Agfax Buzz:

    October 4, 2013

    AFB Grain-Soybean Close: Corn, Soybeans Higher, Wheat Mixed

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Soybean Comment

    Soybean futures ended strongly again today. The market has found some support at $12.63 for the time being, and rains through key growing regions are delaying harvest, giving the market a bit of a boost. The government shut-down has resulted in a weak dollar, and that is also providing support for commodities. Without any government reports, we must turn to private firms for market information. Today, Informa released their latest crop estimate, pegging the soybean crop at 3.18 billion bushels on an average yield of 41.7 bushels per acre. The current USDA estimate is based on an average yield of 41.2 bushels per acre.

    Wheat Comment

    Wheat closed mixed today. As of late the wheat market has relied on export numbers to support prices. With the current shutdown these export reports have dried up, and prices have had a difficult time maintaining support.

    Corn Comment

    Corn prices rebounded again today. After sharp gains earlier in the week pushed prices into oversold territory, corn prices have rebounded and are now testing resistance at previous contract lows of $4.47. With the current shutdown markets will have to wait for new USDA numbers as it looks like they will be delayed. Prices will trade on market expectations of lower acreage.

    Soybeans

    High Low
    Cash Bids 1306 1241
    New Crop 1334 1268

     

    Riceland Foods

    Cash Bids Stuttgart: 1290 Pendleton: 1300
    New Crop Stuttgart: 1129 Pendleton: 1134

     

    Futures:
    High Low Last Change
    Nov ’13 1298.00 1280.00 1295.00 +6.75
    Jan ’14 1297.75 1281.00 1295.00 +6.00
    Mar ’14 1280.75 1263.00 1279.25 +8.50
    May ’14 1260.00 1243.25 1257.75 +7.25
    Jul ’14 1255.25 1239.25 1253.25 +8.25
    Aug ’14 1245.50 1240.00 1242.50 +8.25
    Sep ’14 1204.50 1193.50 1204.25 +7.25
    Nov ’14 1177.25 1164.00 1174.25 +4.25
    Jan ’15 1169.75 1169.75 1178.75 +4.50

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Wheat

    High Low
    Cash Bids 659 590
    New Crop 712 684

     

    Futures:
    High Low Last Change
    Dec ’13 692.75 684.25 687.00 -2.25
    Mar ’14 700.75 693.50 696.25 -0.75
    May ’14 705.50 698.50 701.75 +0.50
    Jul ’14 697.00 689.25 693.75 +2.25
    Sep ’14 702.00 696.25 699.25 +1.75
    Dec ’14 712.25 705.50 709.75 +1.00
    Mar ’15 716.00 711.25 716.00 -0.25
    May ’15 715.00 715.00 716.00 -0.25
    Jul ’15 710.00 705.00 708.25 -0.50

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Grain Sorghum

    High Low
    Cash Bids 459 419
    New Crop 502 496

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Corn

    High Low
    Cash Bids 427 389
    New Crop 457 425

     

    Futures:
    High Low Last Change
    Dec ’13 443.75 438.75 443.25 +4.00
    Mar ’14 456.75 451.75 456.00 +4.00
    May ’14 465.00 460.00 464.50 +4.25
    Jul ’14 472.25 467.00 471.75 +4.25
    Sep ’14 477.75 472.75 477.50 +4.25
    Dec ’14 485.75 480.25 485.00 +4.25
    Mar ’15 495.25 492.00 495.25 +4.50
    May ’15 499.75 +4.25
    Jul ’15 501.00 500.00 502.50 +3.50

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

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