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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
4 |
at |
1495 |
| | Nov |
up |
1 |
at |
1518 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
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 AWhole 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.