Agfax Buzz:

    August 20, 2013

    AFB Grain-Soybean Close: Markets Retreat from Yesterday’s Gains

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Soybean Comment

    November soybeans gave back part of yesterday’s gains and closed below the key $13 mark. Slight crop deterioration was confirmed by USDA yesterday, with the percentage of the crop in good to excellent slipping to 64%. Hot, dry forecasts have traders expecting more significant damage to yield potential to occur this week. Additional resistance between about $13.20 and $13.35 will be a tough challenge as we move closer to harvest. Increased acreage in South America could also limit the upside potential.

    Wheat Comment

    Wheat prices moved lower again today. With the outlook for soybeans and corn to be lower in the near term, expect September wheat to test lows put in last week around $6.25. Fundamentals for this crop remain weak, with prices forecast to follow corn and soybeans for the time being.

    Corn Comment

    Corn prices fell off of yesterday’s 4-week high. News from the ProFarmer crop tour of the potential for a large crop continues to weigh on the market; however, weather forecast over the next weeks remains bullish for prices limiting losses. Prices will need weather to remain dry to dampen the reports coming in from the ProFarmer tour. Corn prices bumped trend line resistance yesterday and failed to follow through with gains today. Price have weak support in the $4.75 range, expect prices to continue their fall if the crop tour continues to report the yields they are seeing now.

     

    Soybeans

    High Low
    Cash Bids 1398 1223
    New Crop 1330 1257

     

    Riceland Foods

    Cash Bids Stuttgart: 1299 Pendleton: 1321
    New Crop Stuttgart: 1133 Pendleton: 1138

     

    Futures:
    High Low Last Change
    Sep ’13 1326.75 1304.00 1309.25 -12.75
    Nov ’13 1309.75 1282.75 1290.50 -12.75
    Jan ’14 1310.00 1284.75 1291.75 -12.00
    Mar ’14 1282.50 1263.50 1271.00 -8.00
    May ’14 1256.00 1241.00 1245.50 -5.50
    Jul ’14 1256.25 1243.00 1244.75 -6.25
    Aug ’14 1242.75 1234.00 1233.25 -6.75
    Sep ’14 1205.50 1202.50 1200.00 -14.75
    Nov ’14 1192.25 1178.25 1178.25 -13.50

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Wheat

    High Low
    Cash Bids 632 604
    New Crop 680 612

     

    Futures:
    High Low Last Change
    Sep ’13 644.00 634.00 634.25 -7.25
    Dec ’13 656.00 645.50 646.00 -7.50
    Mar ’14 668.25 657.50 657.50 -8.75
    May ’14 673.50 664.25 664.00 -8.75
    Jul ’14 670.00 661.50 661.75 -7.25
    Sep ’14 679.00 672.00 671.75 -6.25
    Dec ’14 690.50 683.25 682.75 -7.00
    Mar ’15 690.75 -6.75
    May ’15 691.00 -7.00

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Grain Sorghum

    High Low
    Cash Bids 511 475
    New Crop 507 490

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Corn

    High Low
    Cash Bids 498 442
    New Crop 487 458

     

    Futures:
    High Low Last Change
    Sep ’13 494.25 482.50 483.75 -9.50
    Dec ’13 486.75 473.75 475.50 -10.00
    Mar ’14 499.00 486.50 488.50 -9.25
    May ’14 506.25 494.50 496.50 -9.00
    Jul ’14 512.00 500.75 502.25 -8.50
    Sep ’14 511.50 502.75 504.25 -8.75
    Dec ’14 517.75 506.25 508.75 -8.25
    Mar ’15 525.00 520.00 517.00 -8.25
    May ’15 527.00 521.25 521.75 -7.25

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

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