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

AaronT
By AaronT May 9, 2013 15:10

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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AaronT
By AaronT May 9, 2013 15:10