March 14, 2013
AFB Grain-Soybean Close: Wheat, Corn Higher, Soybeans Continue Under Pressure
Closing commodity reports from the
Arkansas Farm Bureau Commodity Staff.
Soybean Comment
Soybeans were under pressure again today with the largest declines in the old crop contracts. The weaker undertone was present despite positive outside markets – a lower dollar and higher equities and crude oil. Big soybean supplies will be available from South America and are expected to cut into U.S. export sales. However, that wasn’t the case in today’s export sales report which again showed substantial sales to China and unknown destinations. November futures moved near the $12.50 support before late buying trimmed early declines.
Grain Comment
Wheat got a boost today from the weekly export sales report. USDA says 888,500 metric tons of wheat was sold to foreign buyers last week. Egypt was the top buyer. July is trying to build on support at last week’s low of $6.86, which is a potential double bottom.
Corn was higher based on the largest total export sales in almost 4 months. New Crop sales were the largest of the year. The soybean/corn price ratio has moved back toward corn at 2.25. Recent projections suggest U.S. plantings will approach 99 million acres in 2013.
Soybeans
Local Elevators:
(March) EAST AR: 1419 to 1456
(NC) Summ. 1230 to 1260
River Elevators:
(March) MISS: 1473 to 1476 ; AR & White 1421 to – - -
(NC) Summ. 1234 to 1285
Ark. Processor Bids: (March) 1446 to – - – (NC) 1250 to 1255
Memphis: (March) 1471 1/2 to 1472 1/2 (NC) 1284 3/4 to – - -
Riceland Foods: (March) Stuttgart – - - ; Pendleton – - -
(NC) Stuttgart – - - ; Pendleton – - -
| Chicago Futures: | March | down | 17 3/4 | at | 1457 1/4 |
| May | down | 11 1/2 | at | 1435 1/2 | |
| July | down | 9 | at | 1416 | |
| Aug | down | 7 | at | 1375 3/4 | |
| Sept | down | 6 1/2 | at | 1301 1/2 | |
| Today’s Arkansas LDP rate for soybeans is: | 0¢ | ||||
Wheat
Cash bid for March at Memphis 749 3/4 to - – -;
| Bids to farmers at Local Elevators | 680-700; |
| River Elevators | 679-732; |
| Chicago Futures: | March | up | 7 | at | 714 1/4 |
| May | up | 14 3/4 | at | 724 3/4 | |
| July | up | 11 3/4 | at | 720 | |
| Sept | up | 10 3/4 | at | 724 1/2 | |
| Dec | up | 9 1/4 | at | 736 1/2 | |
| Today’s Arkansas LDP rate for wheat is: | 0¢ | ||||
Grain Sorghum
Cash bid for March at Memphis 1217 to 1244;
| Bids to farmers at River Elevators | 1101-1137; |
| Today’s Arkansas LDP rate for sorghum is: | 0¢ |
Corn
| Cash bid for | March at Memphis 746 1/2 to 748 1/2; |
| New Crop at Memphis 554 to 564; | |
| Bids to farmers at River Elevators | 706 to 752 |
| Chicago Futures: | March | down | 8 1/2 | at | 732 3/4 |
| May | up | 6 1/4 | at | 716 1/2 | |
| July | up | 6 1/4 | at | 698 1/2 | |
| Sept | up | 4 3/4 | at | 584 | |
| Today’s Arkansas LDP rate for corn is: | 0¢ | ||||
Tags: , Arkansas Soybean Close, Grain Futures, Sorghum prices, Soybean Futures, wheat close, wheat prices, arkansas, Arkansas Grain Close, Sorghum Close
