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Daily Market Report Archive

Grain & Soybean Date: February 02, 2012

Soybeans

Local Elevators:
(Feb) EAST AR:  1196 to 1224
(NC) Summ. 1190 to 1214
River Elevators:
(Feb) MISS: 1247 to 1249 ; AR & White 1205 to 1237
(NC) Summ. 1202 to 1233
Ark. Processor Bids: (Feb) 1222 to - - -  (NC) 1212 to 1214
Memphis:  (Feb) 1252 to - - - (NC)  1233 3/4 to - - -
Riceland Foods:  (Feb) Stuttgart 1222 ; Pendleton 1224 
 (NC) Stuttgart 1212 ; Pendleton 1214 

Chicago Futures: March up 1 3/4 at  1217
  May  up  1 1/4  at  1225 1/2
  July up 2 1/4  at  1235
  Aug up 2 1/4  at  1232 3/4
  Nov up 5 1/2  at  1223 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans reversed early losses to close slightly higher. With little fresh fundamental news, the market continues to react to crop prospects in South America and world economic factors. Futures remain in position to test key resistance at $12.45 for March and $12.25 for November. November is firming relative to old crop and could move toward the 50% retracement objective at $12.58.

Wheat
Cash bid for February at Memphis  684 3/4 to 687 3/4;

Bids to farmers at Local Elevators 642-667;
River Elevators 695-715;

Chicago Futures: March down  11 1/2  at  662 3/4 
  May down 9 1/2  at  678 
  July down  5 1/2  at  691 3/4 
  Sept down  at  708 
  Dec down  1 3/4  at  724 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1130 to 1139;

Bids to farmers at River Elevators 1086-1148;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for February at Memphis   671 to 673;
  New Crop at Memphis   588 1/2 to 591 1/2;
Bids to farmers at River Elevators  643 to 668

Chicago Futures: March up  at  643 
  May up  1 1/4  at  649 1/2 
  July up  1 3/4  at  653 1/2 
  Sept up  3 1/4  at  601 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat moved lower as traders took profit after July hit initial resistance just above $7. A warmer forecast for the Black Sea area reduced immediate concern about the crop there. Estimates of damage vary widely and it will be some time before it can be quantified. July needs to close above $7.05 to keep the current uptrend intact.

Corn reversed early declines to end the session with slight gains. Corn losses of up to 30% are being projected in some areas of South America. This week’s corn export sales exceeded expectations and helped firm the market. March resistance at $6.57 and December resistance at $5.88 could be tested in the short term.



Cotton & Rice  Date: February 02, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 96 at  8771
  Greenwood up  96 at 8771

New York Futures: March up  82  at  9421 
  May up  70  at  9549 
 July up  58  at  9656 
 Oct up  58  at  9639 
 Dec up  59  at  9506 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton firmed with across the board gains today. New crop December continues to gain relative to old crop and closed above a downward sloping trendline. This is the highest close since mid-November and puts the market in position to move toward previous resistance at 98 cents, and then $1.02. A potentially smaller world crop in 2012 is a positive.

Rice

Long Grain Cash Bid for  Feb 1214  to  1216/cwt
  NC 1266/cwt  to  - - -

Chicago Futures: March down  10  at  1364 
 May down  10 1/2  at  1391 
 July down  10  at  1419 
 Sept down  at  1416 
 Nov down  at  1438 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice continued to move lower, but closed above yesterday’s low. This week’s decline through the month long trading range support triggered technical selling. Yesterday’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 02, 2012

Cattle
As reported by Federal-State Market News, receipts were 2,377 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 194 to - - -
  500 to 550 lbs. 182.50 to - - -
  600 to 650 lbs. 164 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 162.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 153 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 147 to - - -

Slaughter Cows, Boners 68   to   76
Light Weight 51 to 58
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   80   to   90
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 190 to 193
  550 to 600 lbs. 167 to 175.50
Heifers 450 to 500 lbs. 164 to 168
  500 to 550 lbs. 161.50 to 166.50

Chicago Futures:
Live Cattle: April down 32 at 12890
  June down 42 at 12810
Feeders: March down 47 at 15537
  Aug down 35 at 16012

Cattle Comment
Cattle futures were mostly lower today. 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     steady   at   58.50   to   59

Chicago Futures: April down 60 at 8975
  June down 20 at 9875

Hogs Comment
Hogs closed mixed as the market failed to followthrough on yesterday’s upturn. However, 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 02, 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 approaching Super Bowl weekend. Market activity is seasonally slow to moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.