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Daily Market Report Archive

Grain & Soybean Date: February 29, 2012

Soybeans

Local Elevators:
(Feb) EAST AR:  1293 to 1321
(NC) Summ. 1259 to 1292
River Elevators:
(Feb) MISS: 1336 to 1345 ; AR & White 1302 to 1326
(NC) Summ. 1277 to 1299
Ark. Processor Bids: (Feb) 1319 to - - -  (NC) 1286 to 1289
Memphis:  (Feb) 1341 1/2 to 1344 1/2 (NC)  1296 to 1299
Riceland Foods:  (Feb) Stuttgart 1319 ; Pendleton 1321 
 (NC) Stuttgart 1289 ; Pendleton 1292 

Chicago Futures: March up 8 1/4 at  1313 1/2
  May  up  7 1/2  at  1320
  July up at  1327 3/4
  Aug up 4 1/2  at  1317
  Nov up 1/2  at  1289
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed higher with front contracts having the biggest gains. Another big Chinese purchase gave the market a boost after comments by the Federal Reserve caused a dip at midday. The current soybean/corn price ratio is up to 2.3 and appears to be pulling acres back to beans. At current price levels the market is technically overbought and subject to a downturn at any time.

Wheat
Cash bid for February at Memphis  680 1/4 to 681 1/4;

Bids to farmers at Local Elevators 651-671;
River Elevators 656-691;

Chicago Futures: March up  at  664 1/4 
  May down 1/4  at  668 
  July up  at  680 1/2 
  Sept up  at  696 1/2 
  Dec up  3 3/4  at  713 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1163 to - - -;

Bids to farmers at River Elevators 1111-1138;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for February at Memphis   681 1/2 to - - -;
  New Crop at Memphis   590 3/4 to - - -;
Bids to farmers at River Elevators  662 to 682

Chicago Futures: March up  at  656 1/2 
  May up  3/4  at  658 
  July up  1 3/4  at  660 1/2 
  Sept up  at  600 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures posted gains again today. The market is likely making a bottom, however, buying interest may be hard to come by above $7.

Corn closed higher after several big export sales were announced. Biggest gains were in new crop where corn could be losing acres to beans. However gains could be limited by resistance as the market is bumping against a major trendline.



Cotton & Rice  Date: February 29, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 180 at  8444
  Greenwood down  180 at 8444

New York Futures: March down  180  at  8986 
  May down  180  at  9044 
 July down  143  at  9187 
 Oct down  102  at  9278 
 Dec down  66  at  9118 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton never overcame losses as the market eased on comments by the Federal Reserve that they would not entertain anymore quantitative measures. Cotton needs a steadily improving economic situation here and abroad to stimulate use.

Rice

Long Grain Cash Bid for  Feb 1271/cwt  to  - - -
  NC 1345/cwt  to  - - -

Chicago Futures: March up  3 1/2  at  1420 1/2 
 May up  at  1446 
 July up  at  1472 1/2 
 Sept up  2 1/2  at  1494 1/2 
 Nov up  2 1/2  at  1518 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice continues to flounder as milled exports remain stagnant. Reduced U.S. 2012 plantings are anticipated and that could boost the market later in the year.



Cattle & Hogs  Date: February 29, 2012

Cattle
As reported by Federal-State Market News, receipts were 726 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold weak to $5 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 198 to - - -
  500 to 550 lbs. 183.50 to - - -
  600 to 650 lbs. 158 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 173.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 158.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 151 to - - -

Slaughter Cows, Boners 76   to   83
Light Weight 55 to 62
Bulls, Yield Grade   1   1000   to   2000 lbs.   90   to   98
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 184.50 to 197
  550 to 600 lbs. 178 to 196.75
Heifers 500 to 550 lbs. 169 to 184
  550 to 600 lbs. 156 to 171.50

Chicago Futures:
Live Cattle: April up 147 at 12975
  June up 102 at 12722
Feeders: March up 157 at 15722
  Aug up 160 at 16305

Cattle Comment
Cattle futures are chopping along mostly sideways. The market is worried about high prices impacting demand.

Hogs
Peoria: were     steady   at   57   to   59

Chicago Futures: April up 140 at 8942
  June up 92 at 9865

Hogs Comment
Hog futures are also under pressure from negative packer margins and concerns that high prices will weaken demand.



Poultry  Date: February 29, 2012

Eggs

New York:  Ex. Lg. 102-106; Lg. 100-104; Med. 77-81;
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 firm. Offerings of all sizes are light to moderate to satisfy current trade needs. Demand into all channels is moderate approaching end of the month business. Market activity is moderate to active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.