Agfax Buzz:

    May 9, 2013

    AFB Grain-Soybean Close: Soybeans, Wheat And Corn Higher

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    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Soybean Comment

    Soybeans were higher across the board with old crop contracts posting double digit gains. Gains were registered despite a stronger dollar. Not export sales were almost double market expectations. Another big sale of 110,000 metric tonnes was notched today’s daily report. A slightly smaller Brazilians crop estimate also was supportive. July climbed also was supportive. July climbed above $14 and remains within a sideways pattern between $14.25 and $13.40. November remains in a 4 month downtrend with resistance around $12.25. Support is the recent low of $11.86. A close outside this range would suggest further movement in the direction of the breakout.

    Grain Comment
    Wheat futures posted solid gains today. Weekly export reports were a mixed bag, with old crop sales exceeding expectations but new crop sales were a little disappointing. Looking at the charts, July was up sharply, completely closing the gap that was left on the way down Monday. Resistance begins between $7.35 and $7.36, though.

    Corn Comments
    Corn like beans was higher across the across the board with old crop contracts making double digit gains. Old crop corn exports were barely a third of the previous week and well below expectations. Obviously, this didn’t impact futures as traders pushed old crop higher on tightening availability of 2012 supplies and a slow start to the 2013 crop. December is holding in last week’s extended trading range of $5.70 to $5.17.

    Local Elevators:
    (May) EAST AR:  1412 to 1472
    (NC) Summ. 1204 to 1227
    River Elevators:
    (May) MISS: 1419 to 1485 ; AR & White 1414 to 1459
    (NC) Summ. 1191 to 1237
    Ark. Processor Bids: (May) 1434 to 1444  (NC) 1209 to 1217
    Memphis:  (May) 1493 3/4 to – – – (NC)  1237 to 1239
    Riceland Foods:  (May) Stuttgart 1444 ; Pendleton 1449
    (NC) Stuttgart 1209 ; Pendleton 1227

    Chicago Futures: May up 12 1/4 at 1491 1/4
    July up 18 at 1408 3/4
    Aug up 10 1/2 at 1340
    Sept up 7 1/4 at 1264 1/4
    Nov up 4 3/4 at 1219
    Today’s Arkansas LDP rate for soybeans is:

     

    Wheat

    Cash bid for May at Memphis  736 1/2 to 743 1/2;

    Bids to farmers at Local Elevators 694-704;
    River Elevators 700-740;

     

    Chicago Futures: May up 19 1/2 at 716 1/4
    July up 17 1/2 at 723 1/2
    Sept up 16 1/4 at 731 1/2
    Dec up 15 1/2 at 748 1/4
    March up 15 1/2 at 763 1/2
    Today’s Arkansas LDP rate for wheat is:

     

    Grain Sorghum
    Cash bid for May at Memphis  1087 to 1158;

    Bids to farmers at River Elevators 1007-1042;
    Today’s Arkansas LDP rate for sorghum is:

     

    Corn

    Cash bid for May at Memphis   690 3/4 to 698 3/4;
    New Crop at Memphis   546 to 556;
    Bids to farmers at River Elevators 654 to 687

     

    Chicago Futures: May up 19 1/2 at 694 1/2
    July up 15 3/4 at 648 3/4
    Sept up 12 1/4 at 566
    Dec up 9 1/2 at 541 1/2
    Today’s Arkansas LDP rate for corn is:

     

     

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