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

Ernst Undesser
By Ernst Undesser August 20, 2013 16:38

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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Ernst Undesser
By Ernst Undesser August 20, 2013 16:38

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