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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
9 |
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: |
0¢ |
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 |
8 |
at |
1538 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
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 AWhole 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.