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Daily Market Report Archive

Grain & Soybean Date: January 31, 2012

Soybeans

Local Elevators:
(Jan) EAST AR:  1178 to 1206
(NC) Summ. 1168 to 1192
River Elevators:
(Jan) MISS: 1229 to 1231 ; AR & White 1187 to 1219
(NC) Summ. 1180 to 1211
Ark. Processor Bids: (Jan) 1204 to - - -  (NC) 1190 to 1192
Memphis:  (Jan) 1231 to 1232 (NC)  1208 1/2 to 1211 1/2
Riceland Foods:  (Jan) Stuttgart 1204 ; Pendleton 1206 
 (NC) Stuttgart 1190 ; Pendleton 1192 

Chicago Futures: March up 13 3/4 at  1199
  May  up  13 1/4  at  1208 1/2
  July up 13  at  1218
  Aug up 12  at  1216
  Nov up at  1201 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans traded back and forth before ending the day on a strong note. The stronger close was surprising, in that positive outside markets turned negative at midday. Much of the strength came as a result of the recent upturn in wheat. A recent increase in Chinese buying has helped soybeans rebound from yesterday’s downturn. Resistance at $12.45 and $12.25 respectively for March and November contracts remains intact.

Wheat
Cash bid for January at Memphis  690 to 691;

Bids to farmers at Local Elevators 641-666;
River Elevators 697-701;

Chicago Futures: March up  21 1/4  at  666 
  May up 21 1/2  at  680 1/4 
  July up  19 3/4  at  691 
  Sept up  17 1/2  at  704 
  Dec up  17  at  720 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1132 to 1150;

Bids to farmers at River Elevators 1079-1141;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for January at Memphis   668 to 671;
  New Crop at Memphis   578 1/2 to 580 1/2;
Bids to farmers at River Elevators  651 to 664

Chicago Futures: March up  7 1/4  at  639 
  May up  7 1/2  at  645 1/4 
  July up  7 1/2  at  648 3/4 
  Sept up  6 1/4  at  593 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted strong gains today. The market is watching Europe and the Black Sea region closely. Extremely cold temperatures are increasing the likelihood of winterkill in the region. July moved above trendline resistance, but faces additional resistance near $7.

Corn reversed yesterday’s decline to close the session higher. Tight farmer holding remains a major feature in the market. This has pushed basis levels to near record levels for this time of year. Stronger than expected use and reluctant farmer selling have left pipeline supplies at minimal levels. Both old and new crop contracts have moved into position to test resistance at early January levels.



Cotton & Rice  Date: January 31, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 90 at  8675
  Greenwood down  90 at 8675

New York Futures: March down  90  at  9325 
  May down  36  at  9451 
 July unchanged  at  9561 
 Oct down  12  at  9516 
 Dec up  at  9353 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed mixed with old crop under the greatest selling pressure. The inability of Greece to finalize a bail out plan is weighing on the market. Upside potential will remain limited unless demand increases, or the market feels 2012 acreage needs to be boosted.

Rice

Long Grain Cash Bid for  Jan 1220  to  1260/cwt
  NC 1250/cwt  to  - - -

Chicago Futures: March down  45 1/2  at  1400 
 May down  46  at  1427 1/2 
 July down  46  at  1454 
 Sept down  43  at  1450 
 Nov down  43  at  1472 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
After trading sideways in a narrow range for the last four weeks, March rice broke downside support and closed sharply lower. Penetration of support likely brought technical selling; pushing the market toward late December lows just below $14. Export demand remains weak and the inability to secure part of the latest tender by Iraq was a blow.



Cattle & Hogs  Date: January 31, 2012

Cattle
As reported by Federal-State Market News, receipts were 324 head at sales in Fort Smith and Heber Springs.  Compared with last week, feeder steers sold $2 to $6 higher .

Steers:
 Medium & Large Frame 1   450 to 500 lbs. 183 to - - -
  500 to 550 lbs. 170 to - - -
  600 to 650 lbs. 159 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 158 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 154 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 150 to - - -

Slaughter Cows, Boners 73   to   80
Light Weight 52 to 60
Bulls, Yield Grade   1   1000   to   2100 lbs.   84.50   to   94
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 179 to 186
  550 to 600 lbs. 172 to 183.50
Heifers 500 to 550 lbs. 159 to 169
  550 to 600 lbs. 149 to 159.50

Chicago Futures:
Live Cattle: Feb up 92 at 12485
  April up 82 at 12857
Feeders: March up 117 at 15552
  Aug up 92 at 15992

Cattle Comment
Cattle futures ended sharply higher. Friday’s report showed the smallest cattle herd in 60 years. However, packer margins are currently in the red and keeping a lid on prices. April is struggling with resistance at $129.70.

Hogs
Peoria: were $2 lower to $1     higher   at   57   to   59

Chicago Futures: Feb up 107 at 8752
  April up 172 at 8887

Hogs Comment
Hog futures also showed strong gains across the board. April is trading in a choppy pattern with resistance at $89.42 and support at $85.50.



Poultry  Date: January 31, 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. 98.73
Toms: 16-24 lbs. 97.29
 

Delmarva Broilers
U.S. Grade A
Whole broiler/fryer prices are steady. Offerings of all sizes are moderate for trade needs. Demand into all channels is light to moderate for end of the month business. Market activity is slow to moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.