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Daily Market Report Archive

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 at  1344 3/4
  Aug up at  1337 1/2
  Nov up 5 3/4  at  1305 1/4
  Today's Arkansas LDP rate for soybeans is:

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:

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:

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  at  654 
  May up  9 1/2  at  645 
  July up  at  644 
  Sept up  at  596 
  Today's Arkansas LDP rate for corn is:

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 
medium grain rice is 
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 A
Prices 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.