Agfax Buzz:

    May 9, 2013

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

    AgFax.Com - Your Online Ag News Source

    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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