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Daily Market Report Archive

Grain & Soybean Date: February 09, 2012

Today's report has mid-day markets and comments.

Soybeans

Local Elevators:
(Feb) EAST AR:  - - - to - - -
(NC) Summ. - - - to - - -
River Elevators:
(Feb) MISS: - - - to - - - ; AR & White - - - to - - -
(NC) Summ. - - - to - - -
Ark. Processor Bids: (Feb) - - - to - - -  (NC) - - - to - - -
Memphis:  (Feb) - - - to - - - (NC)  - - - to - - -
Riceland Foods:  (Feb) Stuttgart - - - ; Pendleton - - - 
 (NC) Stuttgart - - - ; Pendleton - - - 

Chicago Futures: March up 2 at  1233 1/2
  May  up  at  1243
  July up 6 1/4  at  1256
  Aug down at  1248
  Nov up at  1244
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans traded slightly higher during the early hours as USDA made no changes in the U.S. supply demand report. Ending stocks were expected to be slightly lower, but were unchanged at 275 million bushels. That was not the case for world numbers where 5.5 mmt were pared from projected production. The majority of the decline came from Argentina (down 2.5 mmt) and Brazil (down 2 mmt). Further adjustments are possible in future reports. New crop November is in position to test resistance at the 50% retracement objective at $12.58. This and subsequent rebounds should be viewed as pricing opportunities.

Wheat
Cash bid for February at Memphis  - - - to - - -;

Bids to farmers at Local Elevators - - -;
River Elevators - - -;

Chicago Futures: March down  11 3/4  at  649 
  May down 9 1/4  at  659 1/4 
  July down  11  at  668 
  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  - - - to - - -;

Bids to farmers at River Elevators - - -;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for February at Memphis   - - - to - - -;
  New Crop at Memphis   - - - to - - -;
Bids to farmers at River Elevators  - - - to - - -

Chicago Futures: March down  1/2  at  642 
  May down  at  645 
  July down  3/4  at  651 1/2 
  Sept down  3 3/4  at  593 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Today’s report was a mixed bag for wheat futures. The U.S. ending stocks estimate was cut 25 million bushels, which is positive, but also probably largely built in to prices at this point. On the other hand, the world carryout number was increased to a record setting 3 million metric tons. Futures chose to react to the world number, posting double digit losses at mid-day.

U.S. corn exports were boosted 50 million bushels in this month’s report. A 5 million bushel increase in imports left ending stocks at 801 million bushels, down 45 million from January. World production was lowered 4 mmt, with all of that coming from Argentina. A slight increase in beginning stocks left projected ending stocks almost 3 mmt lower at 125.4 mmt. Corn futures remain in a sideways pattern. New crop December will likely need fresh demand, or lower South American production to move through resistance around $5.80 to $6.



Cotton & Rice  Date: February 09, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis  - - - at  - - -
  Greenwood   - - - at - - -

New York Futures: March down  192  at  9170 
  May down  217  at  9301 
 July down  220  at  9465 
 Oct down  27  at  9668 
 Dec down  174  at  9418 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
World cotton stocks continue to build. Beginning stocks were increased 1.6 million bales, while projected ending stocks rose 2.4 million bales. China’s import needs were increased a million bales. The only U.S. changes were 100,000 bales less in domestic use, which bumped ending stocks up to 3.8 million bales. China continues to rebuild their stocks by buying when futures dip below 90 cents. The market continues under pressure with December retracing recent gains that carried above 97 cents.

Rice

Long Grain Cash Bid for  Feb - - -  to  - - -
  NC - - -  to  - - -

Chicago Futures: March down  8 1/2  at  1412 
 May down  8 1/2  at  1439 
 July down  at  1469 
 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 traded lower through the morning session. Overall report numbers were little changed with projected world ending stocks holding just above 100 mmt. The only change in U.S. numbers was a decline of one million cwt. in long grain rough rice exports. That pushed projected ending stocks for long grain to 21.6 million cwt. and all stocks to 39.5 million cwt. March futures appeared to have bottomed at $13.50 but have little incentive to work substantially higher.



Cattle & Hogs  Date: February 09, 2012

Cattle
As reported by Federal-State Market News, receipts were 2,134 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold mostly firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 198 to - - -
  500 to 550 lbs. 185 to - - -
  600 to 650 lbs. 162 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 182 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 156.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 152 to - - -

Slaughter Cows, Boners 70   to   78
Light Weight 54 to 59
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   83.50   to   93.50
Midwest Steers   were steady   at   121   to   - -
Panhandle Steers   were steady   at   121   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 180.50 to 187
  550 to 600 lbs. 165 to 177
Heifers 500 to 550 lbs. 159 to 169
  550 to 600 lbs. 149 to 156

Chicago Futures:
Live Cattle: April up 5 at 12885
  June up 20 at 12755
Feeders: March up 17 at 15545
  Aug up 15 at 16042

Cattle Comment
Cattle futures are seeing modest gains today. Yesterday’s big jump in cutout values helped support nearby contracts. Packer margins are still in the red, but are improving. However, increasing prices are raising questions about demand in the longer-term.

Hogs
Peoria: were     steady   at   57.50   to   59.50

Chicago Futures: April up 100 at 8995
  June up 65 at 9897

Hogs Comment
Hog futures were showing strength at mid-day. The April contract has resistance at the recent high just below $91.



Poultry  Date: February 09, 2012

Eggs

New York:  Ex. Lg. 103-107; Lg. 101-105; Med. 83-87;
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 firm to higher. Offerings of all sizes are mostly light for current trade needs. Demand is moderate to good approaching the weekend. Market activity is moderate to active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.