Agfax Buzz:

    July 31, 2013

    AFB Grain-Soybean Close: Across the Board Gains Today

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Soybean Comment

    November beans tested the waters below $12 today, but quickly found buying interest and closed back above that key level. Below that, support is at the April low of $11.86. Beneficial rains have helped give the crop a boost. The USDA says that 63% of the crop is in good to excellent condition, 28% is fair, and only 9% is in the poor to very poor category. Basis bids have improved this week with little farmer selling reported.

    Wheat Comment

    Wheat prices posted strong gains today again today. Strength in the corn and soybean markets allowed for wheat to finally trade off its own fundamentals. December wheat prices are now bumping up against a second down trend line, which will act as resistance tomorrow. If prices manage to break this level, the next objective is for prices will be to top $7. Prices have support at nearby lows of $6.60.

    Corn Comment

    Corn prices look as though they have found a floor for the near term at $4.75. The market will likely begin to consolidate ahead of the USDA report a week from Monday. Corn fundamentals continue to support weaker prices; however the current oversold state of the market is minimizing losses and actually supporting higher prices. Corn prices have resistance at $4.90 and $5.00. It is unlikely with current market news that the prices will be able to reach the $5 level.

    Soybeans

    High Low
    Cash Bids 1348 1225
    New Crop 1233 1156

     

    Riceland Foods

    Cash Bids Stuttgart: – – - Pendleton: – – -
    New Crop Stuttgart: – – - Pendleton: – – -

     

    Futures:
    High Low Last Change
    Aug ’13 1375.50 1343.50 1374.00 +24.00
    Sep ’13 1253.75 1237.25 1249.75 +0.75
    Nov ’13 1211.50 1194.25 1206.25 +3.25
    Jan ’14 1216.50 1199.00 1211.00 +3.00
    Mar ’14 1217.50 1200.00 1212.75 +5.00
    May ’14 1216.50 1199.75 1212.75 +5.50
    Jul ’14 1220.50 1204.75 1217.00 +5.50
    Aug ’14 1206.50 1205.00 1207.00 +6.50
    Sep ’14 1193.00 1190.50 1192.50 +6.25

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Wheat

    High Low
    Cash Bids 673 588
    New Crop 690 660

     

    Futures:
    High Low Last Change
    Sep ’13 665.75 653.50 664.25 +9.00
    Dec ’13 679.25 665.75 677.00 +9.25
    Mar ’14 690.00 676.50 687.75 +9.75
    May ’14 695.50 684.25 693.00 +8.75
    Jul ’14 691.50 679.75 689.00 +8.00
    Sep ’14 697.25 687.50 695.25 +7.75
    Dec ’14 704.00 693.50 702.50 +8.00
    Mar ’15 708.00 700.75 709.25 +8.25
    May ’15 713.00 +10.00

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Grain Sorghum

    High Low
    Cash Bids 538 491
    New Crop 502 459

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

    Corn

    High Low
    Cash Bids 575 460
    New Crop 477 444

     

    Futures:
    High Low Last Change
    Sep ’13 499.50 493.00 499.00 +3.50
    Dec ’13 480.50 473.25 479.00 +1.50
    Mar ’14 493.00 486.00 491.50 +1.25
    May ’14 500.75 494.25 499.25 +1.25
    Jul ’14 507.25 501.00 505.50 +1.00
    Sep ’14 506.50 501.50 504.50 -0.50
    Dec ’14 508.25 502.00 506.75 0.00
    Mar ’15 517.75 512.25 516.50 +0.50
    May ’15 522.00 521.75 521.75 +1.50

    Arkansas Daily Grain Report

    FOB Memphis Elevator Crops

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