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Daily Market Report Archive

Grain & Soybean Date: March 06, 2012

Soybeans

Local Elevators:
(March) EAST AR:  1314 to 1342
(NC) Summ. 1263 to 1296
River Elevators:
(March) MISS: 1355 to 1357 ; AR & White 1323 to 1345
(NC) Summ. 1282 to 1304
Ark. Processor Bids: (March) 1333 to 1340  (NC) 1290 to 1293
Memphis:  (March) 1357 1/4 to 1360 1/4 (NC)  1305 1/4 to - - -
Riceland Foods:  (March) Stuttgart 1340 ; Pendleton 1342 
 (NC) Stuttgart 1293 ; Pendleton 1296 

Chicago Futures: March up 10 1/2 at  1329 3/4
  May  up  10 1/4  at  1335 1/4
  July up 9 1/2  at  1341 3/4
  Aug up 8 1/2  at  1330 1/2
  Nov up 4 1/4  at  1293 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed with solid gains after retracing early declines. Concern about the size of the South American crop allowed the market to reverse early declines which resulted from negative outside markets. Oil and equities were sharply lower, while the dollar was stronger. Funds moved back to the buy side as additional crop projections indicated smaller production in Brazil. November beans moved to within 3 cents of the recent high just below $13. A close above that level opens the market for additional gains.

Wheat
Cash bid for March at Memphis  666 3/4 to 675 3/4;

Bids to farmers at Local Elevators 638-658;
River Elevators 643-678;

Chicago Futures: March down  13 3/4  at  654 
  May down 14 1/4  at  657 3/4 
  July down  14 1/2  at  668 1/4 
  Sept down  13 3/4  at  683 3/4 
  Dec down  12 3/4  at  699 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1168 to - - -;

Bids to farmers at River Elevators 1105-1132;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   681 to 683;
  New Crop at Memphis   583 to 593;
Bids to farmers at River Elevators  659 to 674

Chicago Futures: March down  8 1/4  at  658 
  May down  6 3/4  at  654 
  July down  7 1/4  at  655 
  Sept down  8 1/4  at  598 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Selling accelerated in wheat futures today. July could be headed for a retest of support between $6.40 and $6.50. Failure to hold that support could push the market toward contract lows. The recent uptick in demand hasn’t been enough to make a significant difference in ample world stocks.

Corn trimmed losses but ended the day substantially lower. Overall stocks remain tight, but it appears China has completed their buying. Combined with prospective U.S. 2012 plantings of 94 million acres or more this was enough to pressure the market. Negative outside markets added to the negative undertone - December Futures quickly fell back below the downtrend which was broken yesterday. That makes the $5.75 high resistance.



Cotton & Rice  Date: March 06, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 81 at  8542
  Greenwood down  81 at 8542

New York Futures: March down  34  at  9237 
  May down  81  at  9142 
 July down  114  at  9245 
 Oct down  94  at  9354 
 Dec down  75  at  9243 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed lower as the market failed to sustain the emotion that was fired by India’s ban on exports. A spokesman indicated India would re-examine their ban next week. Total export movement of 8.5 million bales exceeds their export goal of 8.4 million bales. Many believe they will honor old sales but will limit new contracts. Trade remains locked in the current range between 90 and 97 cents.

Rice

Long Grain Cash Bid for  March 1245/cwt  to  - - -
  NC 1326/cwt  to  - - -

Chicago Futures: March down  at  1401 1/2 
 May down  at  1425 1/2 
 July down  at  1452 1/2 
 Sept down  at  1476 1/2 
 Nov down  at  1504 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice closed lower again today. Trade has been locked in a narrow range within the broader range between $13.50 and $14.90. Poor export movement remains a key feature. Mill activity remains limited despite a price decline of over $150 per ton since last fall. Other origins are still priced as much as $100 per metric tonne below the U.S. The inability to sell to Iraq is a particularly sore spot, especially following the new specifications they implemented.



Cattle & Hogs  Date: March 06, 2012

Cattle
As reported by Federal-State Market News, receipts were 5326 head at sales in Ft. Smith and Heber Springs.  Compared with last week, feeder steers sold weak to $5 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 194.50 to - - -
  500 to 550 lbs. 185.00 to - - -
  600 to 650 lbs. 166.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 183.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 167.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 159.00 to - - -

Slaughter Cows, Boners 78.00   to   85.00
Light Weight 57.00 to 65.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   88.00   to   96.00
Midwest Steers   were   at   127   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 192 to 212
  550 to 600 lbs. 180 to 196.50
Heifers 500 to 550 lbs. 167 to 184
  550 to 600 lbs. 163 to 175.50

Chicago Futures:
Live Cattle: April down 262 at 12577
  June down 195 at 12385
Feeders: April down 282 at 15612
  Aug down 255 at 15960

Cattle Comment
Cattle futures posted sharp losses for the third day in a row. Cash values continue to decline, suggesting a seasonal dip in demand has begun. Demand usually picks back up again as grilling season begins. Negative economic news from China also has the market worried.

Hogs
Peoria: were     steady   at   57   to   59

Chicago Futures: April down 265 at 8677
  June down 257 at 9592

Hogs Comment
Hog futures gapped lower as April collapsed through previous uptrending support near $88. Negative economic data from China accelerated the selloff. April has key support below $86.



Poultry  Date: March 06, 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. 101.52
Toms: 16-24 lbs. 101.44
 

Delmarva Broilers
U.S. Grade A
Whole broiler/fryer prices are higher. Offerings of all sizes are light for current trade needs. Demand into all channels is moderate to good for early week business. Market activity is mostly active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.