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 |
4 |
at |
1234 |
| |
Nov'12 |
up |
5 1/2 |
at |
1213 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
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 |
9 |
at |
701 1/4 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
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: |
0¢ |
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 |
6 |
at |
586 1/4 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
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 |
6 |
at |
1489 1/2 |
| | July |
down |
3 1/2 |
at |
1516 1/2 |
| | Sept |
down |
13 |
at |
1507 |
| | Nov |
down |
9 |
at |
1529 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
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 AWhole 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.