Grain & Soybean Date: February 08, 2012
REMINDER: February Market Update Webinar tomorrow (Thurs., Feb 9) at 8:30 a.m. To participate in the Webinar click on the link and follow the instructions:
https://arfb.webex.com/arfb/j.php?ED=184086927&UID=1258336887&PW=NODcyMDJiMzky&RT=MiM3
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Soybeans
Local Elevators:
(Feb) EAST AR: 1211 to 1239
(NC) Summ. 1208 to 1235
River Elevators:
(Feb) MISS: 1259 to 1262 ; AR & White 1220
to 1248
(NC) Summ. 1220 to 1250
Ark. Processor Bids: (Feb) 1237 to - - -
(NC) 1230 to - - -
Memphis:
(Feb) 1261 1/2 to - - - (NC)
1250 to - - -
Riceland Foods:
(Feb) Stuttgart 1237 ; Pendleton
1239
(NC) Stuttgart 1230 ; Pendleton
1240
| Chicago Futures: |
March |
down |
1/2 |
at |
1231 1/2 |
| |
May |
down |
1 |
at |
1240 |
| |
July |
down |
1 |
at |
1249 3/4 |
| |
Aug |
down |
1 |
at |
1248 |
| |
Nov |
down |
1 1/4 |
at |
1240 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans ended lower today, but well above the day’s highs. Tomorrow’s report is expected to be mildly supportive with the average trade estimate pegging soybean ending stocks down 4 million bushels to 271 million. Estimates of the South American crop are more varied, and could impact prices either way tomorrow. A new Reuter’s poll was released this week, showing U.S. plantings of 75.3 million acres in 2012, a small increase from last year. Producers should be using this rebound as a 2012 pricing opportunity.
Wheat
Cash bid for February at Memphis 682 3/4 to 685 3/4;
| Bids to farmers at Local Elevators |
629-659; |
| River Elevators |
646-689; |
| Chicago Futures: |
March |
down |
1 1/2 |
at |
660 3/4 |
| |
May |
down |
3 3/4 |
at |
668 1/2 |
| |
July |
down |
5 3/4 |
at |
679 |
| |
Sept |
down |
6 3/4 |
at |
693 3/4 |
| |
Dec |
down |
6 1/2 |
at |
712 1/4 |
| |
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 |
1086-1113; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
February at Memphis
670 1/2 to 672 1/2; |
| |
New Crop at Memphis
583 3/4 to 586 3/4; |
| Bids to farmers at River Elevators |
643 to 673 |
| Chicago Futures: |
March |
up |
1/4 |
at |
672 1/2 |
| |
May |
down |
1/2 |
at |
648 |
| |
July |
down |
1/4 |
at |
652 1/4 |
| |
Sept |
down |
1 3/4 |
at |
596 3/4 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat was also a bit lower today. Tomorrow’s report is expected to show a 3 million bushel cut in ending stocks to 367 million bushels. 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 came back from the day’s lows to close only fractionally to a penny lower. The trade expects to see ending stocks down 50 million bushels in tomorrow’s report. 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 08, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 95 at
8737 |
| |
Greenwood down
95 at 8737 |
| New York Futures: |
March |
down |
95 |
at |
9362 |
| |
May |
down |
88 |
at |
9518 |
| | July |
down |
56 |
at |
9685 |
| | Oct |
down |
46 |
at |
9695 |
| | Dec |
down |
36 |
at |
9592 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton was lower again today as the market continues to retrace the recent rally. 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 |
1271/cwt |
to |
- - - |
| |
NC |
1339/cwt |
to |
- - - |
| Chicago Futures: |
March |
up |
10 |
at |
1420 1/2 |
| | May |
up |
10 |
at |
1447 1/2 |
| | July |
up |
10 1/2 |
at |
1475 |
| | Sept |
up |
14 |
at |
1488 1/2 |
| | Nov |
up |
15 |
at |
1507 1/2 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice futures bucked the trend today and moved higher. 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 08, 2012
Cattle
As reported by Federal-State Market News, receipts were 1,584 head
at sales in Conway and Pocahontas.
Compared with last week, feeder steers sold mostly steady to $5 higher, instances $5 to $10 higher .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
189 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
169 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
159 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
- - - |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
151.50 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
145.50 |
to |
- - - |
Slaughter Cows, Boners 74 to 82
Light Weight 50 to 56
Bulls, Yield Grade 1
1000 to 2000 lbs. 84
to 94
Midwest Steers were at 121
to - - -
Panhandle Steers were at 121
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 |
22 |
at |
12880 |
| |
June |
down |
60 |
at |
12735 |
| Feeders: |
March |
up |
27 |
at |
15527 |
| |
Aug |
up |
27 |
at |
16027 |
Cattle Comment
Cattle futures continue to chop along mostly sideways. Short term weakness in beef prices and negative packer margins have kept a lid on prices. However, the long term is optimistic for prices as it suggests that supplies will continue to tighten.
Hogs
Peoria: were
at 57.50 to 59.50
| Chicago Futures: |
April |
down |
15 |
at |
8895 |
| |
June |
down |
17 |
at |
9832 |
Hogs Comment
Hog futures remain under pressure from negative cash fundamentals. 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 08, 2012
Eggs
| New York: |
Ex. Lg. 103-107; Lg. 101-105; Med. 85-89; |
| Chicago: |
Ex. Lg. 94-104; 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 firm to at times higher. Offerings of all sizes are mostly light for current trade needs. Demand is moderate to good for mid-week business. Market activity is moderate to active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.