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AFB Grain-Soybean Close: Wheat Posted Gains, Corn And Soybean Got A Boost

AaronT
By AaronT November 19, 2012

Grain Comment

Wheat posted across the board gains today. The crop has gotten off to the worst start since USDA began releasing crop condition reports. This week’s report is not expected to show any improvement. If July doesn’t hold support at Friday’s low, it will create the possibility of a retest of support near $8.25.

 

Corn Comments
Corn was stronger than beans as the early rally was maintained into the close. December honored support at $7.05 and is trading back toward resistance at $7.55 to $7.75. Producers should use this rebound to add to 2012 crop sales. 2013 December has resistance at around $6.40 and then $6.65. There does not appear to be a strong chance of the market making new highs without fresh fundamentals.

        
         

Soybean Comments
Soybeans got a good boost from outside markets as the investment dollars reacted to favorable reports out of Europe. Positive housing data was also a factor. Old crop soybeans wavered around $14 and will need to see additional export demand. The market will have to close substantially higher to reverse the current downtrend. While the market appears to be oversold, it won’t take much to correct that. New crop November will need to close above the downside breakout point around $13.25.

Local Elevators:
(Nov) EAST AR:  1368 to 1407
(NC) Summ. 1402 to – – –
River Elevators:
(Nov) MISS: 1428 to 1442 ; AR & White 1365 to 1414
(NC) Summ. 1395 to 1440
Ark. Processor Bids: (Nov) 1395 to 1415  (NC) 1415 to – – –
Memphis:  (Nov) 1437 3/4 to 1441 3/4 (NC)  1266 3/4 to – – –
Riceland Foods:  (Nov) Stuttgart 1395 ; Pendleton 1407
(NC) Stuttgart 1247 ; Pendleton 1252

Chicago Futures: Jan up 11 1/2 at 1394 3/4
March up 14 at 1382
May up 14 1/4 at 1365 3/4
July up 15 1/4 at 1358 3/4
Aug up 16 at 1336 1/4
Today’s Arkansas LDP rate for soybeans is:

 

 

Wheat
Cash bid for November at Memphis  862 3/4 to 866 3/4;

Bids to farmers at Local Elevators 811-826;
River Elevators 816-841;

 

Chicago Futures: Dec up 3 3/4 at 841 3/4
March up 4 at 857 3/4
May up 3 3/4 at 864
July up 5 1/2 at 851 1/4
Sept up 6 at 858 1/4
Today’s Arkansas LDP rate for wheat is:

 

Grain Sorghum
Cash bid for November at Memphis  1194 to 1212;

Bids to farmers at River Elevators 1123-1132;
Today’s Arkansas LDP rate for sorghum is:

 

Corn

Cash bid for November at Memphis   766 3/4 to 773 3/4;
New Crop at Memphis   608 to 613;
Bids to farmers at River Elevators 732 to 769

 

Chicago Futures: Dec up 11 3/4 at 738 3/4
March up 11 1/2 at 742 1/2
May up 11 at 737 3/4
July up 11 1/2 at 726 3/4
Today’s Arkansas LDP rate for corn is:

 

 


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AaronT
By AaronT November 19, 2012