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 |
1 |
at |
1241 |
| |
July |
down |
1 |
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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
2 |
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: |
0¢ |
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 |
0¢ |
| medium grain rice is |
0¢ |
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 AWhole 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.