Corn futures closed the day 7 cents lower across the board. The Dec 13 contract retraced all of the previous gains seen yesterday and closed near the lows of the session. Dry weather forecasts in major production areas over the next 3-4 days which should help harvest progress provided a negative influence. Reports that China was in the market for 700-900,000 MT of corn over the past week continue to surface but nothing has been confirmed due to lack of data available from the USDA during the government shut down. Export inspections for the previous week came in at roughly 25.6 million bushels. The 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 $4.41 3/4, down 7 1/2 cents,|
|Mar 14 Corn closed at $4.54 1/2, down 7 1/4 cents,|
|May 14 Corn closed at $4.62 3/4, down 7 cents|
|Jul 14 Corn closed at $4.70, down 7 cents|
Soybeans closed 7 to 9 cents lower on the day. The front month Nov 13 contract traded as high as $13.05 at one point but finished well of the highs at $12.88. Earlier this morning, wires reported that Taiwan’s BSPA group purchased 60,000 MT of Brazilian Soybeans. The US exported roughly 30.5 million bushels of beans last week, beginning the seasonal ramp up after a slow start in September. Shipments are expected to remain below year ago levels, due to increased availability of South American supplies compared to last year. Trade surveys suggest 22-24% of the US soybean crop has been harvested, with producers swinging to a soybean emphasis this week as moisture levels have declined quickly.
|Nov 13 Soybeans closed at $12.88 3/4, down 7 3/4 cents,|
|Jan 14 Soybeans closed at $12.87 3/4, down 9 1/4 cents,|
|Mar 14 Soybeans closed at $12.75 3/4, down 8 1/2 cents,|
|May 14 Soybeans closed at $12.56 1/4, down 8 cents,|
|Oct 13 Soybean Meal closed at $428.70, down $5.00,|
|Oct 13 Soybean Oil closed at $40.20, up $0.55|
Wheat futures finished the day 1 cent lower to 3 cents higher. A sharp reversal to the downside in corn prices provided a negative influence. The front month CBOT Dec 13 contract attempted a new high of $7.00 earlier in the day, but failed to achieve follow through and finished down a penny. The KCBT Dec 13 contract displayed the most strength and finished up 3 cents. Export inspections for the previous week came in at roughly 29.7 million bushels. The CBOT Dec 13 Wheat/Dec 13 Corn spread gained another 6 cents to close at $2.51575. A lack of fundamental data releases due to the on-going government shut down continues to keep some participants on the sidelines
|Dec 13 CBOT Wheat closed at $6.93 1/2, down 1 1/4 cents,|
|N/P KCBT Wheat closed at $7.60, up 3 1/2 cents,|
|Dec 13 MGEX Wheat closed at $7.53, up 2 3/4 cents|