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Daily Market Report Archive

Grain & Soybean Date: February 23, 2012

Soybeans

Local Elevators:
(Feb) EAST AR:  1256 to 1284
(NC) Summ. 1238 to 1271
River Elevators:
(Feb) MISS: 1302 to 1311 ; AR & White 1265 to 1293
(NC) Summ. 1256 to 1278
Ark. Processor Bids: (Feb) 1282 to - - -  (NC) 1265 to 1268
Memphis:  (Feb) 1311 3/4 to - - - (NC)  1275 3/4 to - - -
Riceland Foods:  (Feb) Stuttgart 1282 ; Pendleton 1284 
 (NC) Stuttgart 1268 ; Pendleton 1271 

Chicago Futures: March up 4 1/2 at  1276 3/4
  May  up  4 3/4  at  1283 1/2
  July up 4 3/4  at  1291 1/4
  Aug up at  1285 1/2
  Nov up 3 3/4  at  1267 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans followed the recent pattern of trading lower at some point in the session, before strengthening to close slightly higher. USDA projected 2012 plantings at 72 million acres. One million higher than baseline numbers of just 10 days ago. The average price was raised 50 cents to $11.50 indicating improved demand. Declining estimates for the South American crop continue to be supportive.

Wheat
Cash bid for February at Memphis  657 3/4 to 661 3/4;

Bids to farmers at Local Elevators 625-645;
River Elevators 630-665;

Chicago Futures: March down  2 3/4  at  641 3/4 
  May down 4 3/4  at  641 
  July down  at  655 
  Sept down  5 1/2  at  672 3/4 
  Dec down  5 1/4  at  691 3/4 
  Today's Arkansas LDP rate for wheat is:

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

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

Corn

Cash bid for February at Memphis   666 1/2 to - - -;
  New Crop at Memphis   579 1/2 to - - -;
Bids to farmers at River Elevators  645 to 666

Chicago Futures: March up  1 1/4  at  639 1/2 
  May up  1 1/4  at  642 1/2 
  July up  1/2  at  644 3/4 
  Sept down  5 1/4  at  589 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat continues under pressure with the USDA’s forecast of 58 million acres weighing on the market. USDA raised their average price from $6.00 to $6.30 but that is a dollar below the expected price for last year. Snow and rain in some of the drought areas in the Plains added to the underlying weakness.

Corn closed narrowly mixed with a sale to China and one to unknown destinations, providing support for old crop contracts. USDA projected corn plantings of 94 million acres. Joe Glauber, USDA Chief Economist, also indicated ethanol had hit the wall for the 10% blend requirement, at about 13.5 billion barrels. Excess production would have to go into storage unless it is sold on the export market. Cheaper sugar may make that difficult.



Cotton & Rice  Date: February 23, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis  was at  8323
  Greenwood   was at 8323

New York Futures: March down  109  at  8748 
  May down  130  at  8923 
 July down  127  at  9061 
 Oct down  135  at  9135 
 Dec down  119  at  9000 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was pounded again today. Recent private acreage projections put the 2012 crop at 13.3 million acres or more. That would produce a crop of 18 million bales plus and would certainly add to U.S. stocks. World stocks are projected to be 60 million bales, or a stocks to use ratio of 55%. A drop to 90 cents on new crop December should bring new buying into the market.

Rice

Long Grain Cash Bid for  Feb 1247/cwt  to  - - -
  NC 1321/cwt  to  - - -

Chicago Futures: March up  4 1/2  at  1396 1/2 
 May up  at  1421 
 July up  at  1447 1/2 
 Sept up  at  1470 1/2 
 Nov up  at  1493 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice firmed slightly but remains within the overall trading range of $13.50 to $14.90. Upside potential appears limited with continued weak export demand. The question is how much impact this will have on 2012 plantings. At this point, it looks like acreage will decline, after dropping almost a million acres in 2011.



Cattle & Hogs  Date: February 23, 2012

Cattle
As reported by Federal-State Market News, receipts were 2,610 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold steady to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 209 to - - -
  500 to 550 lbs. 187 to - - -
  600 to 650 lbs. 166 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 183.75 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 158.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 162 to - - -

Slaughter Cows, Boners 75   to   83
Light Weight 59.50 to 65.50
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   85   to   95
Midwest Steers   were   at   126   to   - - -
Panhandle Steers   were   at   126   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 198 to 204
  500 to 600 lbs. 185 to 197.50
Heifers 500 to 550 lbs. 169 to 174
  550 to 600 lbs. 172.50 to 182

Chicago Futures:
Live Cattle: April down 132 at 12982
  June down 95 at 12790
Feeders: March down 82 at 15760
  Aug down 100 at 16277

Cattle Comment
Cattle were lower as USDA projected beef rising to a new record of $125, up 9% from the 2011 average of just under $115. It appears that wholesalers were lining up supplies earlier this year for the spring grilling season and could bring a period of weaker price levels. Consumers appear to be buying cheaper cuts as prices have risen.

Hogs
Peoria: were       at   57   to   59

Chicago Futures: April down 72 at 8960
  June down 72 at 9940

Hogs Comment
Hog futures were also lower as the overall meat complex was pressured. USDA projected an average price of $65 for pork, down slightly from the 2011 average of $66.11.



Poultry  Date: February 23, 2012

Eggs

New York:  Ex. Lg. 102-106; Lg. 100-104; Med. 78-82;
Chicago:  Ex. Lg. 93-101; Lg. 91-99; Med. 69-77;

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 steady. Offerings of all sizes are moderate to satisfy current trade needs. Demand into all channels is moderate approaching the weekend. Market activity is moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.