Agfax Buzz:

    January 18, 2013

    AFB Grain-Soybean Close: Wheat Made Solid Gains, Corn Firmed, Soybeans Mixed

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Grain Comments

    Wheat made solid gains today allowing July to close above $8 for the first time in 4 weeks. Today’s higher close suggest a move to retracement objectives at $8.10, then perhaps $8.27 or higher. Additional export business or increased U.S. crop concerns would be needed to move the market higher.

    Corn Comments
    Corn was firm today, after taking a one day break in the 2 week upward move. However, March futures have a concentration of resistance between $7.35 and $7.45, including trendline resistance and the 38% retracement objective. Corn use in ethanol remains weak, but could be near a turn. The spread between gasoline and ethanol has narrowed and suggest excess ethanol supplies may be tightening.

    Soybean Comments
    Soybeans closed mixed with the lead March contract slightly lower at end of the session. Good export demand is being capped by prospects of a big South American crop. Export sales are almost 30% above year ago levels and are near 90% of USDA’s projection for the year. This doesn’t mean sales will be significantly above the USDA projection, more likely we are nearing the time when importers will move their business south. Weather continues mostly favorable in Brazil and Argentina and production projections are moving higher. March futures will need to close above this week’s high and $14.50 to extend the move toward the next level of resistance around $15.

    Local Elevators:
    (Jan) EAST AR: 1422 to 1461
    (NC) Summ. 1252 to 1275
    River Elevators:
    (Jan) MISS: 1489 to 1499 ; AR & White 1424 to – – -
    (NC) Summ. 1257 to 1302
    Ark. Processor Bids: (Jan) 1449 to 1459 (NC) 1267 to 1284
    Memphis: (Jan) 1489 1/4 to 1491 1/4 (NC) 1307 1/4 to – – -
    Riceland Foods: (Jan) Stuttgart 1449 ; Pendleton 1461
    (NC) Stuttgart 1267 ; Pendleton 1275

    Chicago Futures: March down 1 at 1429 1/4
    May up 2 at 1416 3/4
    July up 4 at 1410
    Aug up 5 1/2 at 1385
    Sept up 5 3/4 at 1336
    Today’s Arkansas LDP rate for soybeans is:

     

     

    Wheat
    Cash bid for January at Memphis 818 1/4 to 821 1/4;

    Bids to farmers at Local Elevators 765-775;
    River Elevators 761-795;

     

    Chicago Futures: March up 10 at 791 1/4
    May up 10 at 799 3/4
    July up 9 1/4 at 804 1/2
    Sept up 9 1/4 at 813 1/2
    Dec up 9 1/2 at 826 3/4
    Today’s Arkansas LDP rate for wheat is:

     

    Grain Sorghum
    Cash bid for January at Memphis 1228 to – – -;

    Bids to farmers at River Elevators 1121-1210;
    Today’s Arkansas LDP rate for sorghum is:

     

    Corn

    Cash bid for January at Memphis 742 1/2 to 743 1/2;
    New Crop at Memphis 578 1/2 to 593 1/2;
    Bids to farmers at River Elevators 734 to 748

     

    Chicago Futures: March up 3 at 727 1/2
    May up 4 at 729 1/4
    July up 4 1/2 at 721 1/2
    Sept up 2 3/4 at 613 1/2
    Today’s Arkansas LDP rate for corn is:

     

     


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