AFB Grain-Soybean Close: Wheat Leads to Across the Board Gains
Soybean prices rose modestly again today as the market reported another big export to unknown destination. However, beneficial rains continue to weigh on this market preventing major gains. If $13 remains strong support, with the next support level at $12.50. While soybeans maintain carry in the market through January, the market continues to expect a large South American crop, which drops prices some 15-cents lower in March and 35-cents lower in May compared to January.
Wheat prices continue to find support in the export market as they closed higher again today. Monday’s export inspections totaled more than 42 million bushels, which was again one of the strongest weeks on record. Wheat exports remain almost 40% ahead of their pace last year and with continued supply concerns, demand is expected to remain good throughout the year. All that said U.S. wheat remains higher priced than many countries and price gains will likely be limited because of this. Wheat will likely remain in a sideways pattern between $6.75 and $6.44.
Corn prices rebounded today and managed to remain above contract lows at $4.47. While corn prices continue to feel pressure from a good harvest, prices maintain their sideways trading pattern not wanting to dip much below the $4.50 level. Producers here who need to sell additional corn should go ahead and price that corn as the potential remains for big declines as harvest get into full swing. The next support level if $4.47 is broke is at $4.30, followed by $4.00.
|Cash Bids||Stuttgart: 1322||Pendleton: 1332|
|New Crop||Stuttgart: 1134||Pendleton: 1139|
South Korea reportedly has temporarily halted imports of wheat from Washington state after USDA confirmed the discovery of volunteer genetically engineered wheat growing in the state. Though USDA stated there