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Daily Market Report Archive

Grain & Soybean Date: February 17, 2012

Soybeans

Local Elevators:
(Feb) EAST AR:  1247 to 1275
(NC) Summ. 1232 to 1265
River Elevators:
(Feb) MISS: 1293 to 1296 ; AR & White 1256 to 1284
(NC) Summ. 1250 to 1272
Ark. Processor Bids: (Feb) 1273 to - - -  (NC) 1259 to 1262
Memphis:  (Feb) 1297 1/2 to 1300 1/2 (NC)  1270 to 1272
Riceland Foods:  (Feb) Stuttgart 1273 ; Pendleton 1275 
 (NC) Stuttgart 1262 ; Pendleton 1265 

Chicago Futures: March up 9 1/4 at  1267 1/2
  May  up  8 3/4  at  1273 3/4
  July up 8 1/2  at  1282
  Aug up 8 1/4  at  1278
  Nov up 6 3/4  at  1262
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans continued firm, supported by the biggest one day sale ever. The USDA announced sales of 2.92 mmt to China. However, the majority 2.74 mmt, is for delivery in the 2012-2013 marketing year. Only 173,000 mt was for the current marketing year. Technically, beans continue in a short term uptrend with upside objectives between $12.90 and $13.

Wheat
Cash bid for February at Memphis  659 to 664;

Bids to farmers at Local Elevators 610-645;
River Elevators 632-670;

Chicago Futures: March up  15 1/4  at  644 
  May up 12 1/2  at  647 3/4 
  July up  11 3/4  at  659 3/4 
  Sept up  11 1/4  at  677 
  Dec up  11  at  694 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1137 to - - -;

Bids to farmers at River Elevators 1084-1111;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for February at Memphis   671 3/4 to 672 3/4;
  New Crop at Memphis   591 3/4 to - - -;
Bids to farmers at River Elevators  647 to 668

Chicago Futures: March up  5 1/2  at  641 3/4 
  May up  5 1/2  at  645 1/4 
  July up  5 1/2  at  648 1/4 
  Sept up  2 1/2  at  596 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures posted solid gains. The Ukraine has asked exporters to limit exports until after June as the government is worried about the adequacy of domestic supplies. Continued drought conditions in the Southern Plains are also supportive. July has resistance at $7.

Corn closed mixed with old crop on the positive side. Tight gulf stocks provided support for already good basis levels throughout the supply chain. On the negative side, weaker demand for ethanol could limit upside potential. New crop is being pressured by prospects of 94 plus million acres in the U.S. in 2012. December futures have overhead trendline resistance just cents above today’s high of $5.73.



Cotton & Rice  Date: February 17, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 106 at  8665
  Greenwood down  106 at 8665

New York Futures: March down  100  at  9145 
  May down  106  at  9265 
 July down  121  at  9365 
 Oct down  82  at  9446 
 Dec down  110  at  9262 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was pressured by light demand and ended the week sharply lower. 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 1263/cwt  to  - - -
  NC 1336/cwt  to  - - -

Chicago Futures: March down  16 1/2  at  1413 1/2 
 May down  17  at  1438 1/2 
 July down  18  at  1465 
 Sept down  18  at  1486 
 Nov down  20 1/2  at  1506 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was lower as the market retraced recent gains. 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 17, 2012

Cattle
As reported by Federal-State Market News, receipts were 5,310 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 202.50 to - - -
  500 to 550 lbs. 177 to - - -
  600 to 650 lbs. 164.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 181.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 161 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 157 to - - -

Slaughter Cows, Boners 78   to   86
Light Weight 61 to 69
Bulls, Yield Grade   1   1000   to   2100 lbs.   88   to   98
Midwest Steers   were $6 higher   at   128   to   - - -
Panhandle Steers   were $6 to $7 higher   at   128   to   129

Oklahoma City Feeders
Steers 500 to 550 lbs. 169 to 194
  550 to 600 lbs. 169 to 189
Heifers 500 to 550 lbs. 156 to 169.50
  550 to 600 lbs. 149 to 167

Chicago Futures:
Live Cattle: April up 125 at 13090
  June up 87 at 12847
Feeders: March up 160 at 15842
  Aug up 140 at 16352

Cattle Comment
Cattle futures moved to a new high again today. Optimism about the Greek bailout agreement and stronger product values were supportive.

Hogs
Peoria: were     steady   at   56.50   to   58.50

Chicago Futures: April up 15 at 9037
  June down 7 at 9937

Hogs Comment
Hog futures were mixed. 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 17, 2012

Eggs

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

National Turkeys
Hens: 8-16 lbs. 100.90
Toms: 16-24 lbs. 100.07
 

Delmarva Broilers
U.S. Grade A
Whole broiler/fryer prices are higher. Offerings of all sizes are light to sufficient for trade needs. Demand into all channels is moderate to good entering the weekend. Market activity is moderate to active. In production areas, live supplies are moderate at mostly desirable weights.