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Daily Market Report Archive

Grain & Soybean Date: March 14, 2012

Soybeans

Local Elevators:
(March) EAST AR:  1329 to 1357
(NC) Summ. 1281 to 1314
River Elevators:
(March) MISS: 1366 to 1375 ; AR & White 1338 to 1356
(NC) Summ. 1300 to 1322
Ark. Processor Bids: (March) 1348 to 1355  (NC) 1308 to 1311
Memphis:  (March) 1374 1/4 to 1376 1/4 (NC)  1321 to 1322
Riceland Foods:  (March) Stuttgart 1355 ; Pendleton 1357 
 (NC) Stuttgart 1311 ; Pendleton 1314 

Chicago Futures: March up 7 1/4 at  1356
  May  up  1 1/2  at  1350 1/4
  July up at  1356 1/2
  Aug up 1 3/4  at  1348
  Nov up 1/2  at  1327 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed slightly higher despite negative outside markets. Prospects of increased Chinese demand kept trade on the positive side. It is thought, China will increase corn plantings at the expense of soybeans, leading to more exports from the U.S. November futures was the only contract to end the session lower. This came after the market moved above the Monday high of $13.15. While further gains or possible resistance at $13.50 to $13.60 could be a stretch.

Wheat
Cash bid for March at Memphis  654 3/4 to 658 3/4;

Bids to farmers at Local Elevators 625-645;
River Elevators 630-670;

Chicago Futures: March up  1/4  at  651 3/4 
  May down 5 1/4  at  643 3/4 
  July down  3 1/2  at  654 1/2 
  Sept down  3 3/4  at  670 
  Dec down  3 1/4  at  689 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1155 to 1176;

Bids to farmers at River Elevators 1114-1141;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   686 3/4 to - - -;
  New Crop at Memphis   581 1/4 to 596 1/4;
Bids to farmers at River Elevators  664 to 684

Chicago Futures: March down  4 1/2  at  669 1/2 
  May down  3 1/4  at  658 3/4 
  July down  1 1/4  at  656 3/4 
  Sept down  3 3/4  at  601 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was lower today, but the trend is mostly sideways at this point. 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 was pressured by negative outside markets and belief China will limit purchases as they expand plantings in 2012. Lower feed demand and steady ethanol use are weighing on the market, as the trade anticipates U.S. plantings of 94 million plus acres in 2012. A return to trend line yields appears possible with the current warm weather allowing for early land preparation.



Cotton & Rice  Date: March 14, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 90 at  8114
  Greenwood down  90 at 8114

New York Futures: May down  90  at  8714 
  July down  104  at  8776 
 Oct down  102  at  8943 
 Dec down  105  at  8865 
 March '12 down  112  at  8968 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton lost more ground today with December closing below 89 cents. There is little news to give the market direction, so the market is looking at building world stocks and the potential for a sizeable U.S. crop if conditions in Texas improve. Last year’s big price bump, cut cotton use as cheaper man-made fibers filled the void.

Rice

Long Grain Cash Bid for  March 1222/cwt  to  - - -
  NC 1292/cwt  to  - - -

Chicago Futures: March down  17  at  1395 1/2 
 May down  42  at  1391 1/2 
 July down  42 1/2  at  1418 
 Sept down  42 1/2  at  1442 
 Nov down  42 1/2  at  1469 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was sharply lower as the market reversed early week gains. There is little fresh fundamental news to give the market direction. At this point, weak export demand is a market killer. U.S. exports trail year ago levels by over 700,000 metric tonnes. Smaller U.S. plantings are anticipated and that may give the market a boost later in the year. Current weakness is another signal that less acres are needed.



Cattle & Hogs  Date: March 14, 2012

Cattle
As reported by Federal-State Market News, receipts were 683 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold very uneven from sale to sale, averaging near steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 202 to - - -
  500 to 550 lbs. 177.50 to - - -
  600 to 650 lbs. 150 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 176 to

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 159 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 164 to - - -

Slaughter Cows, Boners 76.00   to   83.00
Light Weight 59.00 to 64.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   92.00   to   99.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 204 to 210.50
  500 to 600 lbs. 177.75 to 204
Heifers 500 to 550 lbs. 165 to 169
  550 to 600 lbs. 161 to 171

Chicago Futures:
Live Cattle: April down 70 at 12702
  June down 85 at 12390
Feeders: April down 55 at 15722
  Aug down 22 at 16035

Cattle Comment
Cattle futures lost ground today. Falling beef prices and a rising dollar were cited as the impetus for today’s move. Packer margins are deep in the red, and lower product prices and less competitive exports won’t help. This could limit upside potential.

Hogs
Peoria: were     steady   at   5700   to   5900

Chicago Futures: April down 25 at 8740
  June down 47 at 9455

Hogs Comment
Hog futures ended mixed. Exports have been the key support in this market for a while, and today’s stronger dollar resulted in weakness. May futures should find support between $94 and $95.



Poultry  Date: March 14, 2012

Eggs

New York:  Ex. Lg. 109-113; Lg. 107-111; Med. 82-86;
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 steady to firm. Offerings are light to moderate for current trade needs. Demand into all channels is moderate to at times good. Market activity is moderate to instances active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.