Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

Thursday, July 29, 2010

AFB Grain-Soybean Close: Soybeans Tested Recent Resistance, Wheat Gapped Higher For The Second Day

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Soybeans

Soybeans tested recent resistance again today. Investment funds were big buyers as they followed wheat. Export demand remains good with new crop sales ahead of this year?s record pace. For the most part, weather remains favorable and yields should be good. November close is near key resistance at $9.90. A close above that level in tomorrow?s trade would be bullish.

Local Elevators:
(July) EAST AR: 998 to 1022
(NC) Summ. 963 to 982
River Elevators:
(July) MISS: 1023 to 1055 ; AR & White 1012 to 1020
(NC) Summ. 962 to 1000
Ark. Processor Bids: (July) 1023 to 1029 (NC) 971 to 972
Memphis: (July) 998 3/4 to 1038 (NC) 990 to 993
Riceland Foods: (July) Stuttgart 1029 ; Pendleton 1022 ; West Memphis 1055

Chicago Futures:	Sept	up	7 3/4	at	992 3/4
	Nov	up	10	at	988
	Jan 11	up	8 3/4	at	995 1/2
	Mar 11	up	7 1/2	at	998 1/4
	May 11	up	6 1/2	at	999 1/4
	Today's Arkansas LDP rate for soybeans is:				0¢

Wheat

Wheat gapped higher for the second day in a row. There is little chart resistance stopping futures from moving higher. The market is technically overbought, though, and a correction could come quickly. This is a weather rally, and weather rallies are often overdone.

Corn was a little higher with December pushing near $4 at one point. The market backed off the day?s highs but still ended the day with positive numbers. This still looks like a big crop which will limit upside potential as we approach harvest.

Cash bid for July at Memphis 577 1/2 to - - -;

Bids to farmers at Local Elevators	548;
River Elevators	554-603;

Chicago Futures:	Sept	up	12	at	627 1/2
	Dec	up	12 1/2	at	659 1/2
	Mar 11	up	12 1/4	at	683
	May 11	up	11 3/4	at	688 1/4
	July 11	up	10 1/4	at	688 3/4
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for July at Memphis 650 to 667;

Bids to farmers at River Elevators	561-636;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	July at Memphis 364 1/4 to 367 1/4;
	New Crop at Memphis 359 1/4 to - - -;
Bids to farmers at River Elevators	349 to 367

Chicago Futures:	Sept	up	3	at	379 1/4
	Dec	up	3	at	393 3/4
	Mar 11	up	3	at	406 1/2
	May 11	up	2 1/2	at	414
	Today's Arkansas LDP rate for corn is:				0¢

Doane Closing Cotton Commentary

Peanut Harvest Starts In Georgia, South Carolina - Some Fields Ahead Of Schedule 9-02

DTN Livestock Close: Meat futures scored decent progress across the board 9-02

AFB Rice Close: Stopped The Downturn Of The Past Two Days And Ended Higher 9-02

Soybean Insects Still Piling Up In Southeast And Delta, Treatments Continue 9-02

AFB Cotton CLose: Blasted Through The Long Term Chart Resistance 9-02

AFB Grain-Soybean Close: Soybeans And Wheat Ended Higher 9-02

Panama Canal Authority And Mississippi State Port Authority Sign Partnership Agreement 9-02

DTN Cotton Close: Follow-through buying powers create new highs 9-02

DTN Grain Close: With a late push, corn and bean contracts joined wheat's high 9-02

Rice Yield Slump Continues, With Prospects For Lower Averages Possibly Ahead 9-02

DTN Livestock Midday: Futures rally 9-02

DTN Grain Midday: Light trade, wheat higher 9-02

Linn Corn: Lower yields, big demand push market higher 9-02

Linn Soybeans: Strong moves by corn and wheat not enough to boost soybeans 9-02

Virginia Cotton: Defoliation begins 9-02

Criminals see opportunity in...rice? Wall Street Journal Blog 9-02

DTN Grain Open: Grain contracts subdued overnight following corn and wheat rally 9-02

DTN Livestock Open: Set to open mixed 9-02

Keith Good Farm Policy: Ethanol v. Gasoline Prices; USDA and Roundup Ready Sugar Beets 9-02

Covering the Basis: The Wheat Market Situation 9-01

USDA Responds to Deregulation of Roundup Ready Sugar Beet Case 9-01

Diesel Price Update: Down Slightly 9-01

Cotton Pickers Start Rolling In Tennessee, Defoliation Going On A Wider Basis In The Midsouth 9-01

Cotton Picking Starts In Georgia, Defoliation Gaining Momentum In Southeast 9-01

Arkansas Cotton: Micronaire Defoliation Alert Issued On 2 Cotton Varieties 9-01

DTN MBAg by Adam Erwin: Non-Scientific Causes of Sudden Death Syndrome (SDS) in Soybeans 9-01

DTN Cotton Open: Wipes Out Modest Losses to Trade Ahead 9-01

Creditors of bankrupt Verasun demand farmers pay up or get sued 8-31

Arkansas and South Dakota farmers compare who had a dryer summer, SD wins 8-31

When No-till Continuous Corn Doesn't Work, Try Vertical Tillage 8-31

Texas and New Mexico: Peanut Field Day on Sept. 8 near Brownfield 8-31

Georgia Cotton And Peanut Field Day Set For September 8 In Tifton 8-31

U.S. Rice Sale to Iraq Confirmed 8-30

Did August Weather Reduce Corn Yield Potential? 8-30

Louisiana Wheat Acreage Expected To Increase 8-30

Manufacturers Unveil Tillage Tools 8-30

NASS Field Surveys Under Way 8-30

Fertilizer prices are staying firm on tight supply 8-30

Soybean Rust: North Carolina Reports Its First Find Of 2010 8-30

Virginia: Tidewater Late-Season Field Crops tour, September 14 8-27

AFB Grain-Soybean Close: Soybeans Tested Recent Resistance, Wheat Gapped Higher For The Second Day

Texas and New Mexico Peanut Field Day, Sept. 8, 5 to 8 p.m. Delwin Marrow Barn near Brownfield

Georgia Cotton And Peanut Field Day, Tifton, September 8, 9 a.m.

Tennessee Cotton Field Day, September 8, Jackson, W. Tenn. REC

Virginia: Late-Season Field Crops Tour, Sept. 14, Virginia Tech Tidewater REC, Suffolk

Georgia Peanut Tour, September 14-16, More Information Inside (701)

West Texas Deer Research Group meeting,September 16-17 at Kingsville

California Almond Industry Conference, December 7-9, Modesto

Mississippi: 2010 USA Rice Outlook Conference, Dec. 8-10, Biloxi 8-11