October 4, 2013
AFB Grain-Soybean Close: Corn, Soybeans Higher, Wheat Mixed
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 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 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.
|Cash Bids||Stuttgart: 1290||Pendleton: 1300|
|New Crop||Stuttgart: 1129||Pendleton: 1134|