Agfax Buzz:

    May 15, 2013

    AFB Grain-Soybean Close: Soybeans Lower, Wheat Under Pressure, Corn Declined

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Soybean Comment
    Soybeans closed slightly lower following several poor U.S. economic reports. In addition, improved planting conditions across the Midwest weighed on the markets. Old crop soybeans held above $14, while November remained a little above $12. Tight supplies and the potential for further delays in planting developing limited downside pressure.

    Grain Comments

    Wheat was under heavy selling pressure which saw July futures close below $7. The market is in position to test stronger support at $6.87, and perhaps even $6.65. Big export potential from the Black Sea region kept a lid on the market.

     

    Corn Comments
    Corn declined slightly as weather has allowed planters to move at a rapid pace. The crop is still late and there is a question about yield potential and acreage planted. Both factors are expected to limit downside pressure in the near future. Long term the size of the crop will become more important as USDA currently projects a crop just over 14 billion bushels, while being very generous in projected demand. Even so, stocks could exceed 2 billion bushels.

    Local Elevators:
    (May) EAST AR:  1416 to 1476
    (NC) Summ. 1195 to 1218
    River Elevators:
    (May) MISS: 1483 to 1498 ; AR & White 1418 to 1463
    (NC) Summ. 1182 to 1228
    Ark. Processor Bids: (May) 1438 to 1448  (NC) 1200 to 1208
    Memphis:  (May) 1497 3/4 to 1507 3/4 (NC)  1229 3/4 to – – -
    Riceland Foods:  (May) Stuttgart 1448 ; Pendleton 1453
    (NC) Stuttgart 1200 ; Pendleton 1218

    Chicago Futures: July down 2 at 1412 3/4
    Aug down 4 1/4 at 1342
    Sept down 5 1/2 at 1262 1/2
    Nov down 4 1/4 at 1209 3/4
    Jan down 4 1/2 at 1217 1/4
    Today’s Arkansas LDP rate for soybeans is:

     

     

    Wheat
    Cash bid for May at Memphis  703 3/4 to 705 3/4;

    Bids to farmers at Local Elevators 664-674;
    River Elevators 670-710;

     

    Chicago Futures: July down 17 at 693 3/4
    Sept down 17 1/4 at 702 1/4
    Dec down 17 at 718 1/2
    March down 17 1/4 at 735 1/4
    May down 17 1/4 at 740 3/4
    Today’s Arkansas LDP rate for wheat is:

     

    Grain Sorghum
    Cash bid for May at Memphis  1091 to 1162;

    Bids to farmers at River Elevators 1010-1046;
    Today’s Arkansas LDP rate for sorghum is:

     

    Corn

    Cash bid for May at Memphis   693 3/4 to 695 3/4;
    New Crop at Memphis   543 1/2 to 553 1/2;
    Bids to farmers at River Elevators 658 to 691

     

    Chicago Futures: July down 1 3/4 at 650 3/4
    Sept down 6 1/4 at 563 1/2
    Dec down 6 1/4 at 531 3/4
    March down 5 1/2 at 542 1/4
    Today’s Arkansas LDP rate for corn is:

     

     

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