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 |
2 |
at |
1268 1/2 |
| |
Nov |
down |
1 1/2 |
at |
1257 1/2 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
6 |
at |
633 1/2 |
| |
May |
down |
5 |
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: |
0¢ |
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 |
6 |
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 |
0¢ |
| medium grain rice is |
0¢ |
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 AWhole 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.