Crop Market Update, October 28, 2013

Corn and soybean prices have remained steady throughout the week despite continued harvest progress. Strong demand both in the export market and domestically have helped to support soybean prices this week, but expectations of improved yields have kept prices in check. Soybean harvest is currently 77% complete, right at the 5-year average with 14% of the U.S. crop harvested in the last week. Corn has also held steady this week despite good harvest progress and expectations of a bumper crop. Strong demand as well as many producers expected to store their grain seems to have kept corn prices from falling too far in the face of a record crop. About 20% of the U.S. corn crop was harvested in the last week with 59% of the U.S. harvest complete and just 3% behind the 5-year average. While wheat prices have remained strong throughout the fall, excellent crop conditions and near normal planting progress have contributed to the recent bearish trend in wheat markets. The U.S. winter wheat crop is 86% planted, slightly ahead of the 5-year average and the crop is rated 65% good or excellent.


Futures Quotes (Contract) This Friday Last Friday % Change
Corn (Dec 2013) $4.40 $4.41 -0.23%
Soybeans (Nov 2013) $13.00 $12.91 0.70%
Cotton (Dec 2013) $79.08 $83.11 -4.85%
Wheat (Dec 2013) $6.90 $7.05 -2.13%
Rice (Nov 2013) $15.54 $15.29 1.64%
Source: Corn, soybean, wheat, and rice prices are from the CMEGroup; Cotton price is from the Intercontinental Exchange
Prices are $/bu for corn, soybeans and wheat, cents/pound for cotton, and $/cwt for rice