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: |
0¢ |
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 |
3 |
at |
708 |
| |
Dec |
down |
1 3/4 |
at |
724 3/4 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
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: |
0¢ |
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 |
1 |
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: |
0¢ |
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 |
5 |
at |
1416 |
| | Nov |
down |
5 |
at |
1438 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
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 AWhole 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.