AFB Grain-Soybean Close: Markets Drop Under Pressure
Soybeans were under pressure today. Weekly export inspections of only 2.3 million bushels were disappointing as that total is down from 8 million bushels last week. The crop is off to a good start and conditions remain favorable in much of the country. The potential for a big crop will limit the upside potential of the market. November is building on support near $12 for the time being.
Wheat futures turned lower across the board. Harvest delays due to wet weather continue to plague farmers. There are fears that quality issues will prevent a great deal of the crop from being eligible for export. There is word of discounts for head scab and vomitoxin in areas. This is currently supporting basis levels.
Corn prices turned lower today. Fundamentals remain weak, but the market got a boost last week as traders evened oversold positions. The crop in many areas is off to a good start and that will continue to pressure prices. December charted a bearish reversal in yesterday’s trade but held above support at $4.36 ¼.
|Cash Bids||Stuttgart: 1408||Pendleton: 1408|
|New Crop||Stuttgart: 1227||Pendleton: 1234|
This week’s news in agriculture from Agfax Media.