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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
7 |
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 |
0¢ |
| medium grain rice is |
0¢ |
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 APrices 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.