April 20, 2012
AFB Grain-Soybean Close: Wheat And Corn Turned Lower, Soybeans Higher
Closing commodity reports from the
Arkansas Farm Bureau Commodity Staff.
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 yesterdays momentum and retraced a portion of those gains, closing lower going into the weekend. Expected Chinese buying hasnt 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 days 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: | 0¢ | ||||
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: | 0¢ | ||||
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: | 0¢ |
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: | 0¢ | ||||
