Agfax Buzz:

    June 21, 2013

    AFB Grain-Soybean Close: Soybeans Lower, Wheat Slides, Corn Lower

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Soybeans
    Soybeans gaped lower today today. A sharply higher dollar will make U.S. crops less competitive in the world market, and that was negative for futures. The main factor in the market, though is the prospect for larger soybean production than first estimated. Delayed/prevented corn, cotton and rice planting could result in more soybean acres than expected. The next level of technical support is seen at the chart gap between $12.63 and $12.48.

    Grain Comment
    Wheat prices also continued their slide today. The pressure from a good wheat harvest continues to weigh on this market. When you combine this with pressure from outside markets wheat prices cannot find any support. Gains earlier in the week add some strength to this market and moved it into positive territory for the week. With prices no longer in an oversold position, wheat will need gains in outside markets before new gains can be realized.
    Corn Comments
    Corn prices closed lower across the board today, as traders continued to take profits out of this market. The December contract closed the week up more than 20-cents as the market is expecting acreage to be cut in next week’s USDA report. Expect prices to strengthen next week ahead of the report; however, the report will need to come in at least 2 million acres less than intentions were in March. The market continues to expect yields to be lower as the delayed planting is still being considered in these prices. Expect the market to move straight from the Acreage Report to speculation on what USDA will do to the 2013 yield. Will likely trade next week between support at $5.50 and resistance at $5.75, Friday’s acreage report will determine whether prices will move above or below this range.

    Local Elevators:
    (June) EAST AR:  1496 to 1533
    (NC) Summ. 1259 to 1285
    River Elevators:
    (June) MISS: 1523 to 1529 ; AR & White 1487 to 1498
    (NC) Summ. 1249 to 1295
    Ark. Processor Bids: (June) 1218 to 1528  (NC) 1264 to 1280
    Memphis:  (June) 1506 1/4 to 1533 1/4 (NC)  1295 1/2 to 1298 1/2
    Riceland Foods:  (June) Stuttgart 1568 ; Pendleton – – -
    (NC) Stuttgart 1269 ; Pendleton 1289

    Chicago Futures: July down 4 1/4 at 1493 1/4
    Aug down 7 at 1413 3/4
    Sept down 9 3/4 at 1315 3/4
    Nov down 11 1/2 at 1273 1/2
    Jan down 12 at 1276 1/2
    Today’s Arkansas LDP rate for soybeans is:

     

    Wheat
    Cash bid for June at Memphis  701 to 706;

    Bids to farmers at Local Elevators 680-693;
    River Elevators 659-708;

     

    Chicago Futures: July down 2 1/2 at 698
    Sept down 2 3/4 at 705
    Dec down 2 3/4 at 717
    March down 2 1/2 at 731
    May down 2 3/4 at 740
    Today’s Arkansas LDP rate for wheat is:

    Grain Sorghum
    Cash bid for June at Memphis  1110 to 1182;

    Bids to farmers at River Elevators 1030-1066;
    Today’s Arkansas LDP rate for sorghum is:

    Corn

    Cash bid for June at Memphis   688 3/4 to 701 3/4;
    New Crop at Memphis   577 to 587;
    Bids to farmers at River Elevators 669 to 700

     

    Chicago Futures: July down 11 1/2 at 661 3/4
    Sept down 6 1/4 at 592
    Dec down 4 1/4 at 556 1/4
    March down 4 at 567
    Today’s Arkansas LDP rate for corn is:

     

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