The grain futures were mixed this week, as no real good news has come out to interest much fundamental trading outside of the choppy technical action we have been seeing. By the end of the week, Corn was 9 cents higher and Winter Wheat was 15 cents higher off of the December futures. While Soybeans were 58 cents lower off of the November futures month and Spring Wheat ended the week 21 cents higher off of the March 2012 futures.
Many producers selling corn bushels this week were locking them on Friday as nearby futures traded in the green nearly all day and many producers locked in bushes with target contracts at $6.00 and above. Along with this, we have been seeing increased interest in contracting New Crop 2012 corn, on futures fixed contracts, at $6.00 and better. Currently the next popular corn target points are for $6.00 cash for nearby delivery and for $7.00 futures fixed for New Crop 2012 delivery.
Soybean selling was light this week, as producers continue to maintain their focus on corn harvest. Couple this with the 58 cent drop in nearby bean futures and many producers didn’t feel there was much incentive to sell more quite yet. Currently some popular target points have producers looking to capture $12.00 cash soybeans for New Crop 2011 delivery and $14.40 futures fixed soybeans off of November 2012 futures.
- Producers interested in selling spring wheat and winter wheat this week were locking in bushels for December delivery during a few of the 20 cent rallies that occurred, before board prices decided to drift back toward unchanged near close.
Many of the Wheat Grower shuttle loading facilities are paying $5.96 cash for nearby delivered Corn. A producer can pick up around 12 cents cash carry for Corn contracted for January 2012 delivery over nearby delivery.
Currently Wheat Grower shuttle loading facilities are posting the best Soybean cash bids along highway 281 for February and May delivery and highway 12 for March and May delivery. Right now, most wheat grower shuttle loading facilities are paying $11.30 cash for nearby delivered Soybeans. A producer could pick up around 19 cents cash carry for Soybeans contracted for January delivery over New Crop delivery.
A majority of Wheat Grower shuttle loaders are currently posting a bid of $8.65 for nearby delivered Spring Wheat. Currently the market is providing no incentive to contract and carry Spring Wheat for deferred delivery. Alpena and Wolsey are posting the best Winter Wheat cash bids along highway 281 for December, January, February, May, and New Crop 2012 delivery. Alpena and Wolsey currently have a cash price of $7.02 for Winter Wheat delivered in January.
For the week in local cash prices:
Corn – Nearby prices Increased by 19 cents, New Crop 2012 prices Increased by 2 cents;
Soybeans – Nearby prices Increased by 50 cents, New Crop 2012 prices Increased by 37 cents;
Spring Wheat – Nearby prices Increased by 21 cents, New Crop 2012 delivery prices Increased by 15 cents;
Winter Wheat – Nearby prices Increased by 21 cents, New Crop 2012 delivery prices Increased by 10 cents;
Upcoming dates to note:
- October 24th: Crop Progress Report @ 3:00pm
- October 27th: Export Sales @ 7:30am
*Always call a specific location for space and receiving capabilities.
*The information contained above was taken from sources which Wheat Growers believe to be reliable, but is not guaranteed by Wheat Growers as to accuracy or completeness and is made available for information purposes only. There is a risk of loss when trading commodity futures and options.