Agfax Buzz:

    January 29, 2014

    AFB Grain-Soybean Close: Prices Drop Across the Board

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Soybean Comment

    Soybeans posted sharp losses today. The market continues to be focused on supply, watching the weather and crop prospects in South America and speculating about U.S. acreage. The market is bracing for demand to shift to South America, and March was the downside leader as a result. Gulf basis levels continue to drop, but so far weekly export reports haven’t shown much of a slow-down. Also, so far, Chinese cancellations that have been speculated about and expected haven’t materialized. March is back near support at $12.62 ½, and November is testing support at $11.

    Wheat Comment

    Wheat prices continue to put in new lows as weakness in outside markets and negative global fundamentals push prices lower. With the current out look there is little hope for a rally in wheat and a much larger chance of a continued decline to $5.00. While prices now are not good, they are likely better than what they will be at harvest this spring.

    Corn Comment

    Corn prices fell today after an announcement by the federal reserve spooked the market as dollar outlook is uncertain. Additionally, weakness in soybeans and prospects of a large South American corn crop has the market concerned about large supplies in the near term. While levels remain firm, look for corn price gains to be difficult to maintain as farmer held supplies remain large. Corn prices remain in the upper end of the trade range between $4.10 and $4.35.

     

    Soybeans

    High Low
    Cash Bids 1344 1271
    New Crop 1315 1310

     

    Riceland Foods

    Cash Bids Stuttgart: 1299 Pendleton: 1299
    New Crop Stuttgart: 1088 Pendleton: 1113

     

    Futures:
    High Low Last Change
    Mar ’14 1286.00 1266.00 1269.25 -16.25
    May ’14 1271.00 1254.25 1256.75 -14.25
    Jul ’14 1255.75 1240.00 1242.50 -14.00
    Aug ’14 1213.75 1201.25 1203.25 -13.25
    Sep ’14 1147.25 1137.75 1138.50 -11.00
    Nov ’14 1106.00 1096.25 1097.75 -7.25
    Jan ’15 1110.00 1102.25 1102.50 -7.50
    Mar ’15 1110.75 1106.00 1107.00 -7.25
    May ’15 1111.00 1108.00 1108.00 -6.50

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Wheat

    High Low
    Cash Bids 609 519
    New Crop

     

    Futures:
    High Low Last Change
    Mar ’14 567.00 550.50 551.50 -14.50
    May ’14 572.00 555.00 556.00 -15.75
    Jul ’14 576.50 558.25 559.50 -17.00
    Sep ’14 585.00 567.00 567.75 -17.25
    Dec ’14 597.50 579.25 580.25 -17.25
    Mar ’15 602.25 589.00 589.75 -17.50
    May ’15 600.00 591.25 591.75 -16.00
    Jul ’15 598.00 586.00 586.75 -14.00
    Sep ’15 592.75 -14.25

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Grain Sorghum

    High Low
    Cash Bids 494 407
    New Crop

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Corn

    High Low
    Cash Bids 462 427
    New Crop 460 455

     

    Futures:
    High Low Last Change
    Mar ’14 431.75 427.00 427.50 -4.50
    May ’14 437.75 433.25 434.00 -4.00
    Jul ’14 443.00 438.25 439.25 -4.00
    Sep ’14 445.75 441.25 442.00 -4.00
    Dec ’14 450.75 446.00 446.75 -4.00
    Mar ’15 460.00 456.00 456.50 -3.75
    May ’15 466.00 462.25 463.00 -3.50
    Jul ’15 469.25 466.75 466.75 -3.50
    Sep ’15 463.25 461.50 461.00 -3.00

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

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