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AFB Grain-Soybean Close: Wheat, Corn Higher, Soybeans Continue Under Pressure

Ernst Undesser
By Ernst Undesser March 14, 2013 16:21

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:

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:

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:

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:

 

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Ernst Undesser
By Ernst Undesser March 14, 2013 16:21

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