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Daily Market Report Archive

Grain & Soybean Date: March 20, 2012

Soybeans

Local Elevators:
(March) EAST AR:  1324 to 1352
(NC) Summ. 1277 to 1310
River Elevators:
(March) MISS: 1361 to 1370 ; AR & White 1333 to 1351
(NC) Summ. 1295 to 1317
Ark. Processor Bids: (March) 1350 to - - -  (NC) 1304 to 1307
Memphis:  (March) 1365 to 1366 (NC)  1317 1/4 to 1322 1/4
Riceland Foods:  (March) Stuttgart 1350 ; Pendleton 1352 
 (NC) Stuttgart 1307 ; Pendleton 1310 

Chicago Futures: May down 21 1/2 at  1345
  July  down  21 1/4  at  1352 1/4
  Aug down 20 1/2  at  1343 1/2
  Nov down 18 1/4  at  1307 1/4
  March '12 down 17 1/2  at  1297
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were sharply lower as the market continued the downturn that started yesterday. Concern about declining hog prices leading to weak meal demand contributed to selling and profit taking. November soybeans have risen over $2 since the middle of December, and were due a retracement. The question is whether this is topping action of a temporary setback. A November close below trendline support near $12.80 would signal further possible declines.

Wheat
Cash bid for March at Memphis  652 1/2 to 657 1/2;

Bids to farmers at Local Elevators 622-642;
River Elevators 627-662;

Chicago Futures: May down  9 3/4  at  642 1/2 
  July down 9 1/2  at  651 1/2 
  Sept down  9 1/2  at  667 1/4 
  Dec down  8 1/2  at  686 3/4 
  March '12 down  8 1/2  at  699 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1129 to 1156;

Bids to farmers at River Elevators 1095-1121;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   669 1/2 to 673 1/2;
  New Crop at Memphis   580 3/4 to 585 3/4;
Bids to farmers at River Elevators  652 to 673

Chicago Futures: May down  16  at  647 1/2 
  July down  15 1/2  at  646 
  Sept down  10 1/4  at  590 3/4 
  March '12 down  10  at  570 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
July wheat posted sharp losses today after charting a bearish reversal yesterday. The market held support at the trendline near $6.50 for now, however. 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 ended the day on a weak note, triggered by sluggish export demand and a weaker undertone in outside markets. Corn has struggled since the first of the year. Prospects of 94 million acres plus being planted in the U.S. kept the market on the defensive even during the drought problems in South America. December has key support at $5.50, and then $5.35.



Cotton & Rice  Date: March 20, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 118 at  8190
  Greenwood down  118 at 8190

New York Futures: May down  118  at  8790 
  July down  118  at  8872 
 Oct down  148  at  8936 
 Dec down  113  at  8846 
 March '12 down  125  at  8932 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton reversed yesterday’s gains and followed grains lower. New concerns about the debt situation in Greece provided the impetus for the decline. Negative outside markets simply added to the weakening undertone. December continues to challenge support around 88 cents.

Rice

Long Grain Cash Bid for  March 1267/cwt  to  - - -
  NC 1338/cwt  to  - - -

Chicago Futures: May down  24  at  1436 1/2 
 July down  24 1/2  at  1462 1/2 
 Sept down  24  at  1487 1/2 
 Nov down  26  at  1511 1/2 
 March '12 down  4 1/2  at  1567 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice retraced a good portion of recent gains. Rice was in a follow mode as grains and soybeans were under heavy selling pressure. Weak export demand remains a major feather in the market. Combine that with plentiful world stocks and upside potential remains limited.



Cattle & Hogs  Date: March 20, 2012

Cattle
As reported by Federal-State Market News, receipts were 877 head at sales in Ft. Smith and Heber Springs.  Compared with last week, feeder steers sold mostly firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 198 to - - -
  500 to 550 lbs. 183 to - - -
  - - - to - - - lbs. - - - to - - -
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 170 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 162.50 to - - -

Slaughter Cows, Boners 79.00   to   86.00
Light Weight 60.00 to 67.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   92.50   to   98.50
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 186 to 203
  550 to 600 lbs. 180 to 194
Heifers 500 to 600 lbs. 158.50 to 170.00
  600 to 650 lbs. 149 to 165

Chicago Futures:
Live Cattle: April down 65 at 12452
  June down 70 at 12145
Feeders: Mar down 22 at 15272
  April down 87 at 15247

Cattle Comment
The selling in cattle futures accelerated today. Packer margins remain far in the red, and that has taken its toll on futures prices. Live June futures could head for a retest of support near $119.

Hogs
Peoria: were     steady   at   57.00   to   59.00

Chicago Futures: April down 107 at 8495
  Jun down 75 at 9265

Hogs Comment
Hog futures were lower, but June found support at the December low of $92.35. Wholesale values are about 10% below year ago levels. Investment funds appear to be liquidating holdings just as grocers are featuring grilling products.



Poultry  Date: March 20, 2012

Eggs

New York:  Ex. Lg. 121-125; Lg. 119-123; Med. 95-99;
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
Whole broiler/fryer prices are steady. Offerings are moderate for current trade needs. Demand into all channels is moderate. Market activity is moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.