AFB Grain-Soybean Close: Wheat Posted Gains, Corn And Soybean Got A Boost
Wheat posted across the board gains today. The crop has gotten off to the worst start since USDA began releasing crop condition reports. This weeks report is not expected to show any improvement. If July doesnt hold support at Fridays low, it will create the possibility of a retest of support near $8.25.
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.
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 wont take much to correct that. New crop November will need to close above the downside breakout point around $13.25.
(Nov) EAST AR: 1368 to 1407
(NC) Summ. 1402 to – – –
(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|
|May||up||14 1/4||at||1365 3/4|
|July||up||15 1/4||at||1358 3/4|
|Today’s Arkansas LDP rate for soybeans is:||0¢|
Cash bid for November at Memphis 862 3/4 to 866 3/4;
|Bids to farmers at Local Elevators||811-826;|
|Chicago Futures:||Dec||up||3 3/4||at||841 3/4|
|July||up||5 1/2||at||851 1/4|
|Today’s Arkansas LDP rate for wheat is:||0¢|
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:||0¢|
|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|
|July||up||11 1/2||at||726 3/4|
|Today’s Arkansas LDP rate for corn is:||0¢|
Tags: Sorghum prices
This week’s news in agriculture from Agfax Media.