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 |
3 |
at |
1243 |
| |
July |
up |
6 1/4 |
at |
1256 |
| |
Aug |
down |
1 |
at |
1248 |
| |
Nov |
up |
4 |
at |
1244 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
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: |
0¢ |
Grain Sorghum
Cash bid for February at Memphis - - - to - - -;
| Bids to farmers at River Elevators |
- - -; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
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 |
3 |
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: |
0¢ |
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 |
6 |
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 |
0¢ |
| medium grain rice is |
0¢ |
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 AWhole 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.