AFB Grain-Soybean Close: Markets Drop Under Pressure

Ernst Undesser
By Ernst Undesser June 24, 2014 14:14

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Soybean Comment

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 Comment

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 Comment

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.

        
         

Soybeans

High Low
Cash Bids 1445 1345
New Crop 1255 1174

 

Riceland Foods

Cash Bids Stuttgart: 1408 Pendleton: 1408
New Crop Stuttgart: 1227 Pendleton: 1234

 

Futures:
High Low Last Change
Jul ’14 1423.00 1407.00 1413.50 -11.25
Aug ’14 1364.75 1351.00 1357.75 -7.75
Sep ’14 1266.25 1255.00 1260.75 -6.75
Nov ’14 1232.00 1218.25 1224.50 -9.25
Jan ’15 1237.25 1225.00 1231.25 -9.25
Mar ’15 1244.00 1231.25 1236.75 -9.25
May ’15 1246.50 1233.75 1238.25 -9.75
Jul ’15 1250.00 1239.50 1243.25 -10.50
Aug ’15 1232.50 1224.50 1226.25 -9.25

Arkansas Daily Grain Report

FOB Memphis Elevator Crops

 

Wheat

High Low
Cash Bids 575 514
New Crop 575 550

 

Futures:
High Low Last Change
Jul ’14 580.00 570.00 571.00 -8.75
Sep ’14 589.50 579.25 580.75 -8.25
Dec ’14 613.50 601.25 602.50 -9.75
Mar ’15 633.75 623.25 625.25 -9.25
May ’15 645.75 638.25 639.25 -8.00
Jul ’15 655.75 646.75 649.50 -6.75
Sep ’15 659.50 659.50 661.50 -6.00
Dec ’15 677.00 670.50 673.50 -5.75
Mar ’16 679.75 -5.50

Arkansas Daily Grain Report

FOB Memphis Elevator Crops

 

Grain Sorghum

High Low
Cash Bids 464 409
New Crop 488 440

Arkansas Daily Grain Report

FOB Memphis Elevator Crops

Corn

High Low
Cash Bids 475 421
New Crop 437 396

 

Futures:
High Low Last Change
Jul ’14 445.00 439.50 443.00 -1.50
Sep ’14 439.50 433.25 436.75 -2.25
Dec ’14 443.00 436.75 440.75 -1.75
Mar ’15 453.00 447.25 451.25 -1.50
May ’15 460.25 454.75 458.50 -1.50
Jul ’15 466.75 461.25 465.25 -1.50
Sep ’15 461.25 457.00 460.50 -1.00
Dec ’15 457.50 452.00 456.75 0.00
Mar ’16 465.75 461.50 466.00 +0.50

Arkansas Daily Grain Report

FOB Memphis Elevator Crops

 

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Ernst Undesser
By Ernst Undesser June 24, 2014 14:14

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