Agfax Buzz:

    September 5, 2013

    AFB Grain-Soybean Close: Soybeans Bounce Back, Corn, Wheat Move Lower

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Soybean Comment

    November soybeans came even closer to closing the big gap left two weeks ago before ending the day on a positive note. A close below the bottom of that gap at $13.31 ½ would confirm that a top has been charted. The weekly crop ratings show noticeable deterioration from last week. The percentage of the crop in good to excellent condition fell 4 percentage points to 54%. 31% of the crop is now rated fair, and 15% is poor to very poor. USDA still says the national average yield will be 43 bushels per acre, but that is becoming less likely by the day. Private estimates are coming in around 40 to 41 bu/ac. Forecasts for rain have eased yield concerns for the time being, however.

    Wheat Comment

    Wheat prices posted new contract lows. Fundamentals for this market continue to remain weak as global supplies remain strong. Further declines are needed to help U.S. wheat be more competitive on the global marketplace. As this corn harvest gets underway wheat prices will likely soften further. July 2014 wheat continues to trade above $6.50, while acreage is expected to decline in 2014. With large stocks to use and a soft corn market this is likely a good price for wheat.

    Corn Comment

    Corn prices fell again today. Declines today pushed December corn prices within 15-cents of contract lows. Expect prices to continue to decline as harvest continues to get underway easing some of the pressure the market has been feeling over the last couple of weeks. As fresh corn supplies enter the market we are seeing basis premiums evaporate. The wild card in this market remains what the USDA supply and demand forecast holds for the market next week. Expect corn prices to move lower ahead of this report as traders remain optimistic about this year’s corn crop and hopeful late rains will materialize and carry this crop across the finish line.

    Soybeans

    High Low
    Cash Bids 1413 1365
    New Crop 1374 1306

     

    Riceland Foods

    Cash Bids Stuttgart: 1376 Pendleton: 1398
    New Crop Stuttgart: 1150 Pendleton: 1155

     

    Futures:
    High Low Last Change
    Sep ’13 1423.75 1380.25 1423.00 +25.25
    Nov ’13 1368.50 1335.00 1367.50 +15.00
    Jan ’14 1365.00 1333.50 1364.25 +13.25
    Mar ’14 1345.25 1314.75 1343.75 +11.25
    May ’14 1319.00 1287.50 1315.50 +9.75
    Jul ’14 1313.25 1280.25 1309.25 +10.50
    Aug ’14 1285.00 1270.00 1285.75 +7.25
    Sep ’14 1214.25 1214.25 1240.00 +7.25
    Nov ’14 1205.75 1176.00 1194.50 -3.00

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Wheat

    High Low
    Cash Bids 614 554
    New Crop 669 641

     

    Futures:
    High Low Last Change
    Sep ’13 633.50 625.00 627.25 -7.00
    Dec ’13 646.50 636.75 640.25 -6.00
    Mar ’14 659.00 650.00 653.25 -5.75
    May ’14 666.25 658.00 661.25 -5.50
    Jul ’14 661.00 652.50 655.50 -5.50
    Sep ’14 668.75 660.00 662.50 -6.50
    Dec ’14 679.50 671.50 674.00 -7.25
    Mar ’15 682.25 -6.75
    May ’15 684.25 -7.50

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Grain Sorghum

    High Low
    Cash Bids 505 461
    New Crop 489 489

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Corn

    High Low
    Cash Bids 517 419
    New Crop 473 444

     

    Futures:
    High Low Last Change
    Sep ’13 495.00 483.50 489.50 -4.50
    Dec ’13 469.25 457.00 461.00 -8.50
    Mar ’14 482.00 470.00 474.00 -8.50
    May ’14 490.00 478.50 482.50 -8.25
    Jul ’14 496.75 485.00 488.75 -8.25
    Sep ’14 502.00 490.50 492.25 -9.25
    Dec ’14 508.00 495.50 497.75 -10.50
    Mar ’15 516.00 505.25 507.25 -10.25
    May ’15 520.00 509.25 511.75 -10.25

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

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