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Daily Market Report Archive

Grain & Soybean Date: February 07, 2012

Soybeans

Local Elevators:
(Feb) EAST AR:  1211 to 1239
(NC) Summ. 1209 to 1236
River Elevators:
(Feb) MISS: 1259 to 1262 ; AR & White 1220 to 1248
(NC) Summ. 1221 to 1251
Ark. Processor Bids: (Feb) 1237 to - - -  (NC) 1231 to - - -
Memphis:  (Feb) 1262 to - - - (NC)  1251 1/4 to - - -
Riceland Foods:  (Feb) Stuttgart 1237 ; Pendleton 1239 
 (NC) Stuttgart 1231 ; Pendleton 1241 

Chicago Futures: March down 1 at  1232
  May  down  at  1241
  July down at  1250 3/4
  Aug down 1/2  at  1249
  Nov up 2 1/4  at  1241 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed mixed with new crop contracts slightly higher. Gains in new crop were registered despite a Reuter’s poll showing U.S. plantings of 75.3 million acres in 2012, a small increase from last year. While the South American drought likely has been accounted for there is concern that future reports will show further crop adjustments. Rain probably has helped bean yields, but how much is the relevant question. Producers should be using this rebound as a 2012 pricing opportunity.

Wheat
Cash bid for February at Memphis  684 1/4 to 687 1/4;

Bids to farmers at Local Elevators 635-660;
River Elevators 652-695;

Chicago Futures: March down  6 1/4  at  662 1/4 
  May down 7 1/2  at  672 1/4 
  July down  7 1/4  at  684 3/4 
  Sept down  8 3/4  at  700 1/2 
  Dec down  7 3/4  at  718 3/4 
  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 1084-1111;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for February at Memphis   672 1/4 to - - -;
  New Crop at Memphis   585 1/2 to 588 1/2;
Bids to farmers at River Elevators  642 to 672

Chicago Futures: March down  at  672 1/4 
  May down  2 3/4  at  648 1/2 
  July down  3 3/4  at  652 1/2 
  Sept down  6 3/4  at  598 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted losses in today’s trade. Possible winterkill in Russia has already been priced into the market at this point. Continued lackluster export prospects and improved soil moisture in hard red winter wheat country added to the negative undertone. July futures have halted for now at previous resistance just above $7.

Corn was lower for the day with new crop contracts down the most. The Reuter’s survey put 2012 corn plantings at 94.3 million acres. Some suggest it will be as much as 95 million acres. Combine that with trendline yields and you have a record crop of 13.8 billion bushels. Could yields be well below trendline three years in a row? Old crop March has evened out in the $6.40 range, while December hit resistance around $5.80. Any move between $5.80 and $6.15 should be looked at as a good pricing opportunity for 2012 production.



Cotton & Rice  Date: February 07, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 174 at  8832
  Greenwood down  174 at 8832

New York Futures: March down  174  at  9457 
  May down  177  at  9606 
 July down  180  at  9741 
 Oct down  130  at  9741 
 Dec down  100  at  9628 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed sharply lower after making a concerted upturn over the last week. New Crop December gained almost 450 points from last week’s low and appeared to be attempting to pull acres back to cotton. World economics and the continued drought in Texas will be major factors influencing cotton values. Producers should consider pricing some 2012 cotton with December trading between 95 cents and $1.02.

Rice

Long Grain Cash Bid for  Feb 1261/cwt  to  - - -
  NC 1325/cwt  to  - - -

Chicago Futures: March up  16 1/2  at  1410 1/2 
 May up  17  at  1437 1/2 
 July up  16  at  1464 1/2 
 Sept up  23  at  1474 1/2 
 Nov up  23  at  1492 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures firmed today as the market continues to make a slow rebound after finding support around $13.50. Slow milled rice export will limit upside potential. Overall 2011/12 export sales are almost 700,000 m.t. behind year ago levels. Crop budgets suggest rice will likely lose some acreage to soybeans and corn.



Cattle & Hogs  Date: February 07, 2012

Cattle
As reported by Federal-State Market News, receipts were 664 head at sales in Fort Smith and Heber Springs.  Compared with last week, feeder steers sold firm to $5 higher, instances $5 to $10 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 192 to - - -
  500 to 550 lbs. 175.50 to - - -
  600 to 650 lbs. 157 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 176.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 155 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 138 to - - -

Slaughter Cows, Boners 71   to   79
Light Weight 58 to 62
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. 184 to 197
  550 to 600 lbs. 173 to 186
Heifers 500 to 550 lbs. 156 to 169.50
  550 to 600 lbs. 150.50 to 163.50

Chicago Futures:
Live Cattle: April up 155 at 12535
  June up 72 at 12795
Feeders: March up 113 at 15525
  Aug up 97 at 16022

Cattle Comment
Cattle futures were mixed today. There is optimism that improving beef values will spark additional demand. The long term is optimistic for prices as it suggests that supplies will continue to tighten.

Hogs
Peoria: were     steady   at   57.50   to   59.50

Chicago Futures: April up 37 at 8892
  June down 2 at 9845

Hogs Comment
Hog futures ended mixed. Light packer demand continues in the wake of another drop in the cutout on Monday. Longer term strong export demand will limit downside pressure.



Poultry  Date: February 07, 2012

Eggs

New York:  Ex. Lg. 103-107; Lg. 101-105; Med. 86-89;
Chicago:  Ex. Lg. 96-104; Lg. 94-102; Med. 79-87;

National Turkeys
Hens: 8-16 lbs. 95.92
Toms: 16-24 lbs. 96.42
 

Delmarva Broilers
U.S. Grade A
Whole broiler/fryer prices are trending steady to firm. Offerings of all sizes are moderate. Demand is moderate for current trade needs. Market activity is moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.