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Daily Market Report Archive

Grain & Soybean Date: January 24, 2012

Soybeans

Local Elevators:
(Jan) EAST AR:  1194 to 1222
(NC) Summ. 1171 to 1193
River Elevators:
(Jan) MISS: 1248 to 1250 ; AR & White 1203 to 1237
(NC) Summ. 1183 to 1213
Ark. Processor Bids: (Jan) 1215 to 1218  (NC) 1188 to 1193
Memphis:  (Jan) 1253 to 1255 (NC)  1218 to 1223
Riceland Foods:  (Jan) Stuttgart 1225 ; Pendleton 1225 
 () Stuttgart  ; Pendleton  

Chicago Futures: March up 2 1/2 at  1220
  May  up  3 1/4  at  1228 3/4
  July up 3 3/4  at  1238
  Aug up at  1234
  Nov'12 up 5 1/2  at  1213
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans made a late rally to end the day’s session slightly higher. Rain in Argentina pressured the market through the morning hours. While rain may help the crop there are several estimates that have pared the crop from 52-53 million metric tons to around 49 metric tons. Some estimates have also lowered the Brazilian crop. Technically, March futures have several layers of resistance starting at $12.40, then $12.90. November has resistance around $12.25 and then $12.55.

Wheat
Cash bid for January at Memphis  653 1/2 to 671 1/4;

Bids to farmers at Local Elevators 616-641;
River Elevators 654-666;

Chicago Futures: March up  13 3/4  at  633 1/2 
  May up 13  at  650 3/4 
  July up  12  at  666 1/4 
  Sept up  10 1/4  at  683 
  Dec up  at  701 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1117 to 1125;

Bids to farmers at River Elevators 1063-1125;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for January at Memphis   660 1/4 to 665 1/4;
  New Crop at Memphis   571 1/4 to - - -;
Bids to farmers at River Elevators  641 to 654

Chicago Futures: March up  10 1/4  at  630 1/4 
  May up  9 1/2  at  635 1/4 
  July up  8 3/4  at  638 1/2 
  Sept up  at  586 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures continued higher today, but with little fundamental justification for the move. The move was likely due to short covering by the funds. The Argentinian wheat crop estimate came in larger-than-expected, adding to the already large expectations for the 2012 global wheat crop.

Corn let today’s gains fueled by tight farmer holding which has kept available stocks tight. While there is ample corn available farmers are in no hurry to sell as they question whether the impact of the South American drought is in the market. There is a cloud hanging over the market and that is potential 2012 plantings and the possibility that yield could move back to trendline levels. That would result in a huge 2012 U.S. crop.



Cotton & Rice  Date: January 24, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 119 at  9218
  Greenwood down  119 at 9218

New York Futures: March down  119  at  9818 
  May down  92  at  9854 
 July down  72  at  9865 
 Oct down  30  at  9765 
 Dec 12' down  56  at  9441 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed lower after making steady upward progress over the last several weeks. While 2012 plantings are expected to decline from 2011, the real question is how much impact the continued dry weather in Texas will have. Early forecasts also suggest China and India will reduce plantings, which could increase export demand. For now the market will likely struggle as it nears a dollar.

Rice

Long Grain Cash Bid for  Jan 1282/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: March down  6 1/2  at  1461 1/2 
 May down  at  1489 1/2 
 July down  3 1/2  at  1516 1/2 
 Sept down  13  at  1507 
 Nov down  at  1529 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures retraced most of yesterday’s gains while closing lower today. There is little fresh news in the market. Informa projected 2012 plantings at 2.68 million acres down slightly from 2011. Arkansas plantings are projected to be 1.15 million acres down 46,000 from 2011. Much of the decline is expected to be medium grain. Slow exports will continue to limit upside potential.



Cattle & Hogs  Date: January 24, 2012

Cattle
As reported by Federal-State Market News, receipts were 324 head at sales in Heber Springs.  Compared with last week, feeder steers sold $2 to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 174 to - - -
  500 to 550 lbs. - - - to - - -
  600 to 650 lbs. - - - to - - -
 Medium & Large Frame 2   400 to 450 lbs. - - - to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 140 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 129.50 to - - -

Slaughter Cows, Boners 68   to   74
Light Weight - - - to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   80   to   89.50
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. - - - to - - -
  550 to 600 lbs. - - - to - - -
Heifers 500 to 550 lbs. - - - to - - -
  550 to 600 lbs. - - - to - - -

Chicago Futures:
Live Cattle: Feb up 120 at 12580
  April up 102 at 12917
Feeders: March up 112 at 15487
  Aug up 115 at 15882

Cattle Comment
Cattle futures gapped higher today. A big jump in cutout values yesterday provided the impetus for the move. However, weak packer margins could limit any upside for cash bids.

Hogs
Peoria: were     steady   at   5650   to   5850

Chicago Futures: Feb down 45 at 8602
  April down 65 at 8785

Hogs Comment
Hog futures traded in a wide range before closing lower. April failed at resistance at $89.42. 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 24, 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 steady. Supplies are moderate. Demand is moderate with trading usually limited to regular commitments. Market activity is slow to moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.