Corn futures closed mixed, with the front month Sept ’13 contract up 4 cents while the rest of the board is down 3 cents. Basis bids remains firm, which helped boost the Sept 13/Dec 13 spread 10 cents on the day to finish at $0.2350. In the weekly EIA report, US ethanol production was down 24K bpd from last week to 820,000 bpd, and stocks were down 200,000 barrels from last week. Imports averaged 4,000 bpd, down from 19,000 bpd the previous week. In export news, South Korea‘s NOFI group bought 60,000 MT of optional origin corn. The cargo was purchased per wire reports from Agrifert at $1.24 over the CBOT Dec ’13 contract and is for delivery by Feb 5. The DTN National Corn Index finished yesterday at 6.04, down from the previous day’s value of 6.19. The new increased CME margin requirements for corn speculators announced yesterday will be implemented during this evening’s globex trade. Trade ideas for the USDA weekly Export Sales report in the morning are in the 320,000-680,000 MT range, heavily weighted to new crop bookings. This report will be through August 22.
|Sep 13 Corn closed at $5.04 1/4, up 4 1/2 cents,|
|Dec 13 Corn closed at $4.80 3/4, down 5 1/2 cents,|
|Mar 14 Corn closed at $4.93 1/2, down 5 1/4 cents|
|May 14 Corn closed at $5.01, down 5 1/4 cents|
Soybeans closed the day 3 to 19 cents higher, with the front month Sept ’13 contract leading the way and notching impressive double digit gains. The trade remains focused on chatter regarding cooler forecasts for much of the Corn Belt after Labor Day. Earlier this morning, private exporters reported to the USDA a sale of 120,000 MT (4.4 mbu) of soybeans to China for the 2013/14 marketing year. Some industry sources believe China has purchased up to 3 MMT (110 mbu) of South American beans in the past two weeks since US prices began to take off. The DTN National Soybean Index finished yesterday at 14.39, down from the previous day’s value of 14.58. The new increased CME margin requirements for soybean/meal speculators announced yesterday will be implemented starting during this evening’s globex trade. Trade estimates for tomorrow’s weekly Export Sales report are running 600,000 MT to 1.1 MMT.
|Sep 13 Soybeans closed at $14.33, up 19 cents,|
|Nov 13 Soybeans closed at $13.72 3/4, up 2 1/4 cents,|
|Jan 14 Soybeans closed at $13.68 1/2, up 3 cents,|
|Mar 14 Soybeans closed at $13.46, up 10 1/4 cents,|
|Sep 13 Soybean Meal closed at $463.30, up $7.40,|
|Sep 13 Soybean Oil closed at $44.31, up $0.25|
Wheat futures closed mixed, with the MPLS contract leading the way up 4 cents. The Chicago Sep13 contract was up as much as 5 cents early in the session, but was unable to hold onto earlier gains and finished down 4 cents. The Chicago Wheat Dec13/Corn Dec13 spread was up a penny at $1.7875. Earlier this morning, private exporters reported to the USDA a sale of 119,000 MT of wheat to an unknown destination. In other export news, Egypt’s GASC is tendering for 55-60 TMT of soft and/or milling wheat which will be for October/November delivery. Japan also announced a tender for 120,000 MT of feed wheat and 200,000 MT of feed barley. Trade estimates for the USDA weekly export sales are 400-600,000 MT.
|Sep 13 CBOT Wheat closed at $6.46 1/2, down 4 1/4 cents,|
|Sep 13 KCBT Wheat closed at $7.06 1/4, down 1 cent,|
|Sep 13 MGEX Wheat closed at $7.34 1/4, up 4 3/4 cents|