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Daily Market Report Archive

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 at  1295 1/4
  Aug up at  1289 1/2
  Nov up at  1270 3/4
  Today's Arkansas LDP rate for soybeans is:

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  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:

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:

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:

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 
medium grain rice is 
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 A
Whole 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.