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Daily Market Report Archive

Grain & Soybean Date: March 07, 2012

Today's report has mid-day markets and comments.

Soybeans

Local Elevators:
(March) EAST AR:  - - - to - - -
(NC) Summ. - - - to - - -
River Elevators:
(March) MISS: - - - to - - - ; AR & White - - - to - - -
(NC) Summ. - - - to - - -
Ark. Processor Bids: (March) - - - to - - -  (NC) - - - to - - -
Memphis:  (March) - - - to - - - (NC)  - - - to - - -
Riceland Foods:  (March) Stuttgart - - - ; Pendleton - - - 
 (NC) Stuttgart - - - ; Pendleton - - - 

Chicago Futures: March down 5 3/4 at  1324
  May  down  6 1/4  at  1329
  July down 5 3/4  at  1336
  Aug up 8 1/2  at  1330 1/2
  Nov down 1 3/4  at  1291 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
At midday soybeans were slightly lower as the market looks ahead to Friday’s supply demand report. Position evening is a major feature of the market. Overall soybeans remain in an uptrend but new crop November has been able to move above established resistance at $13. Smaller crop projections in South America are a driving force, as is the need to pull acreage back from corn in the U.S.

Wheat
Cash bid for March at Memphis  - - - to - - -;

Bids to farmers at Local Elevators - - -;
River Elevators - - -;

Chicago Futures: March down  15  at  639 
  May down 14 1/4  at  657 3/4 
  July down  13 1/4  at  655 
  Sept down  11 3/4  at  672 
  Dec down  9 1/2  at  690 
  Today's Arkansas LDP rate for wheat is:

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

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

Corn

Cash bid for March at Memphis   - - - to - - -;
  New Crop at Memphis   - - - to - - -;
Bids to farmers at River Elevators  - - - to - - -

Chicago Futures: March down  12 1/2  at  645 1/2 
  May down  13  at  641 
  July down  13 1/2  at  641 1/2 
  Sept down  at  590 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was sharply lower as the market has been unable to build any sustainable upward momentum. Big world stocks remain a key factor. Technically July wheat is in a narrowing trade range between $6.40 and $7.00. On the downside, there is additional support just below $6.15.

Corn was sharply lower at midday, as declining export interest adds to a negative undertone. Prospects of 94 million acres or more being planted in the U.S. in 2012 reduces chances of the market making much of an upward move. Trendline yields start the production estimate at just under 14 billion bushels. Weather is obviously the unknown. Good planting conditions keep pressure on the market, while poor weather likely gives the market a boost.



Cotton & Rice  Date: March 07, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis  - - - at  - - -
  Greenwood   - - - at - - -

New York Futures: March down  384  at  8853 
  May down  139  at  9003 
 July down  132  at  9113 
 Oct down  157  at  9197 
 Dec down  156  at  9087 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton continued to retrace Monday’s big gains. The market advanced on reports that India would halt export movement since their goal had been exceeded. That left some sales in limbo. Apparently, the announcement was a surprise to some “higher up” authorities in India and is under review. So, the fire in the cotton market was short lived. December maintains support at 90 cents.

Rice

Long Grain Cash Bid for  March - - -  to  - - -
  NC - - -  to  - - -

Chicago Futures: March down  at  1401 1/2 
 May up  3 1/2  at  1429 
 July up  2 1/2  at  1455 
 Sept up  2 1/2  at  1479 
 Nov down  at  1504 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was narrowly mixed at midday. Overall conditions are unchanged. Export demand remains poor with overall sales. Over 600,000 metric tonnes below year ago levels. A new tender from Iraq is expected in the near future, but there is little reason to believe the U.S. will get a piece of the action. New specifications have everyone scratching their head.



Cattle & Hogs  Date: March 07, 2012

Cattle
As reported by Federal-State Market News, receipts were 832 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. 188.00 to - - -
  500 to 550 lbs. 181.50 to - - -
  600 to 650 lbs. 167.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. - - - to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 157.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 160.00 to - - -

Slaughter Cows, Boners 78.00   to   86.00
Light Weight 53.00 to 67.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   92.50   to   99.50
Midwest Steers   - - -   at   - - -   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 2 at 12575
  June up 5 at 12390
Feeders: April down 7 at 15605
  Aug down 37 at 15922

Cattle Comment
Cattle futures were mixed at midday as the market attempts to stabilize after 2 days of sharply lower trading. Cutout values declined slightly yesterday despite a minor increase in boxed beef values. Negative packer margins would seem to limit near term upside potential.

Hogs
Peoria: were $1.50 lower to $2.50     higher   at   57.50   to   59.50

Chicago Futures: April up 52 at 8730
  Jun up 2 at 9595

Hogs Comment
Hog futures were slightly higher despite concern about export potential. A cooling Chinese economy could mean slower pork demand. USDA reported pork export sales 5 to 7% lower compared to the same week last year.



Poultry  Date: March 07, 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 continue to trend higher. Offerings of all sizes are light. Demand into all channels is moderate to good for mid-week business. Market activity is mostly active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.