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Daily Market Report Archive

Grain & Soybean Date: January 23, 2012

Soybeans

Local Elevators:
(Jan) EAST AR:  1191 to 1220
(NC) Summ. 1163 to 1188
River Elevators:
(Jan) MISS: 1244 to 1248 ; AR & White 1201 to 1233
(Jan) Summ. 1208 to 1210
Ark. Processor Bids: (Jan) 1213 to 1216  (NC) 1183 to 1188
Memphis:  (Jan) 1252 1/2 to - - - (NC)  1209 1/2 to 1214 1/2
Riceland Foods:  (Jan) Stuttgart 1216 ; Pendleton 1220 
 () Stuttgart  ; Pendleton  

Chicago Futures: March up 30 1/2 at  1217 1/2
  May  up  30  at  1225 1/2
  July up 29 3/4  at  1234 1/4
  Aug up 28 3/4  at  1230
  Nov'12 up 23 3/4  at  1207 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed sharply higher following disappointing weekend rains in South America. Forecasts suggest generally dry conditions but cooler temperatures for the coming week. Increased Chinese purchasing of U.S. beans and a weaker dollar added underlying support for soybeans. March and November contracts are in position to test recent resistance $12.45 and $12.25 respectively.

Wheat
Cash bid for January at Memphis  634 3/4 to 639 3/4;

Bids to farmers at Local Elevators 604-629;
River Elevators 654;

Chicago Futures: March up  9 1/4  at  619 3/4 
  May up 9 1/4  at  637 3/4 
  July up  10 1/2  at  654 1/4 
  Sept up  12 1/2  at  672 3/4 
  Dec up  12 1/2  at  692 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1098 to 1107;

Bids to farmers at River Elevators 1045-1107;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for January at Memphis   645 to 650;
  New Crop at Memphis   565 1/4 to - - -;
Bids to farmers at River Elevators  629 to 642

Chicago Futures: March up  8 1/2  at  620 
  May up  at  625 3/4 
  July up  9 1/2  at  629 3/4 
  Sept up  4 3/4  at  580 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures climbed higher today. Spillover support from beans and corn was given most of the credit for the strength. Export sales are finally picking up a bit, though and that is supportive as well. Apparently prices have dropped enough to make U.S. wheat a little more competitive.

Corn advanced today as tight farmer holding has firmed cash basis levels in the Midwest. While stocks appear to be ample, recent crop losses in South America will limit downside pressure. Informa raised its projected U.S. 2012 plantings to 94.7 million acres. If that comes to pass, and yields are close to trendline projections stocks could approach 2 billion bushels next year. That suggest that producers look at pricing the 2012 crop early. Recent trading has seen the corn/soybean price ratio beginning to shade toward soybeans and today it reached 2.17.



Cotton & Rice  Date: January 23, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 77 at  9337
  Greenwood up  77 at 9337

New York Futures: March up  77  at  9937 
  May up  83  at  9946 
 July up  110  at  9937 
 Oct up  107  at  9795 
 Dec 12' up  106  at  9497 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed on a firm note with old crop March creeping closer to the dollar mark and late October resistance just below $1.03. Informa projected U.S. 2012 cotton plantings of 13.84 million acres down 6% from 2011. However, it should be noted that much of Texas remains in an extreme drought situation. Arkansas plantings were projected to be down 7% at 630,000 acres. December futures trendline resistance at 95 cents today but remains in position to possibly test resistance near 98 cents.

Rice

Long Grain Cash Bid for  Jan 1288/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: March up  14 1/2  at  1468 
 May up  14 1/2  at  1495 1/2 
 July up  13 1/2  at  1520 
 Sept up  15  at  1520 
 Nov up  at  1538 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures closed higher as the market remained in a narrow trading range. The market continues to hold support around $14.40, while failing to generate enough momentum to move above resistance near $15. International markets remain subdued. U.S. exports continue to lag well below year ago levels.



Cattle & Hogs  Date: January 23, 2012

Cattle
As reported by Federal-State Market News, receipts were 3983 head at sales in Ash Flat, Springdale, and Ola.  Compared with last week, feeder steers sold firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 184.50 to - - -
  500 to 550 lbs. 164 to - - -
  600 to 650 lbs. 147 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 167 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 142 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 141 to - - -

Slaughter Cows, Boners 64   to   72
Light Weight 48 to 56
Bulls, Yield Grade   1   1000   to   2100 lbs.   76   to   86
Midwest Steers   were   at   126   to   - - -
Panhandle Steers   were   at   126   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 168.50 to 180.50
  550 to 600 lbs. 170 to 174
Heifers 500 to 550 lbs. 150 to 154
  550 to 600 lbs. 140 to 143

Chicago Futures:
Live Cattle: Feb up 5 at 12460
  April up 45 at 12817
Feeders: March down 10 at 15375
  Aug up 32 at 15767

Cattle Comment
Cattle futures ended mostly higher. The cattle on feed report came in just as expected, showing a 6% decrease in December placements, pointing to lower marketings in the spring and summer.

Hogs
Peoria: were     steady   at   56   to   58

Chicago Futures: Feb up 115 at 8647
  April up 145 at 8850

Hogs Comment
Hog futures were higher. Pork prices should have bottomed at this point, and are expected to gradually improve into spring. However, packer margins are still in negative territory, which could limit upside potential short-term.



Poultry  Date: January 23, 2012

Eggs

New York:  Ex. Lg. 103-107; Lg. 101-105; Med. 88-92;
Chicago:  Ex. Lg. 96-104; Lg. 94-102; Med. 79-87;

National Turkeys
Hens: 8-16 lbs. 89
Toms: 16-24 lbs. 89
 

Delmarva Broilers
U.S. Grade A
Whole broiler/fryer prices are holding steady. Offerings are moderate to satisfy trade needs. Demand following the weekend is moderate with trading usually limited to regular commitments. Market activity is moderate to active. In production areas, live supplies are moderate. Weights are mixed, but mostly desirable.