Print this page

Daily Market Report Archive

Grain & Soybean Date: March 12, 2012

Soybeans

Local Elevators:
(March) EAST AR:  1314 to 1342
(NC) Summ. 1270 to 1303
River Elevators:
(March) MISS: 1351 to 1360 ; AR & White 1323 to 1341
(NC) Summ. 1289 to 1311
Ark. Processor Bids: (March) 1333 to 1340  (NC) 1297 to 1300
Memphis:  (March) 1356 1/2 to - - - (NC)  1309 1/2 to 1310 1/2
Riceland Foods:  (March) Stuttgart 1340 ; Pendleton 1342 
 (NC) Stuttgart 1300 ; Pendleton 1303 

Chicago Futures: March down 1 1/4 at  1330 1/2
  May  down  3 1/4  at  1334 1/2
  July down 3 1/2  at  1341 1/4
  Aug down 4 1/2  at  1333
  Nov down 5 3/4  at  1299 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans failed to generate any upward momentum after the weekend. Fund buying remains a positive for soybeans, but there was some profit taking today. The market got a solid boost with Friday’s report which made big cuts in projected production in South America. Technically, November is trading on thin ice with today’s close just under $13. However, there should be limited downside pressure at this time.

Wheat
Cash bid for March at Memphis  658 1/2 to 666 1/2;

Bids to farmers at Local Elevators 629-649;
River Elevators 634-674;

Chicago Futures: March up  14  at  652 3/4 
  May up 8 1/4  at  651 1/4 
  July up  5 3/4  at  659 1/4 
  Sept up  at  676 
  Dec up  at  696 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1178 to - - -;

Bids to farmers at River Elevators 1116-1143;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   684 1/2 to - - -;
  New Crop at Memphis   588 to 598;
Bids to farmers at River Elevators  665 to 685

Chicago Futures: March up  17 1/2  at  671 1/2 
  May up  14 1/2  at  659 1/2 
  July up  10  at  654 
  Sept up  at  603 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted gains again today, with old crop contracts leading the way. Carryover strength from corn and weekly export inspections of 31.6 million bushels provided support. Resistance remains solid at $7. There are several points of support between $6.46 and $6.15.

Corn made strong gains with old crop leading the upturn. Tight farmer holding and renewed Chinese interest fueled the upturn. Good weather has allowed farmers to do early field work which has limited their market interest. End of month stocks reports, and planting intentions could hold the key for future price movement. Longer term the market appears to have a downward bias. Feed use is projected lower as cattle numbers decline and broker numbers are projected 2% lower. Ethanol use appears to be leveling off and world production and stocks are expected to rise.



Cotton & Rice  Date: March 12, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 80 at  8200
  Greenwood down  80 at 8200

New York Futures: May down  80  at  8800 
  July down  81  at  8893 
 Oct down  66  at  9082 
 Dec down  57  at  8979 
 March '12 down  53  at  9083 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton continues under pressure as the market completed the retracement of gains made following the India export ban announcement. Further clarification of that ban had done everything but. At this point India is reviewing outstanding sales and will make further announcements soon. In any case, demand is shaky and U.S. stocks continue to creep higher. 2012 planting projections range from 12.4 to 13.6 million acres. The bigger question remains as to the impact of drought conditions in Texas and harvested acreage. December is testing support at 89 cents which appears vulnerable.

Rice

Long Grain Cash Bid for  March 1265/cwt  to  - - -
  NC 1336/cwt  to  - - -

Chicago Futures: March up  20  at  1413 
 May up  19  at  1434 1/2 
 July up  19  at  1461 1/2 
 Sept up  19 1/2  at  1486 
 Nov up  19 1/2  at  1510 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures trended higher for the second session in a row. Weekend rains raised concern about potential flooding for the second year in a row. However, some acreage is expected to gravitate to corn and soybeans unless the rice market shows improvement. Export demand remains weak as U.S. sales have been limited, even with price declining over $100 per m.t.



Cattle & Hogs  Date: March 12, 2012

Cattle
As reported by Federal-State Market News, receipts were 1409 head at sales in Ash Flat and Springdale.  Compared with last week, feeder steers sold $2 to $10 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 204 to - - -
  500 to 550 lbs. 185 to - - -
  600 to 650 lbs. 160 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 189 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 153 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 163 to - - -

Slaughter Cows, Boners 75   to   82
Light Weight 58 to 65
Bulls, Yield Grade   1   1000   to   2100 lbs.   87.50   to   92.50
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 550 to 600 lbs. 177.75 to 195
  600 to 650 lbs. 168 to 182.75
Heifers 525 to 600 lbs. 162 to 173.50
  600 to 675 lbs. 150.75 to 161.75

Chicago Futures:
Live Cattle: April up 72 at 12675
  June up 30 at 12390
Feeders: April up 50 at 15635
  Aug up 32 at 15925

Cattle Comment
Cattle futures ended mixed, with nearby contracts higher. Cattle weights are up 28 pounds over a year ago, and traders are speculating that supplies are backing up. Packers mostly have their needs met for this week, so the cash market is expected to be slow. Negative packer margins will limit upside potential.

Hogs
Peoria: were $3 lower to $1     higher   at   5750   to   5950

Chicago Futures: April down 52 at 8730
  June down 45 at 9487

Hogs Comment
Hog futures posted across the board losses. Hog numbers are rising and long term that suggests a need for additional packer capacity. May futures are testing support at $95.



Poultry  Date: March 12, 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 firm. Offerings of all sizes are light to moderate. Demand into all channels is moderate to good following the weekend. Market activity is active. In production areas, live supplies are moderate at mostly desirable weights.