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Daily Market Report Archive

Grain & Soybean Date: February 13, 2012

Soybeans

Local Elevators:
(Feb) EAST AR:  1231 to 1259
(NC) Summ. 1227 to 1254
River Elevators:
(Feb) MISS: 1279 to 1282 ; AR & White 1240 to 1268
(NC) Summ. 1239 to 1269
Ark. Processor Bids: (Feb) 1257 to - - -  (NC) 1249 to - - -
Memphis:  (Feb) 1281 to - - - (NC)  1267 to - - -
Riceland Foods:  (Feb) Stuttgart 1257 ; Pendleton 1259 
 (NC) Stuttgart 1249 ; Pendleton 1259 

Chicago Futures: March up 23 at  1252
  May  up  22 1/2  at  1260
  July up 21 3/4  at  1268 3/4
  Aug up 20 3/4  at  1266 1/2
  Nov up 19 1/2  at  1259
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed sharply higher supported by strong export and positive outside markets. It appears recent damage in South America is giving the U.S. an opportunity to move more soybeans in the export trade. Today’s strong move carried November futures to the 50% retracement objective just above $12.58, the highest level since early September. A close above this area would open the market to the 62% retracement objective at $12.92.

Wheat
Cash bid for February at Memphis  661 1/4 to 666 1/4;

Bids to farmers at Local Elevators 607-637;
River Elevators 626-667;

Chicago Futures: March up  11 1/4  at  641 1/4 
  May up 8 1/2  at  646 1/2 
  July up  8 3/4  at  657 1/4 
  Sept up  9 1/2  at  674 1/2 
  Dec up  11  at  693 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1124 to 1133;

Bids to farmers at River Elevators 1080-1107;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for February at Memphis   667 1/2 to 672 1/2;
  New Crop at Memphis   586 1/2 to - - -;
Bids to farmers at River Elevators  640 to 670

Chicago Futures: March up  7 3/4  at  639 1/2 
  May up  7 1/2  at  643 
  July up  6 3/4  at  646 
  Sept up  at  591 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
July wheat firmed in today’s trade after declining almost 60 cents from the recent high near $7. Cold weather concerns in Europe were a positive factor. Good export demand added to underlying support.

Corn closed higher receiving a boost from today’s Feed Outlook report which confirms greater export potential following the drought damage in Argentina. New crop December firmed but could have a hard time moving above resistance at $5.80 and then $5.97.



Cotton & Rice  Date: February 13, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 91 at  8527
  Greenwood up  91 at 8527

New York Futures: March up  91  at  9152 
  May up  48  at  9254 
 July up  45  at  9402 
 Oct up  70  at  9447 
 Dec up  67  at  9364 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton firmed but closed well below overnight highs. The National Cotton Council intentions report put 2012 plantings at 13.6 million acres. That is a 7.5% decline from 2011. By regions, plantings are projected 12.8% lower in the Southeast, 6.9% lower in the Midsouth, 5.3% lower in the Southwest, and 10.4% lower in the far West with extra-long staple down 6.4%. The question is whether drought conditions in Texas and Georgia will persist.

Rice

Long Grain Cash Bid for  Feb 1264/cwt  to  - - -
  NC 1336/cwt  to  - - -

Chicago Futures: March up  42  at  1413 1/2 
 May up  41 1/2  at  1439 1/2 
 July up  41 1/2  at  1467 
 Sept up  38 1/2  at  1485 1/2 
 Nov up  35  at  1506 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures closed sharply higher as the market retraced Friday’s downturn. The fundamental picture remains weak, and upside potential limited unless export demand improves. Technically, March has support at $13.50 with resistance around $14.90.



Cattle & Hogs  Date: February 13, 2012

Cattle
As reported by Federal-State Market News, receipts were 2,397 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 196 to - - -
  500 to 550 lbs. 179 to - - -
  600 to 650 lbs. 164 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 179.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 153.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 154 to - - -

Slaughter Cows, Boners 71   to   79
Light Weight 58 to 65
Bulls, Yield Grade   1   1000   to   2100 lbs.   85   to   95
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 600 lbs. 177 to 187.50
  600 to 650 lbs. 168 to 177
Heifers 500 to 600 lbs. 159 to 168
  600 to 650 lbs. 147.75 to 154

Chicago Futures:
Live Cattle: April up 132 at 12812
  June up 80 at 12675
Feeders: March up 110 at 15472
  Aug up 127 at 16012

Cattle Comment
Cattle were higher with improved economic conditions providing underlying support. A weaker dollar and stronger equity markets were a positive factor. Feedlots appear to be current on marketings. Choice beef cutout values improved today, but cutout margins remain well in the red. April futures could move toward support near $124, but probably not before Friday’s cattle on feed report.

Hogs
Peoria: were     steady   at   57.50   to   59.50

Chicago Futures: April down 32 at 8797
  June down 35 at 9750

Hogs Comment
Hog futures closed lower despite an optimistic outlook for pork exports. December 2011 exports were over 23% above year ago levels with the annual export total up 18% from 2010. There is no indication movement will decline in the months ahead.



Poultry  Date: February 13, 2012

Eggs

New York:  Ex. Lg. 103-107; Lg. 101-105; Med. 83-87;
Chicago:  Ex. Lg. 96-104; Lg. 94-102; Med. 74-82;

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 following the weekend. Market activity is moderate to active. In production areas, live supplies are moderate. Weights are mixed, but mostly desirable.