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AFB Grain-Soybean Close: Soybeans Post Modest Gains, Wheat, Corn Under Pressure

Ernst Undesser
By Ernst Undesser December 10, 2012

Soybean Comment
Soybeans retraced early losses to close with gains. The rebound was spurred by strong Chinese demand and a positive export report. Initial weakness came from improving South American weather and economic concerns including the fiscal cliff situation in Washington. This has created a negative situation which led to technical selling by funds and other investors. Soybeans ended the day on a strong note while corn and wheat were lower. Old crop January found support just above $14.50, and area that was resistance early last week.

Grain Comment
Wheat closed lower despite weekend reports of Saudi Arabia making purchases from several sources including the U.S. Worsening crop conditions in the Plains also failed to stimulate the market. It appears wheat will need to see substantially more export demand to sustain current price levels.

Corn export inspections were below last week, and lower than anticipated. Coupled with technical selling it pushed old crop contracts toward recent support, between $7.08 and $7.15. A close below this area would signal additional downside pressure.

        
         

Soybeans

Local Elevators:
(Dec) EAST AR:  1448 to 1487
(NC) Summ. 1485 to – – –
River Elevators:
(Dec) MISS: 1495 to 1525 ; AR & White 1449 to 1493
(NC) Summ. 1470 to 1526
Ark. Processor Bids: (Dec) 1475 to 1495  (NC) 1495 to – – –
Memphis:  (Dec) 1512 3/4 to 1519 3/4 (NC)  1324 1/2 to – – –
Riceland Foods:  (Dec) Stuttgart – – – ; Pendleton – – –
(NC) Stuttgart – – – ; Pendleton – – –

Chicago Futures: Jan up 2 1/2 at 1474 3/4
March up 3 1/2 at 1475 1/2
May up 9 1/2 at 1462 3/4
July up 10 at 1451 1/2
Aug up 10 3/4 at 1424 3/4
Today’s Arkansas LDP rate for soybeans is:

 

Wheat
Cash bid for December at Memphis  843 3/4 to – – -;

Bids to farmers at Local Elevators 827-842;
River Elevators 824-852;

 

Chicago Futures: Dec down 11 1/2 at 832 3/4
March down 12 1/4 at 848 3/4
May down 10 at 860 1/4
July down 7 at 866 3/4
Sept down 6 1/4 at 876 1/4
Today’s Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for December at Memphis  1173 to 1182;

Bids to farmers at River Elevators 1119-1164;
Today’s Arkansas LDP rate for sorghum is:

Corn

Cash bid for December at Memphis   730 3/4 to 734 3/4;
New Crop at Memphis   615 1/2 to 625 1/2;
Bids to farmers at River Elevators 718 to 742

 

Chicago Futures: Dec down 6 at 726 3/4
March down 7 1/4 at 730
May down 7 at 732 1/4
July down 4 1/2 at 731
Today’s Arkansas LDP rate for corn is:

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Ernst Undesser
By Ernst Undesser December 10, 2012