December 5, 2012
AFB Grain-Soybean Close: Soybeans Lead Across the Board Gains
Closing commodity reports from the
Arkansas Farm Bureau Commodity Staff.
Soybean Comment
Soybeans continued to edge higher today with a technical assist as January moved above recent resistance near $14.60. Reports out of Brazil have lowered the soybean crop estimate there, while wet conditions are delaying planting in Argentina. It didn’t hurt that China is buying beans to be shipped out of the Pacific Northwest. Technically the market has some resistance beginning near $14.85 and then $15. Long term, the market has a 38% retracement objective of $15.30, and a 50% at $15.78.
Grain Comment
Wheat futures were higher today. Continuing dry conditions across the plains remain a supportive factor. Current price levels are less than competitive which is limiting export sales.
Corn closed higher, remaining near the top of sideways trading ranges. Concern about the drought conditions continues as a noted meteorologist indicated that precipitation is often below normal following a major drought. Moisture levels are expected to improve but not totally recharge sub-soil needs. Further suggesting less than trend line yields for corn in 2013.
Soybeans
Local Elevators:
(Dec) EAST AR: 1452 to 1494
(NC) Summ. 1494 to – - -
River Elevators:
(Dec) MISS: 1507 to 1529 ; AR & White 1454 to 1509
(NC) Summ. 1474 to 1529
Ark. Processor Bids: (Dec) 1479 to 1499 (NC) 1499 to – - -
Memphis: (Dec) 1521 1/4 to 1531 1/4 (NC) 1322 to – - -
Riceland Foods: (Dec) Stuttgart 1479 ; Pendleton 1491
(NC) Stuttgart 1302 ; Pendleton 1307
| Chicago Futures: | Jan | up | 23 3/4 | at | 1479 1/4 |
| March | up | 23 1/2 | at | 1473 3/4 | |
| May | up | 22 3/4 | at | 1450 3/4 | |
| July | up | 22 3/4 | at | 1439 1/2 | |
| Aug | up | 21 | at | 1412 3/4 | |
| Today’s Arkansas LDP rate for soybeans is: | 0¢ | ||||
Wheat
Cash bid for December at Memphis 867 to 872;
| Bids to farmers at Local Elevators | 830-845; |
| River Elevators | 835-855; |
| Chicago Futures: | Dec | up | 3 3/4 | at | 842 1/4 |
| March | up | 3 1/2 | at | 860 | |
| May | up | 3 1/4 | at | 868 1/2 | |
| July | up | 3 1/4 | at | 869 1/2 | |
| Sept | up | 3 | at | 877 3/4 | |
| Today’s Arkansas LDP rate for wheat is: | 0¢ | ||||
Grain Sorghum
Cash bid for December at Memphis 1237 to 1246;
| Bids to farmers at River Elevators | 1175-1219; |
| Today’s Arkansas LDP rate for sorghum is: | 0¢ |
Corn
| Cash bid for | December at Memphis 769 3/4 to 777 3/4; |
| New Crop at Memphis 627 to 635; | |
| Bids to farmers at River Elevators | 769 to 788 |
| Chicago Futures: | Dec | up | 6 3/4 | at | 753 1/4 |
| March | up | 5 3/4 | at | 757 3/4 | |
| May | up | 5 1/2 | at | 758 1/2 | |
| July | up | 4 1/2 | at | 752 3/4 | |
| Today’s Arkansas LDP rate for corn is: | 0¢ | ||||
Tags: , Arkansas Soybean Close, Grain Futures, Sorghum prices, Soybean Futures, wheat close, wheat prices, arkansas, Arkansas Grain Close, Sorghum Close
