Agfax Buzz:

    January 21, 2014

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

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Soybean Comment

    Soybeans sold off hard today. Rains in Argentina are improving yield prospects there. Technical selling was also a factor. U.S. acreage is widely expected to be up from 2013. If these acreage gains and normal yields are realized the tight soybean supplies we continue to discuss would likely be solved. With global stocks already at comfortable levels, if U.S. stocks were to increase it would open the downside risk in the market. March has a downside objective of the January low of $12.62 ½.

    Wheat Comment

    Wheat prices fell again today, as export inspections were less than trade expectations. Disappointing exports combined with the selloff we saw in soybeans pushed wheat to new contract lows. Large global supplies and weakness in outside markets are likely to continue to push wheat prices lower.

    Corn Comment

    Corn prices closed mixed today. Nearby contracts strengthened as today’s export inspections report beat trade expectations. However, the September contract and beyond saw declines as improving weather in South America led to double digit declines in soybeans. Look for the corn and soybean contract for the fall to follow each other closely in the coming weeks as the market works to ensure adequate corn and soybean acreage is planted in 2014.

     

    Soybeans

    High Low
    Cash Bids 1392 1302
    New Crop 1346 1342

     

    Riceland Foods

    Cash Bids Stuttgart: 1311 Pendleton: 1311
    New Crop Stuttgart: 1099 Pendleton: 1124

     

    Futures:
    High Low Last Change
    Mar ’14 1314.00 1280.00 1280.50 -36.00
    May ’14 1295.50 1263.25 1264.00 -33.25
    Jul ’14 1280.50 1248.75 1249.75 -32.25
    Aug ’14 1238.50 1213.50 1214.75 -26.50
    Sep ’14 1172.75 1149.75 1151.75 -19.75
    Nov ’14 1128.00 1106.00 1109.00 -16.00
    Jan ’15 1133.00 1111.75 1114.50 -15.75
    Mar ’15 1128.25 1116.25 1119.00 -16.00
    May ’15 1126.75 1117.25 1120.25 -15.75

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Wheat

    High Low
    Cash Bids 609 517
    New Crop 608 608

     

    Futures:
    High Low Last Change
    Mar ’14 567.75 560.75 562.25 -1.25
    May ’14 574.25 567.75 569.00 -1.50
    Jul ’14 581.00 574.50 575.50 -1.50
    Sep ’14 589.75 583.50 584.75 -1.00
    Dec ’14 602.75 596.50 597.50 -1.00
    Mar ’15 612.25 607.00 607.75 -1.00
    May ’15 609.25 -1.75
    Jul ’15 605.50 605.00 602.75 -3.00
    Sep ’15 609.50 -2.50

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Grain Sorghum

    High Low
    Cash Bids 478 399
    New Crop

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Corn

    High Low
    Cash Bids 454 429
    New Crop 459 440

     

    Futures:
    High Low Last Change
    Mar ’14 425.75 421.00 425.00 +1.00
    May ’14 432.75 428.25 432.25 +0.50
    Jul ’14 439.00 434.75 438.50 0.00
    Sep ’14 443.50 439.75 442.50 -0.75
    Dec ’14 449.00 445.25 447.00 -2.00
    Mar ’15 458.25 454.75 456.75 -2.00
    May ’15 464.50 462.00 463.00 -2.25
    Jul ’15 468.25 466.50 466.50 -3.50
    Sep ’15 460.00 460.00 460.25 -2.50

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

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