Agfax Buzz:

    December 11, 2012

    AFB Grain-Soybean Close: Soybeans And Corn Lower, Wheat Took A Beating,

    AgFax.Com - Your Online Ag News Source

    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 yesterday’s 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:

     

     

    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:

     

    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:

     

    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:

     

     

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