Grain & Soybean Date: March 09, 2012
Soybeans
Local Elevators:
(March) EAST AR: 1317 to 1345
(NC) Summ. 1275 to 1308
River Elevators:
(March) MISS: 1354 to 1360 ; AR & White 1326
to 1344
(NC) Summ. 1294 to 1316
Ark. Processor Bids: (March) 1336 to 1343
(NC) 1302 to 1305
Memphis:
(March) 1359 3/4 to - - - (NC)
1315 1/4 to 1316 1/4
Riceland Foods:
(March) Stuttgart 1343 ; Pendleton
1345
(NC) Stuttgart 1305 ; Pendleton
1308
| Chicago Futures: |
March |
down |
3/4 |
at |
1331 3/4 |
| |
May |
down |
3/4 |
at |
1337 3/4 |
| |
July |
unchanged |
0 |
at |
1344 3/4 |
| |
Aug |
up |
1 |
at |
1337 1/2 |
| |
Nov |
up |
5 3/4 |
at |
1305 1/4 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans trimmed early gains with a midday sell off. The U.S. supply demand chart was untouched in this report but a 5 mmt cut in production for Brazil and Argentina sent the market higher after overnight trade finally had November above the $13 resistance. Holding above $13 at the close, leaves November in a positive position going into the weekend. Upside potential is likely limited with several points of resistance beginning around $13.40.
Wheat
Cash bid for March at Memphis 648 to 658;
| Bids to farmers at Local Elevators |
624-644; |
| River Elevators |
629-664; |
| Chicago Futures: |
March |
up |
8 1/4 |
at |
638 3/4 |
| |
May |
up |
8 1/4 |
at |
643 |
| |
July |
up |
7 3/4 |
at |
653 1/2 |
| |
Sept |
up |
7 1/2 |
at |
671 |
| |
Dec |
up |
8 1/4 |
at |
691 1/2 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for March at Memphis 1152 to - - -;
| Bids to farmers at River Elevators |
1089-1116; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
March at Memphis
670 to 671; |
| |
New Crop at Memphis
581 to 591; |
| Bids to farmers at River Elevators |
650 to 665 |
| Chicago Futures: |
March |
up |
9 |
at |
654 |
| |
May |
up |
9 1/2 |
at |
645 |
| |
July |
up |
7 |
at |
644 |
| |
Sept |
up |
6 |
at |
596 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat vaulted to the upside. USDA cut 20 million bushels from the US endings stocks estimate and 3.6 million metric tons from the world ending stocks estimate, providing solid support today. Resistance remains solid at $7. There are several points of support between $6.46 and $6.15.
Corn held across the board gains despite an upward adjustment in South American corn numbers and a stable U.S. supply demand report. There is a feeling that recent price gains of soybeans relative to corn, will result in some average moving back to beans. The market will continue to adjust depending on weather until everything is planted. A December close above $5.75 would allow a move toward $6. It will take weather problems to move the market higher.
Cotton & Rice Date: March 09, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 76 at
8280 |
| |
Greenwood down
76 at 8280 |
| New York Futures: |
May |
down |
76 |
at |
8880 |
| |
July |
down |
96 |
at |
8974 |
| | Oct |
down |
96 |
at |
9148 |
| | Dec |
down |
93 |
at |
9036 |
| | March '12 |
down |
78 |
at |
9136 |
| 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 U.S. dollar rose sharply. USDA left the supply demand chart virtually unchanged. However a 100,000 bale dip in domestic mill use translated into a 100,000 bale rise in projected ending stocks. As planting time approaches the question is not how much is planted but how much will be harvested. Current projections suggest increased stocks for the U.S. after the 2012 crop. That will only happen if drought areas receive rain. For now December has support at 90 and resistance at 97.
Rice
| Long Grain Cash Bid for |
March |
1246/cwt |
to |
- - - |
| |
NC |
1316/cwt |
to |
- - - |
| Chicago Futures: |
March |
up |
21 1/2 |
at |
1393 |
| | May |
up |
22 1/2 |
at |
1415 1/2 |
| | July |
up |
22 1/2 |
at |
1442 1/2 |
| | Sept |
up |
22 1/2 |
at |
1466 1/2 |
| | Nov |
up |
19 1/2 |
at |
1491 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice futures bounced off support around $13.80 to close higher, as the market retraced a portion of recent declines. Today’s report made minor adjustments including a million cwt lower projection for long grain exports and a 2 million cwt rise in projected long grain stocks. Increased beginning world stocks and 2.7 mmt increase in world production was offset by higher use leaving projected stocks virtually unchanged. Upside for price is limited unless new U.S. exports surface, and/or 2012 plantings are substantially reduced.
Cattle & Hogs Date: March 09, 2012
Cattle
As reported by Federal-State Market News, receipts were 8270 head
at sales in Arkansas this week.
Compared with last week, feeder steers sold weak to $5 lower .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
202 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
182 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
161 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
185 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
164 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
162 |
to |
- - - |
Slaughter Cows, Boners 74 to 82
Light Weight 59 to 67
Bulls, Yield Grade 1
1000 to 2100 lbs. 87
to 97
Midwest Steers were at - - -
to - - -
Panhandle Steers - - - at - - -
to - - -
Oklahoma City Feeders
|
| Steers |
500 |
to |
550 lbs. |
171 |
to |
213 |
| |
550 |
to |
600 lbs. |
160 |
to |
198 |
| Heifers |
500 |
to |
550 lbs. |
160 |
to |
184 |
| |
550 |
to |
600 lbs. |
150 |
to |
175.50 |
Chicago Futures:
| Live Cattle: |
April |
down |
62 |
at |
12602 |
| |
June |
down |
90 |
at |
12360 |
| Feeders: |
April |
down |
162 |
at |
15585 |
| |
Aug |
down |
125 |
at |
15892 |
Cattle Comment
Cattle futures posted across the board losses. The general feeling is that export demand will increase due to improving economic factors. Negative packer margins will limit upside potential.
Hogs
Peoria: were steady
at 5850 to 6050
| Chicago Futures: |
April |
up |
7 |
at |
8782 |
| |
June |
down |
22 |
at |
9532 |
Hogs Comment
Hog futures were no better than mixed. 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 09, 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. |
103.07 |
| |
|
|
Delmarva Broilers
U.S. Grade APrices for whole broiler/fryer are trending firm to higher. Offerings of all sizes are light. Demand into all channels is moderate to good entering the weekend. Market activity is active.
In production areas, live supplies are moderate at mostly desirable weights.