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Daily Market Report Archive

Grain & Soybean Date: March 15, 2012

Soybeans

Local Elevators:
(March) EAST AR:  1348 to 1376
(NC) Summ. 1296 to 1329
River Elevators:
(March) MISS: 1385 to 1395 ; AR & White 1357 to 1375
(NC) Summ. 1315 to 1337
Ark. Processor Bids: (March) 1374 to - - -  (NC) 1323 to 1326
Memphis:  (March) 1395 to - - - (NC)  1336 1/4 to 1337 1/4
Riceland Foods:  (March) Stuttgart 1374 ; Pendleton 1376 
 (NC) Stuttgart 1326 ; Pendleton 1329 

Chicago Futures: May up 18 3/4 at  1369
  July  up  19  at  1375 1/2
  Aug up 17 1/4  at  1365 1/4
  Nov up 15 1/4  at  1326 1/4
  March '12 up 12  at  1314 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans posted huge gains on the open, but had fallen off the highs by mid-day. The weekly export total of 51.2 million bushels was well ahead of trade projections and pushed futures higher. Going forward, it is thought China will increase corn plantings at the expense of soybeans, leading to more exports from the U.S. While further gains are possible, resistance at $13.50 to $13.60 could be a stretch.

Wheat
Cash bid for March at Memphis  675 3/4 to 679 3/4;

Bids to farmers at Local Elevators 643-663;
River Elevators 648-688;

Chicago Futures: May up  21  at  664 3/4 
  July up 18  at  672 1/2 
  Sept up  16 1/2  at  686 1/2 
  Dec up  14 1/4  at  703 3/4 
  March '12 up  12 3/4  at  716 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1168 to 1195;

Bids to farmers at River Elevators 1132-1159;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   693 to 697;
  New Crop at Memphis   586 to 601;
Bids to farmers at River Elevators  674 to 694

Chicago Futures: May up  10 1/4  at  669 
  July up  10 1/4  at  667 
  Sept up  4 3/4  at  606 
  March '12 up  7 1/4  at  581 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat followed soybeans higher, despite a disappointing export report of its own to contend with. USDA says only 13.2 million bushels were sold for export last week. Upside potential is limited by big world supplies. July has resistance at $7.00, then $7.25.

Corn was posting across the board gains at mid-day. Weekly exports were in line with expectations at 32.9 million bushels. 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 15, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 2 at  8134
  Greenwood up  2 at 8134

New York Futures: May up  20  at  8734 
  July up  25  at  8801 
 Oct up  at  8950 
 Dec down  38  at  8827 
 March '12 down  25  at  8943 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was no better than mixed at mid-day. 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 1262/cwt  to  - - -
  NC 1333/cwt  to  - - -

Chicago Futures: May up  40 1/2  at  1432 
 July up  40 1/2  at  1458 1/2 
 Sept up  40 1/2  at  1482 1/2 
 Nov up  38  at  1507 
 March '12 up  13 1/2  at  1538 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was also mixed at mid-day. 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 15, 2012

Cattle
As reported by Federal-State Market News, receipts were 2192 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold very unevenly, ranging from $3 lower to $4 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 199 to - - -
  500 to 550 lbs. 193 to - - -
  600 to 650 lbs. 162 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 186.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 159.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 163.50 to - - -

Slaughter Cows, Boners 75.00   to   83.00
Light Weight 59.00 to 67.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   85.00   to   97.00
Midwest Steers   were   at   126   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 192 to 194
  550 to 600 lbs. 186 to 194
Heifers 500 to 550 lbs. 189 to 192
  550 to 600 lbs. 186 to 190

Chicago Futures:
Live Cattle: April down 145 at 12557
  June down 105 at 12285
Feeders: Mar down 82 at 15437
  April down 122 at 15600

Cattle Comment
Cattle futures were higher in early dealing, but were lower by mid-day. Packer margins are deep in the red, and lower product prices won’t help. Retailers are expected to feature beef any day now as warm weather has people firing up their grills for the first time this spring, but it hasn’t happened yet.

Hogs
Peoria: were $1 lower to $3     higher   at   58   to   60

Chicago Futures: April down 50 at 8690
  June down 42 at 9412

Hogs Comment
Hog futures were mixed. Exports have been the key support in this market for a while, and traders are watching the value of the dollar closely. May futures should find support between $94 and $95.



Poultry  Date: March 15, 2012

Eggs

New York:  Ex. Lg. 114-118; Lg. 112-116; Med. 87-91;
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 moderate for current trade needs. Demand into all channels is moderate approaching the weekend. Market activity is moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.