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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
4 |
at |
658 |
| |
Sept |
up |
2 |
at |
605 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
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 |
4 |
at |
8804 |
| |
July |
down |
13 |
at |
8880 |
| | Oct |
down |
37 |
at |
9045 |
| | Dec |
down |
9 |
at |
8970 |
| | March '12 |
down |
3 |
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 |
5 |
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 |
0¢ |
| medium grain rice is |
0¢ |
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 AWhole 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.