Today Future

Corn futures closed sharply lower on the day, registering losses between 18-23 cents. The trade had a bearish reaction to the Quarterly Grain Stocks and Planted Acres reports released earlier this morning. Average trade estimate for corn acreage from USDA this morning was 91.709 million acres according to a Reuters survey, with USDA pegging the actual figure at 91.60 MA. That wasn’t a big enough cut to be bullish. The average stocks estimate was 3.723 billion bushels, with actual USDA figure coming in at 3.854 bbu. Weekly export inspections last week were 872,960 MT, off from 988,080 MMT the prior week. YTD shipments are now 37,842,772 MMT, which compares to 14,774,469 MMT at this time last year. Crop conditions increased this week, with the Brugler500 index keyed to USDA ratings rising to 389. It is also above last years 373 for this date.

Jul 14 Corn closed at $4.24 1/4, down 18 3/4 cents,
Sep 14 Corn closed at $4.18 3/4, down 23 1/2 cents,
Dec 14 Corn closed at $4.25 1/4, down 22 cents
Mar 15 Corn closed at $4.36 1/4, down 21 3/4 cents

Soybean futures closed sharply lower on the day, registering losses between 31 and 72 cents. The bearish reaction is being attributed to the Quarterly Grains Stocks and Acreage figures released earlier this morning. Trade estimates for the USDA Planted Acreage report called for 82.2 ma of soybeans, with USDA pegging the actual figure at a record high 84.839 MA. The average guess for the June 1 stocks figure at 382 million bushels, with the actual figure coming in at 405 mbu. Weekly soybean export inspections were reported at 72,804 MT, down from 61,919 MT last week. The Brugler500 crop condition index increased 1 point from last week to 381. Last year at this time the figure stood at 370. Soybeans emerged came in at 94%, up from the 90% figure last week.

Jul 14 Soybeans closed at $14.00 1/2, down 31 1/2 cents,
Aug 14 Soybeans closed at $13.29 3/4, down 48 1/4 cents,
Sep 14 Soybeans closed at $11.93 3/4, down 72 1/4 cents,
Nov 14 Soybeans closed at $11.57 1/4, down 70 3/4 cents,
Jul 14 Soybean Meal closed at $458.30, down $11.50,
Jul 14 Soybean Oil closed at $38.85, down $1.13

Wheat futures closed 15 to 20 cents lower on the day. The wheat trade also had a bearish reaction to the USDA report earlier this morning, with the July 14 CBOT contract displaying the most weakness and closing at $5.64. Trade estimates for the USDA Planted Acreage report called for 55.77 ma , with the actual figure being reported at 56.47 MA. Spring wheat acreage was up 700,000 from the March intentions, with most having expected a drop due to switches to soybeans. That didn’t happen. The average guess for the June 1 stocks figure was for 595 million bushels, with the actual figure coming in at 590 mbu. The overall winter wheat crop condition rating was again UNCH, with the Brugler500 index at 269. The HRW subindex improved by 2 points TO 247, while the SRW index was down 2 from the previous week to 363. USDA reported 43% of the winter wheat crop has been harvested, behind the 48% average for this date. Major producer Kansas is lagging behind at 40% vs. the usual 66% for this time

Jul 14 CBOT Wheat closed at $5.64 3/4, down 20 1/2 cents,
Jul 14 KCBT Wheat closed at $7.10 1/2, down 15 1/2 cents,
Jul 14 MGEX Wheat closed at $6.67 1/4, down 15 3/4 cents
Advertisements

Grain futures higher; Soybeans rise to 1-week top By Investing.com

U.S. grain futures were higher on Tuesday, with soybean prices rising to a one-week top amid speculation forecasts for rainfall across the U.S. Midwest in the coming days may delay the pace of the harvest.

On the Chicago Mercantile Exchange, soybeans futures for November delivery traded at USD13.0313 a bushel, up 0.5%.

Prices of the oilseed rose to a daily high of USD13.0563 a bushel earlier in the session, the strongest since September 30. The November soy contract ended 0.12% higher at USD12.9640 a bushel on Monday.

Influential industry group Informa Economics cut its forecast for U.S. soybean production to 3.176 billion bushels last week, 1.5% lower from a previous estimate.

Meanwhile, the U.S. Department of Agriculture postponed the release of its weekly crop progress report scheduled for Monday due to the U.S. government shutdown.

The agency said it will delay the release of its monthly supply and demand report scheduled for October 11 as well.

Elsewhere on the CBOT, corn futures for December delivery traded at USD4.4913 a bushel, little changed. Prices held in a tight range between USD4.4788 a bushel, the daily low and a session high of USD4.4963 a bushel.

The December corn contract settled 1.35% higher on Monday to end at USD4.4920 a bushel.

Despite Monday’s rally, market players saw limited upside for corn prices, amid expectations U.S. farmers will harvest the largest corn crop on record this season.

Prices of the grain fell to a three-year low of USD4.3512 a bushel on October 2.

Meanwhile, wheat for December delivery traded at USD6.9812 a bushel, up 0.5%. Wheat futures rose to a daily high of USD6.9863 a bushel earlier in the session, the strongest level since June 24.

The December contract settled up 1.13% at USD6.9460 a bushel on Monday.

Wheat futures have been well-supported in recent sessions amid indications of robust demand for U.S. supplies and as concerns over crop conditions in the Black-Sea region mounted.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

Today grain futures

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

Today grain future

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

Grain futures – Weekly review: Sept. 30 – Oct. 4 By Investing.com

U.S. grain futures ended Friday’s session mixed, with wheat prices easing down modestly as investors locked in gains from a rally that took prices to a three-month high on Thursday.

On the Chicago Mercantile Exchange, wheat for December delivery shed 0.35% on Friday to settle the week at USD6.8700 a bushel. CBOT December wheat prices advanced 0.5% on Thursday to settle at USD6.8920 a bushel.

The December wheat contract ended the week with a gain of 0.6%, the third consecutive weekly advance.

Wheat prices rallied to USD6.9787 a bushel on Thursday, the strongest level since June 24, amid indications of robust demand for U.S. wheat and concerns over tightening global supplies.

Meanwhile, soybeans for November delivery rose 0.5% on Friday to settle the week at USD12.9500 a bushel by close of trade. The November contract climbed 1.15% on Thursday to settle at USD12.8820 a bushel.

Despite Friday’s gains, prices of the oilseed lost 1.85% on the week.

On Friday, influential industry group Informa Economics cut its forecast for U.S. soybean production to 3.176 billion bushels, 1.5% lower from a previous estimate.

According to the U.S. Department of Agriculture, approximately 11% of the U.S. soy harvest was completed as of last week, improving from 3% harvested in the preceding week.

The USDA also said that 53% of the soy crop was in ‘good’ to ‘excellent’ condition as of last week, up from 50% a week earlier.

Elsewhere on the Chicago Board of Trade, corn futures for December delivery added 0.9% on Friday to settle the week at USD4.4320 a bushel. The December contract settled 0.05% higher on Thursday at USD4.3920 a bushel.

For the week, the December corn contract dropped 2.45%, the largest weekly decline in three weeks.

Prices of the grain fell to a three-year low of USD4.3512 a bushel on October 2. Futures have been on a downward trend in recent weeks as investors monitored improving crop prospects in the U.S. Midwest.

According to the USDA, the U.S. corn crop will total 13.84 billion bushels this season, 28% larger than last year’s harvest and the largest crop on record.

In the week ahead, corn and soybean traders will continue to pay close attention to weather forecasts for grain-growing regions in the U.S. Midwest, while wheat traders will monitor temperatures in the Great Plains-region.

The USDA’s weekly crop progress report scheduled for Monday will likely be postponed due to the U.S. government shutdown, as well as the agency’s highly-anticipated supply and demand report on October 11.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.