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 |
8 |
at |
1299 1/2 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
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 |
5 |
at |
663 1/2 |
| |
Dec |
down |
4 |
at |
683 1/4 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
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: |
0¢ |
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 |
3 |
at |
637 |
| |
Sept |
up |
1/2 |
at |
590 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
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 |
0¢ |
| medium grain rice is |
0¢ |
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 AWhole 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.