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Daily Market Report Archive

Grain & Soybean Date: March 08, 2012

Soybeans

Local Elevators:
(Mar) EAST AR:  1318 to 1346
(NC) Summ. 1270 to 1303
River Elevators:
(Mar) MISS: 1355 to 1361 ; AR & White 1327 to 1345
(NC) Summ. 1289 to 1311
Ark. Processor Bids: (Mar) 1337 to 1344  (NC) 1297 to 1300
Memphis:  (Mar) 1360 1/2 to 1361 1/2 (NC)  1309 1/2 to - - -
Riceland Foods:  (Mar) Stuttgart 1344 ; Pendleton 1346 
 (NC) Stuttgart 1299 ; Pendleton 1302 

Chicago Futures: Mar up 11 at  1332 1/2
  May  up  11 3/4  at  1338 1/2
  July up 11 1/4  at  1344 3/4
  Aug up 10 3/4  at  1336 1/2
  Nov up at  1299 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans followed outside markets higher while other grains and cotton were lower. Good export movement, including additional sales to China, provided the impetus for the upturn. A lower production estimate for Brazil added to underlying fundamental support. November futures pushed toward $13, but failed to move above that level.

Wheat
Cash bid for March at Memphis  639 3/4 to 649 3/4;

Bids to farmers at Local Elevators 616-636;
River Elevators 621-656;

Chicago Futures: Mar down  2 1/2  at  630 1/2 
  May down 4 1/2  at  634 3/4 
  July down  4 3/4  at  645 3/4 
  Sept down  at  663 1/2 
  Dec down  at  683 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1135 to - - -;

Bids to farmers at River Elevators 1073-1100;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   660 1/2 to 661 1/2;
  New Crop at Memphis   575 to 585;
Bids to farmers at River Elevators  641 to 656

Chicago Futures: Mar up  1 1/4  at  645 
  May down  3 1/4  at  635 1/2 
  July down  at  637 
  Sept up  1/2  at  590 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat closed lower despite positive export news, including a third straight sale to Egypt. It will take a lot more sales to move this market off dead center. Resistance remains solid at $7. There are several points of support between $6.46 and $6.15.

Corn closed lower except for the expiring March contract. Disappointing export movement kept a lid on the market despite support from outside markets. Current exports trail year ago levels by more than 9%. USDA is projecting a decline of just 7.4%, so if movement is going to meet projections, sales will have to improve and that does not appear likely. December futures are likely to test support at $5.50 and then perhaps $5.35.



Cotton & Rice  Date: March 08, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 56 at  8356
  Greenwood down  56 at 8356

New York Futures: Mar down  190  at  8948 
  May down  56  at  8956 
 July down  57  at  9070 
 Oct down  30  at  9244 
 Dec down  35  at  9129 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton continues to erase early week gains that resulted from India’s announcement banning further exports. That decision is under review and could be revoked. The potential of building U.S. stocks further in 2012 will weigh on the market. December has resistance around 97 cents with support just below 90 cents.

Rice

Long Grain Cash Bid for  Mar 1223/cwt  to  - - -
  NC 1294/cwt  to  - - -

Chicago Futures: Mar down  28 1/2  at  1371 1/2 
 May down  30  at  1393 
 July down  30  at  1420 
 Sept down  30  at  1444 
 Nov down  30  at  1471 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was hammered again today with futures testing recent support of $13.50 for expiring March and $13.77 for May. Upside potential is limited as long as export movement lags. Smaller plantings in 2012 could eventually help, but that would be much later in the year.



Cattle & Hogs  Date: March 08, 2012

Cattle
As reported by Federal-State Market News, receipts were 2,415 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold mostly weak to $5 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 203.50 to - - -
  500 to 550 lbs. 188.50 to - - -
  600 to 650 lbs. 169 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 188.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 158 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 157 to - - -

Slaughter Cows, Boners 75   to   82
Light Weight 59 to 63
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   85   to   95
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 189 to 195
  550 to 600 lbs. 174.50 to 177
Heifers 500 to 550 lbs. 166 to 176
  550 to 600 lbs. 167 to 173.50

Chicago Futures:
Live Cattle: April up 107 at 12665
  June up 102 at 12450
Feeders: April up 105 at 15747
  Aug up 65 at 16017

Cattle Comment
Cattle futures were sharply higher as the market attempts to recoup recent declines. Improving world economics and the resulting support from outside markets boosted futures. General feeling is this should increase export demand. Negative packer margins will limit upside potential.

Hogs
Peoria: were $1 lower to $3     higher   at   58.50   to   60.50

Chicago Futures: April up 40 at 8775
  June steady 0 at 9555

Hogs Comment
Hog futures closed higher on firm outside interests. Hog numbers are rising and long term that suggests a need for additional packer capacity. May futures have support at $95 with resistance at the $100 level.



Poultry  Date: March 08, 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 for current trade needs. Demand into all channels is moderate to good for late-week business. Market activity is mostly active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.