Today grain futures

Corn futures closed 4 cents higher across the board. The Dec ’13 contract closed down 2.37% on the week. Private analyst Informa pegged US Corn Production at 14.10 Bil Bushels, and a yield of 158.8 bpa. Earlier this morning, wires reported that South Korea’s Major Feedmill Group cancelled a tender for 140,000 MT of corn due to what it considers high prices. Analysts in Argentina are reporting corn planting at 8% done compared to 17% at this time last year. Stats Canada pegged national corn production at 12.9MMT, down 0.1% from the previous year

Dec 13 Corn closed at $4.43 1/4, up 4 cents,
Mar 14 Corn closed at $4.56, up 4 cents,
May 14 Corn closed at $4.64 1/2, up 4 1/4 cents
Jul 14 Corn closed at $4.71 3/4, up 4 1/4 cents

Soybeans closed 6 to 8 cents higher on the day. The Nov 13 contract closed down 1.88% on the week. After trading as low as $403 on Tuesday, the Oct 13 meal contract posted a sharp reversal higher to finish the week up 2.71%. Informa pegged US Soy Production this morning at 3.176 Bil Bushels, and used a yield of 41.7 bushels per acre. The number was smaller than expected. Stats Canada pegged national soybean production at 4.8 MMT, down 3.9% from the previous year. Canola production was smaller than expected at 16 MMT, up 15.9% from last year. Yield was up 31.3% over last year.

Nov 13 Soybeans closed at $12.95, up 6 3/4 cents,
Jan 14 Soybeans closed at $12.95, up 6 cents,
Mar 14 Soybeans closed at $12.79 1/4, up 8 1/2 cents,
May 14 Soybeans closed at $12.57 3/4, up 7 1/4 cents,
Oct 13 Soybean Meal closed at $431.30, up $3.50,
Oct 13 Soybean Oil closed at $39.99, down $0.02

Wheat futures closed 2 to 5 cents lower on the day. The front month Dec 13 KCBT contract was the weakest on the session, but still notched an impressive 2.53% gain on the week! Stats Canada pegged total wheat production up 22% from the previous year to 33 MMT (new record high). Average yield was pegged at 48bpa, which is up from the previous figure of 42.6. The Ukrainian Ag minister is reporting up to a 20% reduction in the likely 2014 wheat crop due to wet planting conditions.

Dec 13 CBOT Wheat closed at $6.87, down 2 1/4 cents,
Dec 13 KCBT Wheat closed at $7.50 1/4, down 5 1/4 cents,
Dec 13 MGEX Wheat closed at $7.46 1/4, down 4 cents

[tas Future]

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