Agfax Buzz:

    December 5, 2012

    AFB Grain-Soybean Close: Soybeans Lead Across the Board Gains

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    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:

    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:

    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:

    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:

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