Agricultural commodities finished a quiet week of trade with minimal price change. Wheat was the biggest price mover, finishing the week with $.10 to $.15 gains. Ukraine announced it plans on capping wheat exports at 4 million metric tons, just below the current USDA forecast of 6 million metric tons. The market appears to be discounting that Russia may make a similar announcement later this fall as both countries attempt to combat domestic food inflation brought on by another disappointing harvest.
As the market braces for next Wednesday’s USDA crop report, December 2012 corn prices were steady for the week, while December 2013 was up $.11 per bu. The average production estimate for this year’s corn crop heading into next week’s report is 10.403 billion bushels, down 376 million bushels from the August estimate.
November 2012 soybean prices were down $.20 for the week, as long speculators were eager to take profits, while November 2013 soybean prices were up $.13. The average trade estimate for this year’s soybean crop is 2.638 billion bushels, down 54 million bushels from the August estimate.