AFB Grain-Soybean Close: Wheat Prices Fell, Corn And Soybeans Had gains
November soybeans were higher today. New private estimates released today cut the average yield to somewhere between 40 and 41 bushels per acre. That was enough to give the market a boost. Further deterioration in the condition of the crop is likely and traders are thinking USDA’s current estimate is a bit too high. November will find tough resistance at $14 on additional strength.
Wheat prices fell also today, weakness in the corn market continues to pull wheat prices lower. A lack of new fundamental support continues to prevent wheat from sustaining gains as other markets move against wheat. U.S. wheat prices remain high relative to other countries, leading to continued wide basis.
December corn continued to give back gains today, as weather forecast continues to show improved moisture across parts of the Midwest. Price action will remain volatile as we approach harvest as there remains a lot of uncertainty about this crop. While most will agree we are going to have a big crop the question is how big: Will we have 2.5 billion or 1.5 billion in carryover?? The important thing for Arkansas producers right now is look at current market situation, if your local market is offering a strong premium for corn this could be one of the best times to sell if the forecasts of a 160 bu+ crop prove true. Another suggestion is to look at markets to the north. Those of you in north Arkansas, the best market maybe in Missouri or other states where their crop is still a few weeks out and user do not want to shut down.
|Cash Bids||Stuttgart: 1381||Pendleton: 1403|
|New Crop||Stuttgart: 1178||Pendleton: 1183|
Tags: Sorghum prices