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: |
0¢ |
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 |
7 |
at |
711 |
| |
Dec |
up |
6 |
at |
726 1/2 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
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: |
0¢ |
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 |
3 |
at |
642 |
| |
May |
up |
3 |
at |
648 1/4 |
| |
July |
up |
3 |
at |
651 3/4 |
| |
Sept |
up |
4 3/4 |
at |
598 1/4 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
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 |
0¢ |
| medium grain rice is |
0¢ |
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 AWhole 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.