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Daily Market Report Archive

Grain & Soybean Date: March 16, 2012

Soybeans

Local Elevators:
(March) EAST AR:  1353 to 1381
(NC) Summ. 1298 to 1331
River Elevators:
(March) MISS: 1390 to 1400 ; AR & White 1362 to 1380
(NC) Summ. 1316 to 1338
Ark. Processor Bids: (March) 1379 to - - -  (NC) 1325 to 1328
Memphis:  (March) 1400 to - - - (NC)  1339 1/4 to 1340 1/4
Riceland Foods:  (March) Stuttgart 1379 ; Pendleton 1381 
 (NC) Stuttgart 1328 ; Pendleton 1331 

Chicago Futures: May up 5 at  1374
  July  up  5 1/4  at  1380 3/4
  Aug up at  1369 1/4
  Nov up at  1328 1/4
  March '12 up 3 3/4  at  1318 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans edged a little higher, supported by positive outside markets. Strong demand continues to be a key factor, as does concern about production in South America. Soybeans are attempting to pull acreage from corn and the current price ratio of better than 2.3 should do that. November has resistance at $13.50 to $13.60, and then the contract high of $14.

Wheat
Cash bid for March at Memphis  682 to 687;

Bids to farmers at Local Elevators 647-667;
River Elevators 675-692;

Chicago Futures: May up  7 1/4  at  672 
  July up 4 3/4  at  677 1/4 
  Sept up  at  690 1/2 
  Dec up  3 1/2  at  707 1/4 
  March '12 up  3 1/4  at  719 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1180 to 1202;

Bids to farmers at River Elevators 1139-1166;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   698 to - - -;
  New Crop at Memphis   582 1/4 to 600 1/4;
Bids to farmers at River Elevators  678 to 690

Chicago Futures: May up  at  673 
  July up  3 1/4  at  670 1/4 
  Sept down  3/4  at  605 1/4 
  March '12 up  2 3/4  at  584 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat ended the week on a positive note as futures firmed today. Weather problems in Russia suggest their crop may be off this year. At the same time U.S. exports to the Middle East and Egypt have increased. Upside potential was limited by improving U.S. weather in Kansas and Oklahoma. July futures leave resistance around $6.84, then $7.00.

Corn ended the day mostly higher, the exception being the September contract. Increased talk of Chinese demand helped firm the market despite a private estimate putting 2012 plantings at just more than 95 million acres. Favorable early weather has allowed early field work which could mean corn planters will keeping running as long as possible. December futures put resistance at last week’s high of $5.75. The next chart resistance is $5.82, the $5.97.



Cotton & Rice  Date: March 16, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 14 at  8148
  Greenwood up  14 at 8148

New York Futures: May up  14  at  8748 
  July up  at  8805 
 Oct down  24  at  8926 
 Dec up  at  8828 
 March '12 down  12  at  8931 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed narrowly mixed as the market can’t generate much upward momentum. Lingering economic conditions and last year’s price, shifted dynamics toward man-made fibers. Light demand led to building world stocks, currently projected to be greater than 62 million bales. Shifting demand back to cotton will be slow. December has support at 86 cents, then just over 83 cents. At these price levels soybeans could gain average from cotton.

Rice

Long Grain Cash Bid for  March 1284/cwt  to  - - -
  NC 1353/cwt  to  - - -

Chicago Futures: May up  21 1/2  at  1453 1/2 
 July up  21  at  1479 1/2 
 Sept up  20 1/2  at  1503 
 Nov up  20  at  1527 
 March '12 up  21  at  1559 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures firmed again today. Thus the market continues to see-saw back and forth. There is little fresh fundamental news to drive the market. Export demand remains slow and outlook poor.



Cattle & Hogs  Date: March 16, 2012

Cattle
As reported by Federal-State Market News, receipts were 3584 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly $3 to $10 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 204 to - - -
  500 to 550 lbs. 190 to - - -
  600 to 650 lbs. 165.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 190.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 166 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 163.50 to - - -

Slaughter Cows, Boners 79.00   to   86.00
Light Weight 62.00 to 69.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   90.00   to   98.00
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   were   at   126   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 175 to 210
  550 to 600 lbs. 169 to 196.50
Heifers 500 to 550 lbs. 160.50 to 174
  550 to 600 lbs. 151 to 169

Chicago Futures:
Live Cattle: April down 27 at 12530
  June down 15 at 12270
Feeders: Mar down 97 at 15340
  April down 170 at 15430

Cattle Comment
Cattle futures closed on a negative note with packer margins remaining negative at nearly $50 per head. June futures fell to the lowest level since Christmas, while feeders were at two month lows.

Hogs
Peoria: were     steady   at   58   to   60

Chicago Futures: April down 102 at 8587
  June down 52 at 9360

Hogs Comment
Hog futures declined on falling composite pork carcass values. Wholesale values are about 10% below year ago levels. Investment funds appear to be liquidating holdings just as grocers are featuring grilling products. June futures have support about a dollar lower.



Poultry  Date: March 16, 2012

Eggs

New York:  Ex. Lg. 116-120; Lg. 114-118; Med. 89-93;
Chicago:  Ex. Lg. 93-101; Lg. 91-99; Med. 69-77;

National Turkeys
Hens: 8-16 lbs. 102.33
Toms: 16-24 lbs. 104.00
 

Delmarva Broilers
U.S. Grade A
Prices for whole broiler/fryer are mostly steady. Offerings are moderate for current trade needs. demand into all channels is moderate entering the weekend. Market activity is moderate. In production areas, live supplies are moderate at mostly desirable weights.