Agfax Buzz:

    October 22, 2013

    AFB Grain-Soybean Close: Corn, Soybeans Drop, Wheat Makes Slight Gains

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Soybean Comment

    Soybeans posted slight losses today after early gains. November ran into resistance at $13.05 before retreating. Yield reports continue to indicate impressive yields, making a national average of 42 bushels per acre a possibility. A sharp increase in planted acreage in South America will limit the upside potential of the market.

    Wheat Comment

    Wheat price showed some strength today, posting modest gains today. Strong global demand remains supportive for prices. However, price gains will likely be short lived as winter plantings look good in both the U.S. and Europe. Producers growing wheat for 2014 should consider pricing some wheat now, as new crop bids remain in the $6.75 range.

    Corn Comment

    Corn prices fell today, as the USDA released a new crop progress report yesterday. While harvested acres continue to trail previous year, the quality of the crop is getting better and yield reports remain good. With the reports once again flowing, expect corn prices to begin to trend lower as we look towards the November report. With December corn falling below $4.40 today, prices are like to test lows around $4.30. It is likely that this week’s export sales report could provide some temporary support to the market as prices move close to oversold territory. Given the current market expectations corn will likely look for a new harvest low before Thanksgiving

    i

    Soybeans

    High Low
    Cash Bids 1333 1256
    New Crop 1348 1320

     

    Riceland Foods

    Cash Bids Stuttgart: 1312 Pendleton: 1322
    New Crop Stuttgart: 1140 Pendleton: 1155

     

    Futures:
    High Low Last Change
    Nov ’13 1305.50 1292.00 1302.25 -1.00
    Jan ’14 1301.00 1290.00 1297.50 -3.00
    Mar ’14 1281.00 1271.75 1278.00 -3.75
    May ’14 1264.00 1255.00 1260.50 -4.00
    Jul ’14 1260.25 1250.75 1256.75 -3.75
    Aug ’14 1247.25 1239.75 1245.50 -3.25
    Sep ’14 1207.50 1200.75 1206.00 -3.25
    Nov ’14 1176.00 1167.50 1174.50 -2.75
    Jan ’15 1180.00 1176.00 1179.50 -2.50

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Wheat

    High Low
    Cash Bids 695 600
    New Crop 730 702

     

    Futures:
    High Low Last Change
    Dec ’13 704.50 696.00 700.75 +1.00
    Mar ’14 714.25 705.75 710.75 +1.00
    May ’14 717.00 709.00 713.75 +1.00
    Jul ’14 706.00 697.50 702.75 +2.75
    Sep ’14 711.50 706.00 707.75 +2.75
    Dec ’14 719.50 712.00 716.25 +3.25
    Mar ’15 725.00 719.75 720.75 +3.25
    May ’15 718.50 +2.25
    Jul ’15 715.00 705.00 707.00 +4.75

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Grain Sorghum

    High Low
    Cash Bids 459 452
    New Crop 503 494

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Corn

    High Low
    Cash Bids 444 394
    New Crop 465 436

     

    Futures:
    High Low Last Change
    Dec ’13 444.50 437.50 438.25 -5.75
    Mar ’14 457.00 450.25 451.00 -5.75
    May ’14 465.50 458.75 459.25 -6.00
    Jul ’14 472.50 466.50 467.00 -5.00
    Sep ’14 478.25 472.50 473.25 -4.50
    Dec ’14 486.25 480.50 481.25 -4.50
    Mar ’15 494.75 490.75 491.00 -4.50
    May ’15 499.75 496.00 496.50 -4.50
    Jul ’15 503.00 498.75 499.00 -4.50

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

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