Agfax Buzz:

    November 19, 2012

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

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    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:

     

     



    Tags: , , , , , , , ,

    Leave a Reply

    Name and Email Address are required fields. Your email will not be published or shared with third parties.

    Sunbelt News

      Chicago Board of Trade Closed Monday, Labor Day – September 108-29

      Rose on Cotton: Plenty of Gaps and No Rallies Expected08-29

      Peanut Harvest In N. Fla.; Drought Pushes Digging In Lower SE – AgFax08-29

      Rice Crop: Looking for a Normal Crop, Not a Bumper08-29

      Rice Market: Being Short Tricky but Being Long Takes Patience08-29

      Grain TV: Early Southern Harvest Pressures Basis Levels08-29

      Peanut Stocks and Processing: Utilization Up 2%, Stocks at 1.9B lbs08-29

      Cleveland on Cotton: Chinese Demand Pulling Prices Higher08-29

      DTN Livestock Close: Cattle Futures Sharply Higher on Positive Cash News08-29

      Doane Cotton Close: Futures Unable to Recover Losses08-29

      DTN Cotton Close: Late Rally Leaves Dec. Flat08-29

      AFB Grain-Soybean Close: Modest Losses Across the Board08-29

      AFB Cotton Close: Dec. Moves Fractionally Lower08-29

      AFB Rice Close: Futures Chart New Leg Down08-29

      Farm Bill: Cotton Transition Assistance Enrollment Now Open08-29

      Are USDA Corn Yield Forecasts Getting Better or Worse Over Time?08-29

      DTN Grain Close: Markets Settle Lower Ahead of 3 Day Weekend08-29

      USDA: Peanut Price Highlights08-29

      DTN Livestock Midday: Hog Futures Surge Higher08-29

      Farmers with Foreign Assets Face New IRS Rules and Serious Penalties08-29

      DTN Grain Midday: All 3 Markets Slide Lower08-29

      Mississippi Outdoors: Beaver Management Not a Simple Issue08-29

      Arkansas: Flood Damage to Crops Valued at $35.6M08-29

      Delta Soybean Yields Start Strong; Sugarcane Aphid Marches On – AgFax08-29

      California: Pinnacle Announces Acquisition of Kerman Ag Resources08-29