Today grain future

Corn futures closed the day with sharp gains, rising 19 to 22 cents across the board. The 6-10 day forecast calls for above average temps in most parts of the midwest, and also above average chances for moisture in most areas with the exception of IA/NE/MO. After the close, USDA released the most recent crop progress report which showed corn conditions in the gd/ex rating declined 3 points from last week to 61%. This figure remains much higher than the same period last year which was at 23%. The Brugler 500 Index declined 7 points from last week to 361. Weekly corn export inspections came in at 7.061 (mbu) vs. 15.330 mbu the previous week. Market year to date figures are now 665.781 (mbu) vs. 1.475 billion bushels last year.

Sep 13 Corn closed at $4.93 1/4, up 19 1/2 cents,
Dec 13 Corn closed at $4.85 1/2, up 22 cents,
Mar 14 Corn closed at $4.97 3/4, up 21 3/4 cents
May 14 Corn closed at $5.05 1/2, up 21 1/2 cents

Soybeans closed the day sharply higher, registering gains between 28 and 44 cents. After the close, USDA released the most recent crop progress report which showed soybean conditions in the gd/ex rating declined 2 points from last week to 62%. This figure remains much higher than the same period last year which was at 31%. The report also showed 72% setting pods, which is well below the 5 yr average of81%. The Brugler 500 Index declined 3 points from last week to 364. September Meal also closed sharply higher, notching gains of 11.50. A warmer outlook for the Midwest over the next 6-10 days as soybeans head into the bloom and pod fill stage was the catalyst for the strong move higher. Weekly soybean export inspections came in at 5.294 mbu vs. 3.433 mbu the previous week. Current market year to date figures are now at 1,308,188 mbu vs. 1,332,890 mbu from the previous year.

Sep 13 Soybeans closed at $13.22, up 38 3/4 cents,
Nov 13 Soybeans closed at $13.03 1/4, up 44 cents,
Jan 14 Soybeans closed at $13.03 3/4, up 42 cents,
Mar 14 Soybeans closed at $12.79, up 28 1/4 cents,
Sep 13 Soybean Meal closed at $420.30, up $11.50,
Sep 13 Soybean Oil closed at $43.45, up $0.64

Wheat futures closed 5 to 10 cents higher on the day. The Chicago contract was the strongest, finishing the day with double digit gains. Weekly export inspections came in at 33.787 mbu vs. 24.345 mbu the previous week. Current market year to date shipment figures are now 274.459 mbu, well ahead of the 213.967 mbu figure from the previous year. The Chicago Wheat Dec ‘13/Corn Dec ’13 spread declined another 12 cents to close at $1.6800. After the close, USDA showed 96% of the winter wheat crop is harvested, just above the 94% average. Spring wheat is just 18% harvested vs. the 38% average for this date. Spring wheat good/ex condition was unchanged from last week at 66%, but did lose 2% from the excellent category.

Sep 13 CBOT Wheat closed at $6.41 1/2, up 10 1/2 cents,
Sep 13 KCBT Wheat closed at $7.03 1/4, up 5 cents,
Sep 13 MGEX Wheat closed at $7.45 1/4, up 8 cents
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