Soybeans

November beans gapped higher. Investment funds were big buyers as they followed wheat. Export demand remains good with new crop sales ahead of this year?s record pace. A weaker dollar remains positive for exports. For the most part, weather remains favorable and yields should be good. November closed above psychological resistance at $10. The next level of resistance is the chart gap between $10.14 ½ and $10.20.

Local Elevators:
(July) EAST AR:  1043 to 1048
(NC) Summ. 977 to 999
River Elevators:
(July) MISS: 1040 to 1081 ; AR & White 1038 to 1046
(NC) Summ. 979 to 1017
Ark. Processor Bids: (July) 989 to 1055  (NC) 988 to 989
Memphis:  (July) 1017 1/2 to 1065 (NC)  1007 to 1010
Riceland Foods:  (July) Stuttgart 1055 ; Pendleton 1048 ; West Memphis 1081

Grain Comment

Wheat gapped significantly higher. Resistance on the weekly continuation is seen at the 2009 high of $7.27. The market is technically overbought, though, and a correction could come quickly. This is a weather rally, and weather rallies are often overdone.

December corn closed above psychological resistance at $4 and less than three cents below resistance at the recent high. 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  611 1/2 to - - -;

Grain Sorghum
Cash bid for July at Memphis  673 to 691;

Corn