Today grain future

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

Today Grain Future

Corn futures closed steady to ½ cent higher. The Dec 13 contract made a new low for the move overnight down at $4.35. Earlier this morning, wires reported South Korea’s NOFI group cancelled a tender to import 140,000 MT of Corn. Wires then reported that NOFI group when on to purchase 52,000 MT of Black Sea Origin Corn from Quadra Commodities. South Korean Feed Millers were said to have purchased 11,000 Tons of DDG’s. Chances for showers over the next couple of days are expected to delay harvest in parts of Iowa, Wisconsin and Minnesota. In the weekly EIA report, US ethanol production was at 875,000 bpd which compares to last week’s figure of 832,000 bpd. Stocks were down to 15.5 million barrels from 15.6 million the previous week. The DTN National Corn Index was down $0.07 from the previous day at $4.21, which is more than $3.17 lower than the same day last year.

Dec 13 Corn closed at $4.39, unch,
Mar 14 Corn closed at $4.51 3/4, unch,
May 14 Corn closed at $4.59 3/4, unch,
Jul 14 Corn closed at $4.67, up 1/2 cent

Soybeans closed with gains of 5 cents across the board. The Nov ’13 contract had traded as high as $12.82 at one point in the session but finished nearly a dime off the highs. The Oct 13 Meal contract posted an impressive $9.00 gain on the day. Wires reported that South Koreans Feed Millers bought 24,000 Tons of US Soybean Meal, 55,000 Tons from South American, and 20,000 Tons from India. The DTN National Soybean Index was down $0.15 from the previous day at $12.19. That average cash price is $2.59 lower than a year ago, but the national average basis figures out to be 3 cents stronger than a year ago. Soybean meal closed $5.1 to $9.1 higher on the session, and soybean oil closed 78 to 81 cents lower. Early yield reports in parts of Nebraska and Iowa are coming in below average, but some fields are yielding better than expected.

Nov 13 Soybeans closed at $12.73 3/4, up 5 3/4 cents,
Jan 14 Soybeans closed at $12.75 3/4, up 5 3/4 cents,
Mar 14 Soybeans closed at $12.57 1/2, up 4 1/2 cents,
May 14 Soybeans closed at $12.39, up 5 1/4 cents,
Oct 13 Soybean Meal closed at $417.60, up $9.10,
Oct 13 Soybean Oil closed at $39.12, down $0.89

Wheat futures closed 4 to 11 cents higher on the day. The MGEX Dec 13 showed the sharpest gains, closing over a dime higher. The KCBT Dec 13/Mar 14 spread is currently at a 4 cent inverse which continues to point towards strong commercial demand. KC wheat is the only grain with an inverse right now. European wheat futures closed more than 1% higher today. As of Sunday, the US Spring wheat crop was 95% harvested, and the winter wheat crop was estimated to be 39% planted; just shy of the 5 year average of 40% for this week. US wheat export sales are currently 146% of the same week a year ago. With the government shutdown still in effect at this point, we do not expect to see an export sales report tomorrow morning.

Dec 13 CBOT Wheat closed at $6.86, up 4 3/4 cents,
Dec 13 KCBT Wheat closed at $7.54 1/2, up 9 1/2 cents,
Dec 13 MGEX Wheat closed at $7.47 3/4, up 11 cents

Today grain future

Corn futures finished a few pennies lower across the board. After the close, USDA released the most recent crop progress report which showed corn conditions in the gd/ex rating declined 1 point from last week to 53%. This figure remains much higher than the same period last year which was at 24%. Corn in the mature stage was up to 22%, compared to 73% at this time last year. USDA showed 4% harvested in the 18 major states. The 5 year average is 10%, but includes last year and the record 24% by September 15, 2012. The Brugler 500 Index declined 3 points from last week to 342. Weekly corn export inspections came in at 20.111 (mbu) vs. 9.986 mbu the previous week. Market year to date figures are at 28.277 (mbu) vs. 37.635 mbu last year. The most recent CFTC data released last Friday showed spec funds still holding a sizeable short position.

Dec 13 Corn closed at $4.56 1/2, down 2 1/2 cents,
Mar 14 Corn closed at $4.69, down 2 1/2 cents,
May 14 Corn closed at $4.77 1/4, down 2 1/4 cents
Jul 14 Corn closed at $4.83 3/4, down 2 1/2 cents

Soybeans futures closed 20 to 33 cents lower on the day. After the close, USDA released the most recent crop progress report which showed soybean conditions in the gd/ex rating declined 2 points from last week to 50%. This figure remains much higher than the same period last year which was at 33%. The USDA report also showed 26% dropping leaves, which is below the 5 yr average of 35%. The Brugler 500 Index declined 6 points from last week to 336. August NOPA crush was pegged 110.5 mbu which was within the range of estimates, while soy oil stocks came in at 1.668 bln lbs which was below estimates. Rains over the weekend in parts of Iowa and Minnesota have provided the trade with a bearish influence to start the week. Weekly soybean export inspections came in at 2.972 mbu vs. 2.519 mbu the previous week. Current market year to date figures are now at 4.818 mbu vs. 22.644 mbu from the previous year.

Nov 13 Soybeans closed at $13.48 1/4, down 33 1/4 cents,
Jan 14 Soybeans closed at $13.48 1/4, down 31 1/2 cents,
Mar 14 Soybeans closed at $13.22, down 25 1/4 cents,
May 14 Soybeans closed at $12.94 1/2, down 20 1/2 cents,
Oct 13 Soybean Meal closed at $431.20, down $13.40,
Oct 13 Soybean Oil closed at $42.13, down $0.21

Wheat futures closed the day steady to 4 cents lower. After the close, USDA showed 90% of the spring wheat crop is harvested, just above the 87% average. The report showed winter wheat is currently 12% planted, which is equal to the 5 yr average for this time of year. Weekly export inspections came in at 46.024 mbu vs. 31.689 mbu the previous week. Market year to date figures are now at 419.171mbu vs. 308.640 mbu from the previous year. Almost 55% of the USDA forecast for the year is already on the books or shipped out, well ahead of the 48% average for this date.

Dec 13 CBOT Wheat closed at $6.41 1/4, down 1/4 cent,
Dec 13 KCBT Wheat closed at $6.89 3/4, down 2 1/4 cents,
Dec 13 MGEX Wheat closed at $7.01 3/4, down 4 cents

Grain futures – Weekly review: September 9 – 13 By Investing.com

U.S. grain futures ended Friday’s session broadly lower, with corn prices sinking to a four-week low after the U.S. Department of Agriculture projected a bigger harvest this autumn than analysts had expected.

On the Chicago Mercantile Exchange, corn futures for December delivery fell 1.4% on Friday to settle the week at USD4.5888 a bushel. The December contract settled 1.3% lower on Thursday at USD4.6620 a bushel.

For the week, the December corn contract lost 2%, the second consecutive weekly decline.

The USDA said Thursday the U.S. corn crop will total 13.84 billion bushels in the 2013 marketing season, up 0.6% from its August forecast and the largest crop on record.

Meanwhile, soybeans for November delivery declined 0.95% on Friday to settle the week at USD13.8188 a bushel by close of trade. The November contract jumped 2.8% on Thursday to settle at USD13.9600 a bushel, the strongest level since September 3.

Prices of the oilseed declined Friday as investors cashed out of the market to lock in gains from Thursday’s 2.8% rally.

Despite Friday’s losses, the November soy contract rose 0.9% on the week, the sixth consecutive weekly advance, as lingering warm and dry weather fuelled concerns over crop conditions.

The USDA lowered its forecast for the U.S. soybean crop on Thursday to 3.149 billion bushels, down 3% from its estimate in August.

Soybean stockpiles will total 150 million bushels the end of the current crop year on August 31, 2014, below analysts’ expectations for 161 million bushels.

Elsewhere on the Chicago Board of Trade, wheat for December delivery tumbled 1.8% on Friday to settle the week at USD6.4050 a bushel. CBOT December wheat prices rose 0.8% on Thursday to settle at USD6.5300 a bushel.

The December wheat contract ended the week with a 1.1% decline, the second consecutive weekly loss.

The USDA raised its estimate for global wheat production to a record 708.89 million metric tons, up 0.5 percent from last month.

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.

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

Today grain future

Corn futures closed 3 to 5 cents higher on the day. Volatility has contracted the last few sessions ahead of the latest WASDE report due out tomorrow morning. Seasonality is putting pressure on the basis with a number of locations now offering discounts from their drying tables to encourage early harvest. In the weekly EIA report, US ethanol production was up 29,000k bpd from last week to 848,000 bpd, and stocks were up 100,000 barrels from last week. Imports averaged 15,000 bpd, down from 37,000 bpd the previous week. The average trade estimate regarding 2012/2013 world corn ending stocks in tomorrow’s WASDE is 122.798 MMT. Weekly export sales due out tomorrow are expected to come in between 400-500,000 MT.

Sep 13 Corn closed at $4.79 3/4, up 5 cents,
Dec 13 Corn closed at $4.72 1/2, up 3 1/2 cents,
Mar 14 Corn closed at $4.84 3/4, up 3 cents
May 14 Corn closed at $4.93, up 3 cents

Soybeans futures closed the day 1 to 3 cents higher. The trade over the last few days was relatively quiet as market participants eagerly await the WASDE report due out tomorrow morning. The last trade date for the Sept 13 contracts of Soybeans, Soy Meal, and Soy Oil is this Friday. The average trade estimate regarding 2012/2013 world soybean ending stocks in tomorrow’s WASDE is 61.730 MMT. Weekly export sales due out tomorrow are expected to come in between 650-800,000 MT. Expectations for meal are pegged at 70-230,000 MT.

Sep 13 Soybeans closed at $14.05 1/4, up 1 1/2 cents,
Nov 13 Soybeans closed at $13.58 1/4, up 3 1/4 cents,
Jan 14 Soybeans closed at $13.58, up 2 3/4 cents,
Mar 14 Soybeans closed at $13.40 1/2, up 2 1/4 cents,
Sep 13 Soybean Meal closed at $460.90, down $1.60,
Sep 13 Soybean Oil closed at $42.65, down $0.08

Wheat futures closed 1 to 4 cents higher on the day, with the Minneapolis contract showing the most strength. The last trade date for the Sept 13 contracts (Chicago, KC, & Minneapolis) is this Friday. Earlier this morning, private exporters reported to the USDA that Nigeria purchased 120,000 MT of US Wheat for the current 2013/14 marketing year. The average trade estimate regarding 2013/2014 world wheat ending stocks in tomorrow’s WASDE is 172.75 MMT. Weekly export sales due out tomorrow are expected to come in between 450-650,000 MT.

Sep 13 CBOT Wheat closed at $6.35, up 1 1/4 cents,
Sep 13 KCBT Wheat closed at $7.08 1/4, up 1 1/2 cents,
Sep 13 MGEX Wheat closed at $7.05 1/2, up 4 1/2 cents

KS