Agfax Buzz:

    September 25, 2013

    AFB Grain-Soybean Close: Wheat Leads to Across the Board Gains

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Soybean Comment

    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 Comment

    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 Comment

    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.


    Soybeans

    High Low
    Cash Bids 1323 1295
    New Crop 1323 1268

     

    Riceland Foods

    Cash Bids Stuttgart: 1322 Pendleton: 1332
    New Crop Stuttgart: 1134 Pendleton: 1139

     

    Futures:
    High Low Last Change
    Nov ’13 1328.00 1306.50 1321.75 +9.25
    Jan ’14 1330.00 1309.00 1324.00 +9.25
    Mar ’14 1310.25 1291.50 1305.50 +7.00
    May ’14 1287.75 1270.75 1283.50 +4.50
    Jul ’14 1279.75 1263.50 1274.75 +3.25
    Aug ’14 1264.25 1249.50 1259.25 +2.00
    Sep ’14 1219.00 1206.75 1214.25 0.00
    Nov ’14 1186.00 1172.50 1179.00 -2.00
    Jan ’15 1183.00 -1.50

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Wheat

    High Low
    Cash Bids 626 603
    New Crop 688 660

     

    Futures:
    High Low Last Change
    Dec ’13 675.00 657.50 670.50 +12.25
    Mar ’14 684.75 668.25 680.75 +12.25
    May ’14 689.75 674.00 685.50 +11.75
    Jul ’14 680.25 666.75 677.00 +10.50
    Sep ’14 684.50 673.25 682.00 +10.50
    Dec ’14 694.50 683.50 691.75 +8.50
    Mar ’15 700.00 700.00 700.00 +9.25
    May ’15 702.50 +9.75
    Jul ’15 702.25 690.50 699.25 +9.25

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Grain Sorghum

    High Low
    Cash Bids 464 439
    New Crop

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Corn

    High Low
    Cash Bids 433 398
    New Crop 433 433

     

    Futures:
    High Low Last Change
    Dec ’13 456.75 448.25 454.75 +6.00
    Mar ’14 469.50 460.75 467.25 +5.75
    May ’14 477.50 469.00 475.50 +5.75
    Jul ’14 484.00 475.50 481.75 +5.75
    Sep ’14 486.25 477.25 484.00 +5.00
    Dec ’14 493.75 485.50 491.25 +4.75
    Mar ’15 503.25 496.25 501.00 +4.50
    May ’15 508.00 502.25 507.00 +4.50
    Jul ’15 511.50 506.25 510.25 +4.50

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

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