Agfax Buzz:

    July 3, 2014

    AFB Grain-Soybean Close: Wheat Continues Climb, Corn, Beans Drop Further

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Soybean Comment

    Soybean prices closed lower again today as the November contract closed down almost a dollar from last Fridays close after Monday’s USDA report forecast record soybean acreage in the US. While declines of recent weeks have pushed prices into over sold territory, weak fundamentals will likely limit any potential gains in this market and likely push prices to test February lows of $10.88. Much like with corn, large supplies could push stocks sharply higher and lead to soybean prices at or below $10 not only for this year but also for 2015.

    Wheat Comment

    Wheat prices continued to strengthen today thanks to technical signals, which pushed wheat back over $6. While wheat prices have little fundamental support to move higher as large supplies and weak demand continue to plague this market this market is oversold and due some gains. Look for this market to try and test resistance at $6.12.

    Corn Comment

    Corn prices continued to decline today as the market down some 32-cents following Monday’s bearish USDA report. The prospect for higher prices remains bleak, as record production is forecast for 2014. While there has been some flooding in the Midwest it is no expected to have a major impact on the crop. With large supplies will come large stocks, which will continue to push prices sharply lower, not only 2014, but also into 2015.

    Soybeans

    High Low
    Cash Bids 1404 1282
    New Crop 1174 1082

     

    Riceland Foods

    Cash Bids Stuttgart: 1137 Pendleton: 1144
    New Crop Stuttgart: – – - Pendleton: – – -

     

    Futures:
    High Low Last Change
    Jul ’14 1399.75 1387.00 1387.75 -4.75
    Aug ’14 1321.50 1297.25 1299.75 -15.00
    Sep ’14 1186.00 1164.50 1166.75 -13.50
    Nov ’14 1147.50 1132.75 1133.50 -8.00
    Jan ’15 1155.25 1141.00 1142.00 -7.75
    Mar ’15 1164.00 1149.50 1150.00 -8.00
    May ’15 1170.75 1157.25 1158.00 -7.50
    Jul ’15 1177.75 1163.25 1165.00 -8.00
    Aug ’15 1172.00 1163.75 1162.50 -8.00

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Wheat

    High Low
    Cash Bids 565 501
    New Crop 622 597

     

    Futures:
    High Low Last Change
    Jul ’14 568.75 559.75 568.00 +6.25
    Sep ’14 581.00 572.00 579.50 +4.00
    Dec ’14 605.00 595.25 603.75 +5.50
    Mar ’15 629.25 619.00 627.50 +5.75
    May ’15 643.75 634.00 642.25 +5.25
    Jul ’15 654.50 644.50 652.75 +3.75
    Sep ’15 662.75 653.75 662.25 +3.00
    Dec ’15 672.00 664.25 672.50 +1.75
    Mar ’16 678.25 +1.75

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Grain Sorghum

    High Low
    Cash Bids 439 362
    New Crop 463 347

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Corn

    High Low
    Cash Bids 448 403
    New Crop 413 369

     

    Futures:
    High Low Last Change
    Jul ’14 420.25 416.25 417.00 -1.50
    Sep ’14 414.00 409.00 409.50 -2.75
    Dec ’14 419.75 414.50 415.25 -2.75
    Mar ’15 430.75 426.00 426.75 -2.50
    May ’15 438.00 433.75 434.25 -2.50
    Jul ’15 444.75 440.75 441.25 -2.50
    Sep ’15 444.00 441.50 442.25 -1.50
    Dec ’15 446.50 443.75 445.00 +0.25
    Mar ’16 455.75 454.25 454.50 0.00

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

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