Corn futures closed steady on the day. It was a quiet trading day for the most part, with the Dec 13 contract establishing only a 5 cent range on the session. Reports of better than expected yields as harvest continues to roll on have continued to limit upside price action over the last few sessions. As always, the question is whether the USDA yield estimate, regarded as high by some at the time, already reflected much of the “better” yield. Earlier this morning, wires reported that Taiwan’s MIPA group purchased 60,000 MT of Brazilian Corn from Cargill. The DTN National Corn Index was UNCH from the previous day at $4.21.
|Dec 13 Corn closed at $4.39 1/4, up 1/4 cent,|
|Mar 14 Corn closed at $4.52, up 1/4 cent,|
|May 14 Corn closed at $4.60 1/4, up 1/2 cent|
|Jul 14 Corn closed at $4.67 1/2, up 1/2 cent|
Soybeans finished moderately higher across the board, with the front month Nov 13 contract posting an impressive 14 cent gain on the day. The front month Oct 13 Meal contract found some additional follow through from yesterday and posted a double digit gain of $10.20. Talk of improved export demand due to potential reductions in Argentina provided the catalyst. The EU levied a stiff tariff on imported biodiesel from Argentina, leading some to expect a reduction in Argentine crush. The DTN National Soybean Index was down $0.05 from the previous day at $12.25
|Nov 13 Soybeans closed at $12.88 1/4, up 14 1/2 cents,|
|Jan 14 Soybeans closed at $12.89, up 13 1/4 cents,|
|Mar 14 Soybeans closed at $12.70 3/4, up 13 1/4 cents,|
|May 14 Soybeans closed at $12.50 1/2, up 11 1/2 cents,|
|Oct 13 Soybean Meal closed at $427.80, up $10.20,|
|Oct 13 Soybean Oil closed at $40.01, up $0.89|
Wheat futures finished 1 to 3 cents higher on the day. The KCBT Dec 13 contract traded up to $7.64 at one point but was unable to hold a firm bid at higher prices and only finished with gains of a penny. The CBOT Dec 13 Wheat/Dec 13 Corn spread gained another 3 cents to close at $2.50. The spread is now up over 75 cents since the lows set back in late August. FAO pegged Argentina’s wheat crop at 9.5 MMT, which was well below the USDA’s estimate of 12 MMT. Earlier this morning, wires reported Japan purchased 118,456 MT milling wheat. US Wheat was said to make up 72,054 MT of the weekly MOA purchase.
|Dec 13 CBOT Wheat closed at $6.89 1/4, up 3 1/4 cents,|
|N/P KCBT Wheat closed at $7.55 1/2, up 1 cent,|
|Dec 13 MGEX Wheat closed at $7.50 1/4, up 3 1/2 cents|