October 29, 2013
AFB Grain-Soybean Close: Corn, Soybeans Recover, Wheat Mixed
Soybeans recovered a bit of yesterday’s big losses in today’s trade on ideas that the losses were overdone. Export inspections came in at an official 86.3 million bushels. Analysts were not even in the ballpark this week, with average trade expectations before the report at 46-54 million. However, harvest pressure and a sharp increase in planted acreage in South America continue to hang over the market. For now, November has resistance at last Wednesday’s high of $13.18, with support at $12.61.
Wheat futures were mixed today. July has moved back below $7, with the first level of support near $6.81. Russian prices are climbing due to supply issues there, which is good news for U.S. exporters.
Corn futures were fractionally to a penny higher after moving to new lows in early dealings. Recent weakness brings the $4.25- $4.00 level into play. Comfortable world stocks and harvest pressure are to blame for the weakness. Basis levels are improving, though, as farmers are moving corn to their bins rather than selling at these low prices
|Cash Bids||Stuttgart: 1289||Pendleton: 1299|
|New Crop||Stuttgart: 1129||Pendleton: 1144|