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Daily Market Report Archive

Grain & Soybean Date: February 16, 2012

Soybeans

Local Elevators:
(Feb) EAST AR:  1237 to 1265
(NC) Summ. 1225 to 1258
River Elevators:
(Feb) MISS: 1283 to 1286 ; AR & White 1246 to 1274
(NC) Summ. 1225 to 1265
Ark. Processor Bids: (Feb) 1263 to - - -  (NC) 1252 to 1255
Memphis:  (Feb) 1286 1/4 to 1290 1/4 (NC)  1263 1/4 to 1265 1/4
Riceland Foods:  (Feb) Stuttgart 1263 ; Pendleton 1265 
 (NC) Stuttgart 1255 ; Pendleton 1258 

Chicago Futures: March down 2 3/4 at  1258 1/4
  May  down  3 3/4  at  1265
  July down at  1273 1/2
  Aug down 4 1/4  at  1269 3/4
  Nov down 5 1/4  at  1255 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were slightly lower despite positive outside markets. A poor export report, at least in the eyes of the trade, kept pressure on the market. Overall exports are 30% below year ago levels, while USDA projects a 15% decline. That means sales have a ways to go to meet those projections. Old crop soybeans remain below the next upside objective of $12.78. November has potential to make the 62% retracement objective of $12.92.

Wheat
Cash bid for February at Memphis  643 3/4 to 648 3/4;

Bids to farmers at Local Elevators 598-628;
River Elevators 617-658;

Chicago Futures: March up  2 3/4  at  628 3/4 
  May up 1 1/4  at  635 1/4 
  July up  1 1/4  at  648 
  Sept up  1 1/4  at  665 3/4 
  Dec up  1/4  at  683 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1127 to - - -;

Bids to farmers at River Elevators 1073-1100;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for February at Memphis   668 1/4 to 669 1/4;
  New Crop at Memphis   589 1/4 to - - -;
Bids to farmers at River Elevators  641 to 662

Chicago Futures: March up  9 1/4  at  636 1/4 
  May up  8 3/4  at  639 3/4 
  July up  8 3/4  at  642 3/4 
  Sept up  7 3/4  at  594 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures posted small gains today. A 180,000 metric ton sale of U.S. wheat to Egypt dominated the market today after months of lackluster exports. July has resistance at $7.

Corn made a strong move supported by positive outside markets. A good export report and tight farmer holding were also positive. Basis bids remain at or near record levels. Longer term plantings of 94 million acres plus will limit upside potential if planting progresses at a normal rate. Old crop remains in a range between $5.90 and $6.50, while new crop December is about 50 cents lower.



Cotton & Rice  Date: February 16, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 96 at  8771
  Greenwood up  96 at 8771

New York Futures: March down  at  9245 
  May up  23  at  9371 
 July up  30  at  9486 
 Oct up  30  at  9528 
 Dec unchanged  at  9372 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed narrowly mixed. Demand for cotton remains limited with world economic conditions a major factor. Competitive pricing for manmade fibers will continue to weigh on the market. On the other hand, China’s desire to build reserve stocks and make purchase on dips in U.S. futures will limit downside pressure. For now, December should hold between 92 cents on the bottom and 98 cents on the top.

Rice

Long Grain Cash Bid for  Feb 1280/cwt  to  - - -
  NC 1354/cwt  to  - - -

Chicago Futures: March down  4 1/2  at  1430 
 May down  at  1455 1/2 
 July down  2 1/2  at  1483 
 Sept down  3 1/2  at  1504 
 Nov unchanged  at  1526 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures closed a little lower in most contracts. There is no fresh fundamental news to give the market direction. A poor milled rice export situation will continue to limit upside potential. Smaller 2012 plantings, could eventually give the market a boost, but that could be down the road.



Cattle & Hogs  Date: February 16, 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 $4 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 199 to - - -
  500 to 550 lbs. 183 to - - -
  600 to 650 lbs. 165 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 178 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 156.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 154.50 to - - -

Slaughter Cows, Boners 75   to   83
Light Weight 52 to 60
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   87   to   97
Midwest Steers   were steady   at   122   to   - - -
Panhandle Steers   were steady   at   122   to   - - -

Oklahoma City Feeders
Steers 500 to 600 lbs. 182 to 192
  - - - to - - - lbs. - - - to - - -
Heifers 500 to 600 lbs. 157 to 169.50
  - - - to - - - lbs. - - - to - - -

Chicago Futures:
Live Cattle: April up 75 at 12965
  June up 22 at 12760
Feeders: March up 20 at 15682
  Aug up 65 at 16212

Cattle Comment
Cattle futures were mostly higher. April set a new high of $130.28 before backing off a bit. Support begins at $124. Friday’s cattle on feed report is expected to show smaller placements than last year.

Hogs
Peoria: were     steady   at   56.50   to   58.50

Chicago Futures: April up 132 at 9022
  June up 82 at 9945

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 16, 2012

Eggs

New York:  Ex. Lg. 96-104; Lg. 94-102; Med. 74-82;
Chicago:  Ex. Lg. 102-106; Lg. 100-104; Med. 78-82;

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 to satisfy current trade needs. Demand into all channels is moderate to good. Market activity is active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.