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Daily Market Report Archive

Grain & Soybean Date: February 27, 2012

Soybeans

Local Elevators:
(Feb) EAST AR:  1273 to 1301
(NC) Summ. 1251 to 1284
River Elevators:
(Feb) MISS: 1228 to 1319 ; AR & White 1282 to 1310
(NC) Summ. 1269 to 1291
Ark. Processor Bids: (Feb) 1299 to - - -  (NC) 1278 to 1281
Memphis:  (Feb) 1321 3/4 to 1323 3/4 (NC)  1288 1/4 to 1289 1/4
Riceland Foods:  (Feb) Stuttgart 1299 ; Pendleton 1301 
 (NC) Stuttgart 1281 ; Pendleton 1284 

Chicago Futures: March up 14 3/4 at  1293 3/4
  May  up  15 3/4  at  1302 1/2
  July up 15 1/4  at  1310 1/2
  Aug up 14  at  1303 1/2
  Nov up 10 1/2  at  1281 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed the day on a strong note as the 7 week uptrend continues. Early support came from outside markets where the dollar was weaker and equities moved to the positive side. Prospects of additional Chinese demand added support. Technically, old crop is approaching $13 which may offer resistance. If not, the 62% retracement objective is $13.20. November is just 10 cents away from its next objective of $12.92. Both are approaching overbought according to the Relative Strength Index (RSI).

Wheat
Cash bid for Febraury at Memphis  661 3/4 to 665 3/4;

Bids to farmers at Local Elevators 634-654;
River Elevators 639-674;

Chicago Futures: March up  4 3/4  at  645 3/4 
  May up 11 1/2  at  652 3/4 
  July up  10 1/2  at  663 1/2 
  Sept up  8 3/4  at  678 1/4 
  Dec up  7 1/2  at  695 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1142 to - - -;

Bids to farmers at River Elevators 1089-1116;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for February at Memphis   667 1/2 to 668 1/2;
  New Crop at Memphis   575 1/2 to 577 1/2;
Bids to farmers at River Elevators  650 to 671

Chicago Futures: March up  3 3/4  at  644 1/2 
  May up  4 1/2  at  648 1/2 
  July up  4 1/4  at  650 3/4 
  Sept down  3/4  at  587 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted big gains today, despite bearish fundamentals. The market was oversold, and due a rebound today. 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 mixed with old crop again closing higher, while new crop was slightly lower. Indications that Chinese acreage could decline has given the market new life. However, new crop has not been able to shake “big crop prospects” yet. March futures are testing trendline resistance and a higher close tomorrow would likely push the market toward $6.65. On the other hand, December is working in a narrowing price band between $5.70 and $5.50. A close outside that range will suggest the next direction. On the downside there is support at $5.35.



Cotton & Rice  Date: February 27, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 52 at  8467
  Greenwood up  52 at 8467

New York Futures: March up  55  at  9040 
  May up  52  at  9067 
 July up  33  at  9168 
 Oct up  46  at  9222 
 Dec up  29  at  9067 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton built on Friday’s upturn and inched a little higher in today’s trade. 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 down  1/2  at  1420 
 May down  1/2  at  1446 
 July down  1/2  at  1472 1/2 
 Sept down  at  1495 
 Nov up  at  1518 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice has been unable to establish any solid upward momentum and close slightly lower today after showing substantial gains on Friday. 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 27, 2012

Cattle
As reported by Federal-State Market News, receipts were 1995 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 207 to - - -
  500 to 550 lbs. 189.50 to - - -
  600 to 650 lbs. 174 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 193 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 158 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 162.50 to - - -

Slaughter Cows, Boners 74   to   81
Light Weight 56 to 65
Bulls, Yield Grade   1   1000   to   2100 lbs.   85.50   to   95.50
Midwest Steers   were $2 higher   at   128   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 600 lbs. 179 to 195
  600 to 650 lbs. 167.50 to 179
Heifers 500 to 550 lbs. 169 to 175
  550 to 600 lbs. 156 to 171.50

Chicago Futures:
Live Cattle: April down 87 at 12862
  June down 105 at 12670
Feeders: March down 122 at 15645
  Aug down 102 at 16235

Cattle Comment
Cattle futures were lower, despite positive Cattle on Feed report Friday. January placements were below the year ago figure and the feedlot inventory was near the bottom of expectations. 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     steady   at   58   to   60

Chicago Futures: April down 107 at 8865
  June down 110 at 9807

Hogs Comment
Hog futures were also lower. 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 27, 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
Toms: 16-24 lbs. 102.10
 

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