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

Ernst Undesser
By Ernst Undesser October 4, 2013 15:59

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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Ernst Undesser
By Ernst Undesser October 4, 2013 15:59