Grain & Soybean Date: February 24, 2012
Soybeans
Local Elevators:
(Feb) EAST AR: 1258 to 1286
(NC) Summ. 1241 to 1274
River Elevators:
(Feb) MISS: 1304 to 1314 ; AR & White 1267
to 1295
(NC) Summ. 1259 to 1281
Ark. Processor Bids: (Feb) 1284 to - - -
(NC) 1268 to 1271
Memphis:
(Feb) 1307 to 1314 (NC)
1278 3/4 to - - -
Riceland Foods:
(Feb) Stuttgart 1284 ; Pendleton
1286
(NC) Stuttgart 1271 ; Pendleton
1274
| Chicago Futures: |
March |
up |
2 1/4 |
at |
1279 |
| |
May |
up |
3 1/4 |
at |
1286 3/4 |
| |
July |
up |
4 |
at |
1295 1/4 |
| |
Aug |
up |
4 |
at |
1289 1/2 |
| |
Nov |
up |
3 |
at |
1270 3/4 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans ended the week on a firm note, supported by positive outside markets. The dollar has been sharply lower against the Euro, but is at a seven month high versus the Japanese yen. Crude oil continues a sustained uptrend and is approaching $110 a barrel. So, there are mixed signs and soybean are nearing key price objectives. Keep an eye on the market and make pricing decisions for any old crop soybeans/as well as initiating sales for 2012 plantings.
Wheat
Cash bid for February at Memphis 659 to 661;
| Bids to farmers at Local Elevators |
623-643; |
| River Elevators |
628-663; |
| Chicago Futures: |
March |
down |
3/4 |
at |
641 |
| |
May |
up |
1/4 |
at |
641 1/4 |
| |
July |
down |
2 |
at |
653 |
| |
Sept |
down |
3 1/4 |
at |
669 1/2 |
| |
Dec |
down |
3 3/4 |
at |
688 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for February at Memphis 1135 to - - -;
| Bids to farmers at River Elevators |
1082-1109; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
February at Memphis
664 3/4 to 666 3/4; |
| |
New crop at Memphis
576 1/4 to 578 1/4; |
| Bids to farmers at River Elevators |
646 to 666 |
| Chicago Futures: |
March |
up |
1 1/4 |
at |
640 3/4 |
| |
May |
up |
1 1/2 |
at |
644 |
| |
July |
up |
1 3/4 |
at |
646 1/2 |
| |
Sept |
down |
1 1/4 |
at |
588 1/4 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat closed mixed. The market retraced most of early declines by the close. USDA forecast a crop of 2.16 billion bushels for 2012 with stocks rising above 950 million bushels. Export competition is expected to be keen again with ample world stocks available. July futures are trading toward key support between $6.25 and $6.15.
Corn closed narrowly mixed. Recent gains in crude oil and gasoline have raised concerns about gasoline demand and thereforE potential impact on ethanol. A potential big 2012 corn crop will likely weigh on new crop contracts. Weather will obviously play a major role as we move into spring. December futures have support at $5.50 and then $5.36. Resistance starts around $5.70.
Cotton & Rice Date: February 24, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis up 92 at
8415 |
| |
Greenwood up
92 at 8415 |
| New York Futures: |
March |
up |
237 |
at |
8985 |
| |
May |
up |
92 |
at |
9015 |
| | July |
up |
74 |
at |
9135 |
| | Oct |
up |
41 |
at |
9176 |
| | Dec |
up |
38 |
at |
9038 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
After falling dramatically, cotton found buying support, particularly in old crop around 88 cents. That led to a solid rebound. Demand needs to improve to keep world stocks from increasing more. USDA is projecting world stocks of 60 million bales which is a stocks to use ratio of 55%.
Rice
| Long Grain Cash Bid for |
Feb |
1270/cwt |
to |
- - - |
| |
NC |
1345/cwt |
to |
- - - |
| Chicago Futures: |
March |
up |
24 |
at |
1420 1/2 |
| | May |
up |
25 1/2 |
at |
1446 1/2 |
| | July |
up |
25 1/2 |
at |
1473 |
| | Sept |
up |
24 1/2 |
at |
1495 |
| | Nov |
up |
23 1/2 |
at |
1517 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice futures firmed to end the week. Overall trading remains in a broad range between $13.50 and $14.90. Poor export demand will limit upside potential in the near term. A drop in plantings for 2012 is anticipated, should this lead to a smaller crop, price prospects could improve later in the year.
Cattle & Hogs Date: February 24, 2012
Cattle
As reported by Federal-State Market News, receipts were 12,625 head
at sales in Arkansas this week.
Compared with last week, feeder steers sold mostly $2 to $8 higher .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
206 |
to |
- - |
|
| |
500 |
to |
550 lbs. |
184 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
167 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
184 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
165 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
165 |
to |
- - - |
Slaughter Cows, Boners 77 to 85
Light Weight 58 to 66
Bulls, Yield Grade 1
1000 to 2100 lbs. 90
to 100
Midwest Steers were steady at 126
to - - -
Panhandle Steers - - - at - - -
to - - -
Oklahoma City Feeders
|
| Steers |
500 |
to |
550 lbs. |
173.50 |
to |
197.50 |
| |
550 |
to |
600 lbs. |
162 |
to |
191 |
| Heifers |
500 |
to |
550 lbs. |
154 |
to |
176.50 |
| |
550 |
to |
600 lbs. |
145 |
to |
172.50 |
Chicago Futures:
| Live Cattle: |
April |
down |
17 |
at |
12950 |
| |
June |
steady |
0 |
at |
12775 |
| Feeders: |
March |
up |
2 |
at |
15767 |
| |
Aug |
up |
22 |
at |
16337 |
Cattle Comment
Cattle futures were slightly higher ahead of the February On Feed report. Pre-report estimates have cattle numbers steady with January, but up 2.5% from last year. Tight feeder supplies are expected to continue with price levels up sharply. Feedlots are reluctant to pay $160 for feeders with the prospect of fat cattle declining in the future.
Hogs
Peoria: were $1 lower to $3 higher
at 58 to 60
| Chicago Futures: |
April |
up |
12 |
at |
8972 |
| |
June |
down |
22 |
at |
9917 |
Hogs Comment
Hog futures were mixed as many buyers have next week’s supplies lined up. Pork movement has picked up over the last several weeks, but packers need to see a solid margin. Until that happens, cash hogs won’t show sustained strength.
Poultry Date: February 24, 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. |
102.00 |
| Toms: |
16-24 lbs. |
102.10 |
| |
|
|
Delmarva Broilers
U.S. Grade AWhole broiler/fryer prices are steady. Offerings of all sizes are sufficient for current trade needs. Demand into all channels is moderate entering the weekend. Market activity is moderate. In production areas, live supplies are moderate at mostly desirable weights.