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Daily Market Report Archive

Grain & Soybean Date: February 14, 2012

Soybeans

Local Elevators:
(Feb) EAST AR:  1234 to 1262
(NC) Summ. 1228 to 1261
River Elevators:
(Feb) MISS: 1282 to 1285 ; AR & White 1243 to 1271
(NC) Summ. 1246 to 1268
Ark. Processor Bids: (Feb) 1260 to - - -  (NC) 1251 to 1258
Memphis:  (Feb) 1283 to - - - (NC)  1265 1/2 to - - -
Riceland Foods:  (Feb) Stuttgart 1260 ; Pendleton 1262 
 (NC) Stuttgart 1258 ; Pendleton 1261 

Chicago Futures: March up 3 at  1255
  May  up  2 1/2  at  1262 1/2
  July up 2 1/2  at  1271 1/4
  Aug up at  1268 1/2
  Nov down 1 1/2  at  1257 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed mixed with old crop contracts generally higher. Increased Chinese buying and drought conditions in Southern Brazil gave support to near term contracts. Rising freight rates and a possible bottoming of the dollar are boosting immediate export demand. Those same factors are pressuring distant contracts. March futures have a 50% retracement objective at $12.75. Additional resistance is located around $12.90. November is testing resistance around $12.60.

Wheat
Cash bid for February at Memphis  650 to 660;

Bids to farmers at Local Elevators 600-630;
River Elevators 619-660;

Chicago Futures: March down  6 1/4  at  635 
  May down 7 1/2  at  639 
  July down  7 1/2  at  649 3/4 
  Sept down  7 1/2  at  667 
  Dec down  8 1/4  at  685 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1122 to - - -;

Bids to farmers at River Elevators 1070-1096;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for February at Memphis   664 1/2 to 666 1/2;
  New Crop at Memphis   585 1/4 to - - -;
Bids to farmers at River Elevators  639 to 664

Chicago Futures: March down  at  633 1/2 
  May down  at  638 
  July down  4 1/2  at  641 1/2 
  Sept down  1 1/4  at  590 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat gave back all of yesterday’s gains and led the way lower today. The downgrading of the credit ratings of Italy, Spain and Portugal pushed the dollar higher, which is a negative factor for wheat exports. Australia also increased their official production estimate by 1.2 million metric tons, also a negative factor for export prospects.

Corn was weaker across the board pressured by outside markets- a stronger dollar and weaker equities. Declining ethanol export demand has led to increasing U.S. stocks which could weigh on corn in the near term. New crop December could test support at $5.50. Potential for a 14 billion bushel 2012 U.S. crop adds underlying pressure.



Cotton & Rice  Date: February 14, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 73 at  8600
  Greenwood up  73 at 8600

New York Futures: March up  73  at  9225 
  May up  30  at  9284 
 July down  at  9396 
 Oct down  21  at  9426 
 Dec down  16  at  9348 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed mixed with old crop slightly higher. Competition from cheaper man made fibers and continued world economic concerns will limit cotton demand. World stocks are building as a result of this year’s reduced cotton use. At just over 60 million bales, projected ending stocks represent a stocks to use ratio of 55%. U.S. plantings are projected to be 7.5% lower in 2012. Acreage worldwide is expected to decline. December futures have support around 92 cents with resistance at 98 cents.

Rice

Long Grain Cash Bid for  Feb 1286/cwt  to  - - -
  NC 1357/cwt  to  - - -

Chicago Futures: March up  25  at  1438 1/2 
 May up  23  at  1462 1/2 
 July up  23  at  1490 
 Sept up  21  at  1506 1/2 
 Nov up  23 1/2  at  1530 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures made good gains again today as they continue to retrace recent declines. The market remains in a broad trading range, support at 13.50 and resistance at 14.90, which has contained the market for 3 months. Poor milled rice export demand will limit upside potential. A smaller 2012 U.S. crop could provide the market long term support.



Cattle & Hogs  Date: February 14, 2012

Cattle
As reported by Federal-State Market News, receipts were - - - head at sales in - - -.  Compared with last week, feeder steers - - - .

Steers:
 Medium & Large Frame 1   - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
 Medium & Large Frame 2   - - - to - - - lbs. - - - to - -

Heifers:
 Medium & Large Frame 1   - - - to - - - lbs. - - - to - - -
 Medium & Large Frame 2   - - - to - - - lbs. - - - to - - -

Slaughter Cows, Boners - - -   to   - - -
Light Weight - - - to - - -
Bulls, Yield Grade   - - -   - - -   to   - - - lbs.   - - -   to   - - -
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 179 to 187.50
  550 to 600 lbs. 177 to 189
Heifers 500 to 550 lbs. 164.50 to 168
  550 to 600 lbs. 153 to 167

Chicago Futures:
Live Cattle: April up 112 at 12925
  June up 112 at 12787
Feeders: March up 152 at 15625
  Aug up 117 at 16130

Cattle Comment
Cattle posted solid gains. April is trading below resistance at $129.70 with support beginning at $124. Friday’s cattle on feed report is expected to show smaller placements than last year.

Hogs
Peoria: were $1.50 lower to $2.50     higher   at   57   to   59

Chicago Futures: April up 165 at 8962
  June up 135 at 9885

Hogs Comment
Hog futures turned higher today. Strong exports continue to support this market. 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 14, 2012

Eggs

New York:  Ex. Lg. 102-106; Lg. 100-104; Med. 80-84;
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 higher. Offerings of all sizes are light for current trade needs. Demand is moderate to good. Market activity is moderate to active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.