AFB Grain-Soybean Close: Soybeans Mixed, Wheat, Corn Continue Lower
Soybeans again rallied from early declines to close mixed. The market was pressured early by improving crop conditions in South America and technical selling on demand concerns. Positive outside markets, including higher equities and crude oil, also provided support. For now January had resistance near $15.
Wheat futures continued lower today. The selloff began yesterday when USDA raised its U.S. carryout estimate by 7% from the November report. World stocks were raised by 1.6%. July looks headed for a retest of support at $8.25.
Corn continued lower, although losses were trimmed after the Fed confirmed a new bond buying program for 2013. Slow export demand and reduced ethanol production continue to weigh on the market. March futures are being pushed toward support around $7.10.
(Dec) EAST AR: 1447 to 1486
(NC) Summ. 1484 to – – –
(Dec) MISS: 1494 to 1524 ; AR & White 1448 to 1492
(NC) Summ. 1469 to 1525
Ark. Processor Bids: (Dec) 1474 to 1494 (NC) 1494 to – – –
Memphis: (Dec) 1525 1/2 to 1527 1/2 (NC) 1308 1/2 to – – –
Riceland Foods: (Dec) Stuttgart 1474 ; Pendleton 1486
(NC) Stuttgart 1294 ; Pendleton 1302
|Chicago Futures:||Jan||up||1 1/2||at||1473 1/2|
|July||down||5 1/4||at||1440 3/4|
|Aug||down||2 3/4||at||1411 1/4|
|Today’s Arkansas LDP rate for soybeans is:||0¢|
Cash bid for December at Memphis 808 to 812;
|Bids to farmers at Local Elevators||793-808;|
|Chicago Futures:||Dec||down||11||at||794 3/4|
|May||down||9 1/4||at||824 1/2|
|July||down||9 1/2||at||832 3/4|
|Sept||down||8 1/4||at||844 3/4|
|Today’s Arkansas LDP rate for wheat is:||0¢|
Cash bid for December at Memphis 1171 to 1179;
|Bids to farmers at River Elevators||1117-1162;|
|Today’s Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||December at Memphis 729 1/2 to 730 1/2;|
|New Crop at Memphis 607 to 617;|
|Bids to farmers at River Elevators||717 to 736|
|Chicago Futures:||Dec||down||3 1/4||at||721|
|March||down||2 1/2||at||725 1/2|
|Today’s Arkansas LDP rate for corn is:||0¢|
This week’s news in agriculture from Agfax Media.