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Daily Market Report Archive

Grain & Soybean Date: February 01, 2012

Soybeans

Local Elevators:
(Feb) EAST AR:  1194 to 1222
(NC) Summ. 1184 to 1208
River Elevators:
(Feb) MISS: 1244 to 1247 ; AR & White 1203 to 1235
(NC) Summ. 1196 to 1227
Ark. Processor Bids: (Feb) 1220 to - - -  (NC) 1206 to 1208
Memphis:  (Feb) 1248 1/4 to 1253 1/4 (NC)  1226 1/4 to 1228 1/4
Riceland Foods:  (Feb) Stuttgart 1220 ; Pendleton 1222 
 (NC) Stuttgart 1206 ; Pendleton 1208 

Chicago Futures: March up 16 1/4 at  1215 1/4
  May  up  15 3/4  at  1224 1/4
  July up 14 3/4  at  1232 3/4
  Aug up 14 1/2  at  1230 1/2
  Nov up 16 3/4  at  1218 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans showed good followthrough on yesterday’s gains, closing with solid gains for the second day in a row. While the drought parched areas of South America received rain over the weekend, there is little doubt the soybean crop has suffered irreversible losses. The question is how much and that will keep the market moving as fresh assessments are made. Key price points to keep in mind on the upside are $12.45 for March and $12.25 for November. A close above those levels opens the market to other upside objectives.

Wheat
Cash bid for February at Memphis  698 1/4 to 699 1/4;

Bids to farmers at Local Elevators 647-672;
River Elevators 703-707;

Chicago Futures: March up  8 1/4  at  674 1/4 
  May up 7 1/4  at  687 1/2 
  July up  6 1/4  at  697 1/4 
  Sept up  at  711 
  Dec up  at  726 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1129 to 1138;

Bids to farmers at River Elevators 1084-1146;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for February at Memphis   671 to 675;
  New Crop at Memphis   583 1/4 to 585 1/4;
Bids to farmers at River Elevators  654 to 667

Chicago Futures: March up  at  642 
  May up  at  648 1/4 
  July up  at  651 3/4 
  Sept up  4 3/4  at  598 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat gapped higher for the second day in a row. The market is watching Europe and the Black Sea region closely. Extremely cold temperatures are increasing the likelihood of winterkill in the region. July opened above the key $7 level, but was unable to hold there into the close. The recent high of $7.28 will likely be tough resistance on further up-moves.

Corn was steady to firm as the market edged higher. Like soybeans, there has been irreversible damage to the South American crop. Estimates vary widely, and that keeps the market moving. Key price points are $6.58 for March and $5.97 for December. A close above these levels brings higher objectives into play.



Cotton & Rice  Date: February 01, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 14 at  8675
  Greenwood up  14 at 8675

New York Futures: March up  14  at  9339 
  May up  28  at  9479 
 July up  37  at  9598 
 Oct up  65  at  9581 
 Dec up  94  at  9447 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was steady to slightly higher following a week of declining values. Cotton needs to see evidence of new export demand, and indication that 2012 use will be equal to or greater than anticipated production. Old crop March is testing support at 93 cents. There is additional support at 85 and 90 cents.

Rice

Long Grain Cash Bid for  Feb 1216  to  1224/cwt
  NC 1271/cwt  to  - - -

Chicago Futures: March down  26  at  1374 
 May down  26  at  1401 1/2 
 July down  25  at  1429 
 Sept down  29  at  1421 
 Nov down  29  at  1443 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was sharply lower for the second day in a row. Yesterday’s decline through the month long trading range support triggered technical selling. Today’s decline to a new low triggered additional technical selling ending March to the next level of support at $13.50. Additional downside objectives could come into play if this support does not hold. No doubt the inability to secure any of the Iraqi tender was a major negative factor. Rice exports continue over 670,000 metric tonnes behind last year.



Cattle & Hogs  Date: February 01, 2012

Cattle
As reported by Federal-State Market News, receipts were 815 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold mostly $4 to $8 higher, instances $10 to $12 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 183.50 to - - -
  500 to 550 lbs. 167.50 to - - -
  600 to 650 lbs. 153.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 163.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 148 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 144 to - - -

Slaughter Cows, Boners 68   to   79
Light Weight 44 to 54
Bulls, Yield Grade   1   1000   to   2000 lbs.   85   to   96
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
Heifers 500 to 550 lbs. 154 to 158.50
  550 to 600 lbs. 145 to 155

Chicago Futures:
Live Cattle: April up 65 at 12922
  June up 75 at 12852
Feeders: March up 32 at 15585
  Aug up 55 at 16047

Cattle Comment
Cattle futures traded in a wide range before closing 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 50¢ lower to $2     higher   at   58.5   to   59

Chicago Futures: April up 147 at 9035
  June up 72 at 9895

Hogs Comment
Hog futures broke out of the recent consolidation range today and ended the day with strong gains. April completed a 50% retracement of this winter’s losses. The next upside objective is the 62% retracement level just above $91.



Poultry  Date: February 01, 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. Demand is light to moderate for first of the month business. Market activity is slow to mostly moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.