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Daily Market Report Archive

Grain & Soybean Date: March 19, 2012

Soybeans

Local Elevators:
(March) EAST AR:  1346 to 1374
(NC) Summ. 1296 to 1329
River Elevators:
(March) MISS: 1389 to 1393 ; AR & White 1355 to 1373
(NC) Summ. 1314 to 1337
Ark. Processor Bids: (March) 1372 to - - -  (NC) 1323 to 1326
Memphis:  (March) 1392 1/2 to - - - (NC)  1337 1/2 to - - -
Riceland Foods:  (March) Stuttgart 1372 ; Pendleton 1374 
 (NC) Stuttgart 1326 ; Pendleton 1329 

Chicago Futures: May down 7 1/2 at  1366 1/2
  July  down  7 1/4  at  1373 1/2
  Aug down 5 1/4  at  1364
  Nov down 2 3/4  at  1325 1/2
  March '12 down 3 3/4  at  1314 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans couldn’t overcome early selling and ended the session lower. A poor export inspection report added to the negative undertone. November futures were slightly lower but remain in a strong up trend that has given little indication that a market top is anywhere close. There is key resistance between $13.50 and $13.60 or just 30 cents or so higher. Positive outside markets limited downside pressure.

Wheat
Cash bid for March at Memphis  660 1/4 to 667 1/4;

Bids to farmers at Local Elevators 631-651;
River Elevators 675-692;

Chicago Futures: May down  19 3/4  at  652 1/4 
  July down 16 1/4  at  661 
  Sept down  13 3/4  at  676 3/4 
  Dec down  12  at  695 1/4 
  March '12 down  11 1/2  at  708 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1158 to 1185;

Bids to farmers at River Elevators 1123-1150;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   688 1/2 to - - -;
  New Crop at Memphis   586 to 596;
Bids to farmers at River Elevators  668 to 689

Chicago Futures: May down  9 1/2  at  663 1/2 
  July down  8 3/4  at  661 1/2 
  Sept down  4 1/4  at  601 
  March '12 down  3 3/4  at  580 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
July wheat charted a bearish reversal today, signaling prices could head lower. Futures have been trading in a narrowing range with a high around $7 and uptrending support near $6.50. Russia says there will be no need to limit exports, and that has renewed concerns about competition for U.S. wheat on the world market.

Corn closed lower as new crop December failed to generate enough support to push through resistance at $5.75. Like soybeans a poor export inspections report contributed to early selling. Weakness may also be attributed to a break in the Chinese corn market, which made a record high last week. Technically, old crop may had strong trendline resistance just above today’s high of $6.75 ¾.



Cotton & Rice  Date: March 19, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 160 at  8308
  Greenwood up  160 at 8308

New York Futures: May up  160  at  8908 
  July up  185  at  8990 
 Oct up  158  at  9084 
 Dec up  131  at  8959 
 March '12 up  126  at  9057 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton made good gains today with most contracts up 125 points or more. This was the 3rd consecutive higher daily close with December again finding buying in or around 88 cents. Signs of improved consumer buying provided increased impetus across all contracts. Upside potential will be limited until there are definitive signs of increased consumer interest here and abroad. For now December remains in a 10 cent trading range with resistance near 98 cents.

Rice

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

Chicago Futures: May up  at  1460 1/2 
 July up  7 1/2  at  1487 
 Sept up  8 1/2  at  1511 1/2 
 Nov up  10 1/2  at  1537 1/2 
 March '12 up  12 1/2  at  1571 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice extended late week gains today. Old crop contracts closed higher but well off overnight highs. Technical chart resistance is seen at $14.90 to $15. Long term the market will need fresh export demand to move significantly higher and that doesn’t appear very probable at this point. Smaller 2012 plantings could give the market a boost later in the year. Thai exports are off about 35% from last year as the new intervention program had pulled almost 7 mmt off the market. At some point it could become a big factor in market expectations.



Cattle & Hogs  Date: March 19, 2012

Cattle
As reported by Federal-State Market News, receipts were 2984 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers sold firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 204 to - - -
  500 to 550 lbs. 188 to - - -
  600 to 650 lbs. 169.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 189 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 77.00   to   84.00
Light Weight 66.00 to 72.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   91.00   to   100.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 525 to 600 lbs. 181 to 189
  600 to 650 lbs. 180 to 191
Heifers 525 to 600 lbs. 163 to 168.50
  600 to 650 lbs. 155 to 160

Chicago Futures:
Live Cattle: April down 12 at 12517
  June down 55 at 12215
Feeders: Mar down 45 at 15295
  April down 95 at 15335

Cattle Comment
Cattle futures closed lower again today with packer margins remaining negative at nearly $50 per head. June futures traded within Friday’s range so that low of $121.90 could provide some support.

Hogs
Peoria: were $3 lower to $1     higher   at   57   to   59

Chicago Futures: April up 15 at 8602
  June down 20 at 9340

Hogs Comment
Hog futures declined as well. 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 19, 2012

Eggs

New York:  Ex. Lg. 117-121; Lg. 115-119; Med. 91-95;
Chicago:  Ex. Lg. 106-114; Lg. 104-112; Med. 81-89;

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 with trading usually limited to regular commitment. Demand into all channels is moderate following the weekend. Market activity is moderate. In production areas, live supplies are moderate at mostly desirable weights.