Agfax Buzz:

    June 19, 2014

    AFB Grain-Soybean Close: Prices Continue Rally

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Soybean Comment

    Soybean prices saw strong gains today, as the market received additional support from storms forecast across large parts of the growing region. November soybeans saw strong gains today, which helped propel prices further away from support at $12. This market will remain volatile ahead of the acreage report later this month as traders work to position themselves ahead of the report. Just as a reminder the midpoint of the USDA price forecast for 2014/15 is $10.75.

    Wheat Comment

    Wheat prices saw additional follow through from yesterday’s gains. While gains this week have put some 18-cents on the wheat price, this market remains oversold and needs additional gains. While weather issues continue to provide support for wheat, large supplies and weak demand will likely cap gains near support at $6.

    Corn Comment

    Corn prices continued their technical rally today despite a disappointing export sales report. Corn prices have bounced off of new lows and closed some 8-cents higher in the last week. In addition to technical strength, recent storms across parts of the Midwest are worrying traders about the potential damage to the crops caused by flooding, hail, and high winds. While these factors are supporting the market longer term this market will turn back to the yield potential, and unless these storms devastate large areas the outlook for these crops will remain for record yields which could push prices back towards $4 once again.

     

    Soybeans

    High Low
    Cash Bids 1429 1354
    New Crop 1229 1153

     

    Riceland Foods

    Cash Bids Stuttgart: 1416 Pendleton: 1416
    New Crop Stuttgart: 1230 Pendleton: 1237

     

    Futures:
    High Low Last Change
    Jul ’14 1422.00 1406.00 1420.75 +11.75
    Aug ’14 1370.50 1355.00 1369.00 +11.75
    Sep ’14 1264.25 1246.50 1263.00 +13.50
    Nov ’14 1228.25 1210.00 1227.25 +14.25
    Jan ’15 1235.00 1217.00 1234.25 +14.25
    Mar ’15 1241.25 1223.25 1240.50 +14.25
    May ’15 1244.75 1228.00 1244.25 +13.50
    Jul ’15 1250.75 1234.25 1250.25 +13.00
    Aug ’15 1234.75 +12.50

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

     

    Wheat

    High Low
    Cash Bids 597 522
    New Crop 589 564

     

    Futures:
    High Low Last Change
    Jul ’14 596.50 585.75 593.50 +6.50
    Sep ’14 604.50 594.75 602.50 +6.25
    Dec ’14 626.75 616.00 623.75 +6.00
    Mar ’15 645.75 634.75 642.75 +6.00
    May ’15 657.00 649.25 654.50 +5.25
    Jul ’15 661.00 652.50 659.75 +5.25
    Sep ’15 666.75 666.75 669.00 +5.25
    Dec ’15 682.75 675.25 682.00 +5.50
    Mar ’16 688.25 +5.50

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

     

    Grain Sorghum

    High Low
    Cash Bids 461 392
    New Crop 484 370

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Corn

    High Low
    Cash Bids 471 417
    New Crop 431 387

     

    Futures:
    High Low Last Change
    Jul ’14 450.75 441.00 450.50 +9.00
    Sep ’14 444.50 435.00 444.25 +8.75
    Dec ’14 448.00 439.25 447.50 +8.00
    Mar ’15 458.00 449.75 457.75 +8.00
    May ’15 465.00 456.25 464.75 +7.50
    Jul ’15 471.25 463.75 471.25 +7.50
    Sep ’15 466.25 460.75 466.75 +6.50
    Dec ’15 462.75 456.50 462.00 +5.50
    Mar ’16 471.25 471.25 471.00 +5.50

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

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