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AFB Grain-Soybean Close: Wheat And Corn Turned Lower, Soybeans Higher

AaronT
By AaronT April 20, 2012

Grain Comment
Wheat futures turned lower today without carryover strength from corn. The market continues to feel pressured by ample world stocks and improving crop conditions in the U.S. and Europe. Rapid planting progress of spring wheat is also having a negative impact on prices.

Corn Comments
Corn loss yesterday’s momentum and retraced a portion of those gains, closing lower going into the weekend. Expected Chinese buying hasn’t materialized yet and traders opted to take profit and wait out the weekend. A continued good planting pace also weight on the market.

Soybean Comments
Soybeans were higher across the board with the biggest gains noted in old crop contracts. Another cut in the Argentina crop coupled with strong Chinese demand sent the market sharply higher late in the day. May closed off the day’s high which was just 2 cents below the late April high. A close above this resistance could bring another leg up in a market that appeared to have stalled out. Novembers rebound was less pronounced and left the market 40 cents or so below key resistance.

        
         

Soybeans

Local Elevators:
(April) EAST AR:  1426 to 1454
(NC) Summ. 1323 to 1356
River Elevators:
(April) MISS: 1461 to 1472 ; AR & White 1433 to 1435
(NC) Summ. 1341 to 1366
Ark. Processor Bids: (April) 1452 to – – –  (NC) 1350 to 1351
Memphis:  (April) 1466 3/4 to 1469 3/4 (NC)  1361 to 1364
Riceland Foods:  (April) Stuttgart 1452 ; Pendleton 1454
(NC) Stuttgart 1351 ; Pendleton 1356

Chicago Futures: May up 31 at 1446 3/4
July up 28 1/2 at 1449 1/2
Aug up 27 at 1437 1/2
Sept up 20 1/4 at 1395 3/4
Nov up 13 1/2 at 1356
Today’s Arkansas LDP rate for soybeans is:

 

Cash bid for April at Memphis  632 3/4 to 633 3/4;

Bids to farmers at Local Elevators 593-613;
River Elevators 602-633;

 

Chicago Futures: May down 9 at 615 3/4
July down 7 at 623
Sept down 6 1/4 at 638 3/4
Dec down 5 1/2 at 661 3/4
March ’12 down 3 3/4 at 679 1/4
Today’s Arkansas LDP rate for wheat is:

 

Grain Sorghum
Cash bid for April at Memphis  1067 to – – -;

Bids to farmers at River Elevators 1011-1064;
Today’s Arkansas LDP rate for sorghum is:

 

Corn

Cash bid for April at Memphis   636 1/2 to – – -;
New Crop at Memphis   525 to 527;
Bids to farmers at River Elevators 611 to 631

 

Chicago Futures: May down 8 1/2 at 612 1/2
July down 9 at 603
Sept down 10 at 545
March ’12 down 4 3/4 at 547 3/4
Today’s Arkansas LDP rate for corn is:

 

 


AaronT
By AaronT April 20, 2012