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Daily Market Report Archive

Grain & Soybean Date: February 10, 2012

Soybeans

Local Elevators:
(Feb) EAST AR:  1208 to 1236
(NC) Summ. 1208 to 1235
River Elevators:
(Feb) MISS: 1256 to 1259 ; AR & White 1217 to 1245
(NC) Summ. 1220 to 1250
Ark. Processor Bids: (Feb) 1234 to - - -  (NC) 1230 to - - -
Memphis:  (Feb) 1256 to 1257 (NC)  1247 1/2 to 1249 1/2
Riceland Foods:  (Feb) Stuttgart 1234 ; Pendleton 1236 
 (NC) Stuttgart 1230 ; Pendleton 1240 

Chicago Futures: March up 1 1/2 at  1229
  May  up  1 1/2  at  1237 1/2
  July up 1 1/4  at  1247
  Aug up 1 3/4  at  1245 3/4
  Nov up at  1239 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans posted small gains today in reaction to dry weather in key growing regions in Brazil. Yesterday futures narrowly missed charting a bearish reversal as the market faded in late trading. 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). That was considered to be a confirmation of what the market already knew, and resulted in weakness late in the trading day. Further adjustments are possible in future reports, though. 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  650 to 655;

Bids to farmers at Local Elevators 599-629;
River Elevators 616-659;

Chicago Futures: March down  16  at  630 
  May down 17 1/4  at  638 
  July down  16  at  652 
  Sept down  17 3/4  at  668 
  Dec down  19 1/4  at  686 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1110 to 1119;

Bids to farmers at River Elevators 1066-1093;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for February at Memphis   661 3/4 to - - -;
  New Crop at Memphis   574 1/2 to 579 1/2;
Bids to farmers at River Elevators  632 to 662

Chicago Futures: March down  5 1/4  at  631 3/4 
  May down  at  635 1/2 
  July down  6 1/2  at  639 1/4 
  Sept down  8 1/2  at  584 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Selling accelerated today in the wheat pit. Several big tenders for wheat were announced, but none were for U.S. wheat. Yesterday’s report showed the world carryout number increasing to a record setting 3 million metric tons. July has support at the recent low of $6.13.

Corn futures were also lower today. 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 10, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 23 at  8436
  Greenwood up  23 at 8436

New York Futures: March up  23  at  9061 
  May up  18  at  9206 
 July up  12  at  9357 
 Oct up  12  at  9377 
 Dec up  at  9297 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton futures were a bit higher today. World cotton stocks continue to build. Beginning stocks were increased 1.6 million bales, while projected ending stocks were increased by 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 the market above 97 cents.

Rice

Long Grain Cash Bid for  Feb 1222/cwt  to  - - -
  NC 1297/cwt  to  - - -

Chicago Futures: March down  36 1/2  at  1371 1/2 
 May down  37  at  1398 
 July down  37  at  1425 1/2 
 Sept down  35 1/2  at  1447 
 Nov down  36  at  1471 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was lower again today. 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 10, 2012

Cattle
As reported by Federal-State Market News, receipts were 10,315 head at sales in Arkansas this week.  Compared with last week, feeder steers sold firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 200 to - - -
  500 to 550 lbs. 179.50 to - - -
  600 to 650 lbs. 160 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 183.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 161.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 162 to - - -

Slaughter Cows, Boners 74   to   81
Light Weight 56 to 64
Bulls, Yield Grade   1   1000   to   2100 lbs.   85   to   95
Midwest Steers   were $2 higher   at   123   to   - - -
Panhandle Steers   were $2 higher   at   123   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 170 to 197
  550 to 600 lbs. 164 to 189
Heifers 500 to 550 lbs. 150 to 176
  550 to 600 lbs. 148 to 170

Chicago Futures:
Live Cattle: April down 140 at 12680
  June down 120 at 12595
Feeders: March down 152 at 15362
  Aug down 125 at 15885

Cattle Comment
Cattle futures were under pressure today. Weakness in crude oil, stock markets and strength in the dollar combined to pressure prices. 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 down 135 at 8830
  June down 60 at 9785

Hogs Comment
Hog futures were also under pressure from outside markets. The April contract has resistance at the recent high just below $91, with support below $86.



Poultry  Date: February 10, 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. 98.07
Toms: 16-24 lbs. 98.12
 

Delmarva Broilers
U.S. Grade A
Whole broiler/fryer prices are trending firm to higher. Offerings are light for current trade needs. Demand is moderate to good entering the weekend. Market activity is moderate to active. In production areas, live supplies are moderate. Weights are mixed, but mostly desirable.