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AFB Grain-Soybean Close: Wheat, Soybeans Mixed, Corn Slightly Higher

Ernst Undesser
By Ernst Undesser March 15, 2013

Soybean Comment
Soybeans ending the week mixed with the greatest pressure on old crop as traders see exports shifting to South America. Satellite photos confirm large numbers of ships are cued up at South American ports. It is expected to take weeks to load out these ships and some have projected the shipping season will extend to November or perhaps later. A smaller than expected February crush also weighed on old crop. The crush was almost 5 million bushels below expectations. November futures held support again today closing slightly higher to end the week.

Grain Comment
Wheat closed narrowly mixed with July closing about a dime below resistance around $7.30. A close above that level would suggest a temporary bottom in the market. This week’s export sales were a positive feature in the market as they reached a market year high.

Corn retained a firm tone and closed the day with slight gains. December continued to hold above key support around $5.50. FAPRI forecasts a record 2013 U.S. corn crop of 14.37 billion bushels and a billion bushel increase in ending stocks. Recent firming of corn relative to soybeans should keep plantings near the 98 to 99 million acre range.

        
         

Soybeans

Local Elevators:
(March) EAST AR:  1409 to 1446
(NC) Summ. 1231 to 1261
River Elevators:
(March) MISS: 1453 to 1466 ; AR & White 1411 to – – –
(NC) Summ. 1235 to 1286
Ark. Processor Bids: (March) 1436 to – – –  (NC) 1251 to 1256
Memphis:  (March) 1456 to 1461 (NC)  1286 to – – –
Riceland Foods:  (March) Stuttgart 1441 ; Pendleton 1446
(NC) Stuttgart 1251 ; Pendleton 1261

Chicago Futures: May down 9 1/2 at 1426
July down 5 1/4 at 1410 3/4
Aug down 5 1/2 at 1370 1/4
Sept unchanged – – – at 1301 1/2
Nov up 1 1/4 at 1261
Today’s Arkansas LDP rate for soybeans is:

Wheat
Cash bid for March at Memphis  748 to 753;

Bids to farmers at Local Elevators 681-701;
River Elevators 680-733;

 

Chicago Futures: May down 1 3/4 at 723
July up 1 1/4 at 721 1/4
Sept up 2 1/4 at 726 3/4
Dec up 2 1/2 at 739
March up 3 at 751 1/4
Today’s Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1218 to 1236;

Bids to farmers at River Elevators 1102-1138;
Today’s Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   747 to 749;
New Crop at Memphis   566 3/4 to – – -;
Bids to farmers at River Elevators 706 to 752

 

Chicago Futures: May up 1/2 at 717
July up 1 3/4 at 700 1/4
Sept up 2 3/4 at 586 3/4
Dec up 2 1/2 at 561 3/4
Today’s Arkansas LDP rate for corn is:

 

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Ernst Undesser
By Ernst Undesser March 15, 2013