AFB Grain-Soybean Close: Corn, Wheat Mostly Higher, Beans Down
Soybeans continued to move higher through mid-day today. A tightening balance sheet and a weaker dollar were supportive. USDA released their baseline projections this week and their initial carryout estimate of 203 million bushels for 2014-2015 is lower than most anticipated. March tested the waters above $13.50 in early dealings but have since backed off that level. November above $11.40 could be good pricing opportunity for 2014 production.
Wheat prices closed higher today as outside markets provided some much needed support. export sales report provided support. Large world supplies and less than stellar demand continue to weigh on this market. Producers should take these increases as an opportunity over the next few days to seriously consider pricing at least part of their wheat crop as the potential for declines is much greater than strong increases.
Nearby corn prices higher again today, gains in recent days have helped pull supplies off farm lowering the basis on many areas. While gains today were still fairly small continued strong demand is providing support for corn prices and likely help prices again make a run at resistance at $4.50. New crop corn continues its yoyo motion closing higher today, this market will likely remed locked in a sideways pattern as we wait for the first view of this years crop.
|Cash Bids||Stuttgart: 1362||Pendleton: 1362|
|New Crop||Stuttgart: 1131||Pendleton: 1145|
The ICE Dec and Mar contracts gave back 160 and 87 points on the week, respectively, as last week’s inversion between the two contracts gave way to partial carry. Well,