December 11, 2012
AFB Grain-Soybean Close: Soybeans And Corn Lower, Wheat Took A Beating,
Closing commodity reports from the
Arkansas Farm Bureau Commodity Staff.
Soybean Comment
Soybeans closed down slightly despite a 10 million bushel increase in the projected domestic stocks fell the same amount to just 130 million bushels. Even positive outside markets did little but limit downside movement. Soybean futures remain in a short term uptrend with January resistance just above $14.50.
Grain Comment
Wheat futures took a beating today after the USDA raised its U.S. carryout estimate by 7% from the November report. World stocks were raised by 1.6%. July found support at $8.37 today, but a move below that level would likely signal a retest of support at $8.25.
Corn Comments
Corn traded to both sides of yesterdays close before ending the day slightly lower. USDA left U.S. corn numbers unchanged, which have the market an early boost. Expectations were for reduced exports and a slight increase in projected stocks. USDA did lower the projected price range by 15 cents on the low end and 25 cents on the high end to $6.80 to $8.00. Expect that range to decline further as we progress through the marketing year. March has support at $7.10.
Local Elevators:
(Dec) EAST AR: 1445 to 1484
(NC) Summ. 1482 to – - -
River Elevators:
(Dec) MISS: 1492 to 1522 ; AR & White 1446 to 1490
(NC) Summ. 1467 to 1502
Ark. Processor Bids: (Dec) 1472 to 1492 (NC) 1492 to – - -
Memphis: (Dec) 1517 to 1524 (NC) 1311 1/2 to – - -
Riceland Foods: (Dec) Stuttgart 1472 ; Pendleton 1484
(NC) Stuttgart 1297 ; Pendleton 1305
| Chicago Futures: | Jan | down | 2 3/4 | at | 1472 |
| March | down | 4 1/4 | at | 1471 1/4 | |
| May | down | 3 3/4 | at | 1459 | |
| July | down | 5 1/2 | at | 1446 | |
| Aug | down | 10 3/4 | at | 1414 | |
| Today’s Arkansas LDP rate for soybeans is: | 0¢ | ||||
Wheat
Cash bid for December at Memphis 816 1/2 to - – -;
| Bids to farmers at Local Elevators | 802-817; |
| River Elevators | 799-827; |
| Chicago Futures: | Dec | down | 27 | at | 805 3/4 |
| March | down | 27 1/4 | at | 821 1/2 | |
| May | down | 26 1/2 | at | 833 3/4 | |
| July | down | 24 1/2 | at | 842 1/4 | |
| Sept | down | 23 1/4 | at | 853 | |
| Today’s Arkansas LDP rate for wheat is: | 0¢ | ||||
Grain Sorghum
Cash bid for December at Memphis 1175 to 1184;
| Bids to farmers at River Elevators | 1121-1166; |
| Today’s Arkansas LDP rate for sorghum is: | 0¢ |
Corn
| Cash bid for | December at Memphis 733 to 742; |
| New Crop at Memphis 608 3/4 to 618 3/4; | |
| Bids to farmers at River Elevators | 719 to 742 |
| Chicago Futures: | Dec | down | 2 1/2 | at | 724 1/4 |
| March | down | 2 | at | 728 | |
| May | down | 1 3/4 | at | 730 1/2 | |
| July | down | 4 3/4 | at | 726 1/4 | |
| Today’s Arkansas LDP rate for corn is: | 0¢ | ||||
Tags: , Arkansas Soybean Close, Grain Futures, Sorghum prices, Soybean Futures, wheat close, wheat prices, Arkansas Grain Close, Sorghum Close
