AFB Grain-Soybean Close: Soybeans Lower, Wheat Slides, Corn Lower
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.
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 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 weeks 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, Fridays acreage report will determine whether prices will move above or below this range.
(June) EAST AR: 1496 to 1533
(NC) Summ. 1259 to 1285
(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|
|Sept||down||9 3/4||at||1315 3/4|
|Nov||down||11 1/2||at||1273 1/2|
|Today’s Arkansas LDP rate for soybeans is:||0¢|
Cash bid for June at Memphis 701 to 706;
|Bids to farmers at Local Elevators||680-693;|
|Chicago Futures:||July||down||2 1/2||at||698|
|Today’s Arkansas LDP rate for wheat is:||0¢|
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:||0¢|
|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|
|Dec||down||4 1/4||at||556 1/4|
|Today’s Arkansas LDP rate for corn is:||0¢|
This week’s news in agriculture from Agfax Media.