Agfax Buzz:

    June 24, 2014

    AFB Grain-Soybean Close: Markets Drop Under Pressure

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    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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