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Daily Market Report Archive

Grain & Soybean Date: March 13, 2012

Soybeans

Local Elevators:
(March) EAST AR:  1328 to 1356
(NC) Summ. 1287 to 1315
River Elevators:
(March) MISS: 1365 to 1374 ; AR & White 1337 to 1355
(NC) Summ. 1301 to 1323
Ark. Processor Bids: (March) 1347 to 1354  (NC) 1309 to 1312
Memphis:  (March) 1372 3/4 to - - - (NC)  1321 1/2 to - - -
Riceland Foods:  (March) Stuttgart 1354 ; Pendleton 1356 
 (NC) Stuttgart 1312 ; Pendleton 1315 

Chicago Futures: March up 18 1/4 at  1348 3/4
  May  up  14 1/4  at  1348 3/4
  July up 13 1/4  at  1354 1/2
  Aug up 13 1/4  at  1346 1/4
  Nov up 12  at  1311 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans made a strong showing as they reversed yesterday’s declines. There was a mixed tone in outside markets as the dollar strengthened. Strong equity markets gave funds the opportunity to add to soybean positions. November is just a few cents below last week’s high of $13.15. A close above that level could give the market a push toward resistance around $13.50 to $13.60. This is a good pricing opportunity either to initiate 2012 crop sales or add to them.

Wheat
Cash bid for March at Memphis  658 to 664;

Bids to farmers at Local Elevators 628-648;
River Elevators 633-678;

Chicago Futures: March down  1 1/4  at  651 1/2 
  May down 2 1/4  at  649 
  July down  1 1/4  at  658 
  Sept down  2 1/4  at  673 3/4 
  Dec down  3 3/4  at  692 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1157 to 1182;

Bids to farmers at River Elevators 1120-1146;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   690 to - - -;
  New Crop at Memphis   590 to 600;
Bids to farmers at River Elevators  667 to 687

Chicago Futures: March up  2 1/2  at  674 
  May up  2 1/4  at  662 
  July up  at  658 
  Sept up  at  605 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was lower following improved crop conditions report in Kansas and Oklahoma. Above normal temperatures have the crop emerging early, which could make it susceptible to a cold snap. However long range forecasts suggested continued warmer than normal temperatures. Upside potential is limited by big world supplies. July has resistance at $7.00, then $7.25.

Corn closed mixed with old crop contracts ending the day slightly higher. Support came from a 240,000 m.t. export sale to an unknown destination – probably China. China is likely to exceed USDA’s projected imports of 4 mmt, with 3.87 mmt already purchased. December futures have stiff resistance at $5.75 to $6.00.



Cotton & Rice  Date: March 13, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 4 at  8204
  Greenwood up  4 at 8204

New York Futures: May up  at  8804 
  July down  13  at  8880 
 Oct down  37  at  9045 
 Dec down  at  8970 
 March '12 down  at  9080 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed narrowly mixed with little fresh fundamental news to give the market direction. Rising world stocks, over 62 million bales are a thorn in the side of the market as is declining use. However, current price levels should begin to buy back part of the market that was lost with last year’s high prices. December is struggling to hold support around 89 cents.

Rice

Long Grain Cash Bid for  March 1263/cwt  to  - - -
  NC 1334/cwt  to  - - -

Chicago Futures: March down  at  14125 
 May down  10  at  14335 
 July down  10  at  14605 
 Sept down  15  at  14845 
 Nov down  10  at  15115 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was narrowly mixed after two days of strong gains. Fundamentals remain unchanged with poor export demand weighing on the U.S. Market. Until demand improves or supplies tighten upside potential is limited. May futures have support around $13.75 and resistance at $15 to $15.50.



Cattle & Hogs  Date: March 13, 2012

Cattle
As reported by Federal-State Market News, receipts were 724 head at sales in Ft. Smith and Heber Springs.  Compared with last week, feeder steers sold weak to $3 lower .

Steers:
 Medium & Large Frame 1   500 to 550 lbs. 177.75 to 204
  550 to 600 lbs. 179 to 196.50
  600 to 650 lbs. - - - to - - -
 Medium & Large Frame 2   400 to 450 lbs. - - - to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 164.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 159.00 to - - -

Slaughter Cows, Boners 77.00   to   85.00
Light Weight 59.00 to 67.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   94.50   to   95.50
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 550 to 600 lbs. 179 to 196.50
  600 to 650 lbs. 167 to 182.75
Heifers 525 to 600 lbs. 161 to 171
  600 to 650 lbs. 151 to 161.75

Chicago Futures:
Live Cattle: April up 97 at 12772
  June up 90 at 12480
Feeders: April up 142 at 15777
  Aug up 132 at 16057

Cattle Comment
Cattle futures showed follow through on yesterday’s bounce off support. After declining almost $5 the market is pushing higher on indications packers are short covered for this week. However, packer margins are deep in the red at over $54 per head. This could limit upside potential. For the first time in 17 months beef exports were down from the same time a year ago.

Hogs
Peoria: were $2.50 lower to $1.50     higher   at   5700   to   5900

Chicago Futures: April up 37 at 8767
  June up 15 at 9502

Hogs Comment
Hog futures were slightly higher despite relatively weak domestic demand. On the other hand, exports were up 36% over year ago levels. Exports for January were second only to November 2011 movement. May futures should find support between $94 and $95.



Poultry  Date: March 13, 2012

Eggs

New York:  Ex. Lg. 105-109; Lg. 103-107; Med. 80-84;
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
Whole broiler/fryer prices are trending firm. Offerings of all sizes are light to moderate for current trade needs. Demand into all channels is moderate to good for early week business. Market activity is moderate to active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.