Cash bids for corn, wheat, soybeans higher

Compared to May 21, cash bids for corn, wheat, and soybeans were higher, while sorghum was not quoted May 22, according to the National Grain Market Summary.

Overall, the U.S. corn crop is off to a good start, except for dry areas in northern Missouri, southern Iowa, the western plains. The main concern for old-crop soybean prices continues to be the lack of China’s participation in U.S. markets, made possible by Brazil’s record harvest earlier this year. July Chicago wheat and July Kansas City wheat were near its highest prices in 10 months with ongoing support from drought in the southwestern U.S. plains and a forecast for hot temperatures in the region this weekend.

Corn was 2 to 4 cents higher. Sorghum was not quoted. Soybeans were 3 to 5 1/4 cents higher. Wheat was 2 1/2 to 14 cents higher.

In the futures close, Kansas City July wheat was $5.40 1/2, up 14 cents.

Terminal wheat bids, paid for truck delivery, included Kansas City, $5.30 1/2, up 14 cents; Minneapolis, $6.63 1/2, up 11 1/4 cents; Portland, $5.80 to $5.94 1/2, up 5 to 2 1/2 cents; St. Louis, $5.31 to $5.36, up 14 cents.

Terminal corn bids, U.S. No. 2 yellow, price paid for truck deliver, included: Kansas City, $3.94 3/4, up 2 cents; Minneapolis, $3.60 3/4, up 2 cents; southern Iowa, $3.74 3/4 to $3.79 3/4, up 3 to 2 cents; Omaha, $3.84 to $3.86, up 4 to 2 cents.

Terminal soybean bids, U.S. No. 1, price paid for truck delivery, included: Kansas City, $10.15 1/2, up 5 1/4 cents; Minneapolis, $9.74 1/2, up 5 1/4 cents; southern Iowa, $9.89 1/2 to $9.95 1/2, up 5 1/4 to 3 1/4 cents; central Illinois processors, $10.08 1/4 to $10.13 1/4, up 3 cents.

Kansas City wheat prices May 22, spot, fob track, included: No. 1 hard red winter wheat, ordinary protein, $6.27 1/2 to $6.42 1/2, up 14 cents; 12% protein, $6.82 1/2 to $6.97 1/2, up 16 cents; 13% protein, $7 1/2 to $7.15 1/2, up 14 cents; 14% protein, $7.10 1/2 to $7.25 1/2,up 14 cents. U.S. No. 2 soft red winter wheat was unavailable. U.S. No. 2 white corn was $4.01 to $4.07, down 1/4 to 1/2 cent.