Cash bids mixed for wheat, soybeans and corn lower

Compared to May 25, cash bids for wheat were mixed, soybeans and corn were lower, while sorghum was not quoted May 29, according to the National Grain Market Summary.

Brazil’s second corn crops remain under stress from dry weather, with little possible relief in the next seven days. Here in the United States, most of the Corn Belt is expecting rain this week, except for northern Missouri where conditions have been dry. Movement of U.S. soybeans continues to be a bearish concern for old-crop prices, especially after tariffs against China were announced again May 29 after being taken off the table last week. In spite of the May 29 losses, the trends are currently higher for all three wheats.

Corn was 5 to 6 cents lower. Sorghum was not quoted. Soybeans were 9 to 11 cents lower. Wheat was from 16 1/4 cents lower to 3 cents higher.

In the futures close, Kansas City July wheat was $5.56 1/2, down 7 1/2 cents.

Terminal wheat bids, paid for truck delivery, included Kansas City, $5.46 1/2, down 7 1/2 cents; Minneapolis, $6.58, down 16 1/4 cents; Portland, $5.80 to $6.02, unchanged; St. Louis, $5.46 to 5.61, down 7 to up 3 cents.

Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $3.85 to $3.90, down 6 cents; Minneapolis, $3.58, down 6 cents; southern Iowa, $3.71 to $3.78, down 6 to 5 cents; Omaha, $3.79 to $3.80, down 6 cents.

Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $10.20 1/2, down 11 cents; Minneapolis, $9.80 1/2, down 9 cents; southern Iowa, $9.95 1/2 to $9.98 1/2, down 11 cents; central Illinois processors, $10.10 1/2 to $10.18 1/2, down 11 cents.

Kansas City wheat prices May 29, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $6.62 1/2 to $6.77 1/2, down 5 1/2 cents; 12% protein, $6.99 1/2 to $7.14 1/2, down 7 1/2 cents; 13% protein, $7.16 1/2 to $7.31 1/2, down 7 1/2 cents; 14% protein, $7.26 1/2 to $7.41 1/2, down 7 1/2 cents. U.S. No. 2 soft red winter wheat was unavailable. U.S. No. 2 white corn was $3.97 1/2 to $4.10, down 5 3/4 to 3 1/4 cents.