Corn futures closed 5 to 6 cents higher on the day. The Dec ’13 contract traded as low as $4,41 before finding firm support intraday and closing on the highs of the session with gains of over a nickel. Harvest delays in major production areas provided a positive influence to start the week. The latest Bloomberg survey pegged trade average corn production for the 2013/14 marketing year at 13.837 billion bushels and an average yield of 157 bpa. The Buenos Aires Grain Exchange pegged corn acres planted for 2013/14 at 3.46M hectares, which is down from a previous estimate of 3.56M hectares. The decrease is attributed to dry conditions. The DTN National Corn Index was up $0.04 from the previous day at $4.25. USDA has now confirmed it will not be releasing the October Crop Production and WASDE reports due out on Friday.
|Dec 13 Corn closed at $4.49 1/4, up 6 cents,|
|Mar 14 Corn closed at $4.61 3/4, up 5 3/4 cents,|
|May 14 Corn closed at $4.69 3/4, up 5 1/4 cents|
|Jul 14 Corn closed at $4.77, up 5 1/4 cents|
Soybeans closed 1 to 6 cents higher on the day. The Nov 13 contract traded as high as $13.05 but was unable to hold onto all of its gains and finished up a penny. Heavy rainfall over the weekend which will delay harvest in many areas to start the week is providing a positive influence, particularly in the cash market. The latest Bloomberg survey has average Soybean production for the 2013/14 marketing year at 3.161 billion bushels with an average yield of 41.6 bpa. Wires reported that that soybean planning in Mato Grosso is currently 1.4% completed compared to 8.6% completed at this time last year. The DTN National Soybean Index was up $0.07 from the previous day at $12.48.
|Nov 13 Soybeans closed at $12.96 1/2, up 1 1/2 cents,|
|Jan 14 Soybeans closed at $12.97, up 2 cents,|
|Mar 14 Soybeans closed at $12.84 1/4, up 5 cents,|
|May 14 Soybeans closed at $12.64 1/4, up 6 1/2 cents,|
|Oct 13 Soybean Meal closed at $433.70, up $2.40,|
|Oct 13 Soybean Oil closed at $39.65, down $0.34|
Wheat futures closed 4 to 7 cents higher on the day. The front month CBOT Dec 13 contract gained nearly 8 cents on the session and posted its highest daily close since July 11th. Comments from the Russian Ministry of Agriculture regarding the 2014 Wheat harvest declining to 13 million hectares from 16 million hectares the previous year is providing a positive influence. Heavy rains which have delayed planning were the main catalyst for the comments. Ukrainian acreage will also be reduced for the same reason. Wires have reported that 24% of the Argentine wheat crop is in the fair to poor category and 55% is in the good to very good category for conditions. Fair to poor increased by 2% while good to very good increased by 5%. On the other hand, some Australian production estimates are now above 25 MMT.
|Dec 13 CBOT Wheat closed at $6.94 3/4, up 7 3/4 cents,|
|N/P KCBT Wheat closed at $7.56 1/2, up 6 1/4 cents,|
|Dec 13 MGEX Wheat closed at $7.50 1/4, up 4 cents|