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Daily Market Report Archive

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 For more information call Matt King at 501-519-4297

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  at  1240
  July down at  1249 3/4
  Aug down at  1248
  Nov down 1 1/4  at  1240
  Today's Arkansas LDP rate for soybeans is:

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:

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:

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:

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 
medium grain rice is 
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 A
Whole 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.