bullish cash for wheat prices without help from Europe, Ukraine, or Russia.
Corn was from 10 cents lower to 1 cent higher. Sorghum was unchanged. Soybeans were 6 to 9 cents lower. Wheat was steady to 5 1/4 cents lower.
In the futures close, Kansas City May wheat was $4.64, down 4 1/4 cents.
Terminal wheat bids, paid for truck delivery, included Kansas City, $4.54, down 4 1/4 cents; Minneapolis, $6.18 1/4, down 4 cents; Portland, $5.40 to $5.59, unchanged to down 5 1/4 cents; St. Louis, $4.39 to $4.61, down 5 cents.
Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $3.58, unchanged; Minneapolis, $3.30, down 10 cents; southern Iowa, $3.35 to $3.39, unchanged to down 4 cents; Omaha, $3.50 to $3.51, up 1 cent.
Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $9.74 to $9.79 1/2, down 6 cents; Minneapolis, $9.48 1/2, no comparisons; southern Iowa, $9.54 1/2 to $9.66 1/2, down 9 to 6 cents; central Illinois processors, $9.81 1/2 to $10.01 1/2, down 8 to 6 cents.
Kansas City wheat prices March 27, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $5.34 to $5.49, down 4 1/4 cents; 12% protein, $5.87 to $6.02, down 4 1/4 cents; 13% protein, $6.19 to $6.34, down 4 1/4 cents; 14% protein, $6.19 to $6.34, down 4 1/4 cents. U.S. No. 2 soft red winter wheat was unavailable. U.S. No. 2 white corn was unavailable.
