Agfax Buzz:

    February 14, 2014

    AFB Grain-Soybean Close: Corn, Wheat Mostly Higher, Beans Down

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Soybean Comment

    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 Comment

    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.

    Corn Comment

    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.

    Soybeans

    High Low
    Cash Bids 1395 1322
    New Crop 1374 1349

     

    Riceland Foods

    Cash Bids Stuttgart: 1362 Pendleton: 1362
    New Crop Stuttgart: 1131 Pendleton: 1145

     

    Futures:
    High Low Last Change
    Mar ’14 1356.00 1336.75 1337.50 -6.75
    May ’14 1341.00 1324.00 1325.00 -5.50
    Jul ’14 1321.25 1306.75 1307.50 -4.50
    Aug ’14 1271.00 1259.00 1258.75 -4.00
    Sep ’14 1190.50 1180.50 1179.75 -2.50
    Nov ’14 1141.50 1130.00 1130.50 -3.25
    Jan ’15 1145.00 1134.00 1134.50 -3.50
    Mar ’15 1147.00 1136.75 1137.25 -3.75
    May ’15 1144.25 1137.25 1137.00 -4.00

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Wheat

    High Low
    Cash Bids 646 549
    New Crop 646 643

     

    Futures:
    High Low Last Change
    Mar ’14 603.00 594.50 598.50 +3.00
    May ’14 600.00 592.50 596.25 +2.25
    Jul ’14 603.50 596.50 600.50 +3.00
    Sep ’14 611.75 607.50 608.75 +2.50
    Dec ’14 624.00 617.50 621.00 +2.25
    Mar ’15 632.50 629.25 630.25 +2.00
    May ’15 631.50 630.75 630.00 +0.75
    Jul ’15 625.25 623.00 623.50 -0.25
    Sep ’15 629.00 -0.25

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Grain Sorghum

    High Low
    Cash Bids 501 416
    New Crop

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Corn

    High Low
    Cash Bids 473 430
    New Crop 471 444

     

    Futures:
    High Low Last Change
    Mar ’14 446.00 438.00 445.25 +4.75
    May ’14 451.50 443.25 450.75 +4.25
    Jul ’14 455.50 448.25 455.00 +4.00
    Sep ’14 456.75 450.00 456.25 +4.00
    Dec ’14 460.00 454.00 459.75 +3.50
    Mar ’15 469.75 463.75 469.50 +3.75
    May ’15 475.50 470.00 475.75 +3.50
    Jul ’15 478.50 474.50 478.50 +3.50
    Sep ’15 469.50 +3.00

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

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