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Daily Market Report Archive

Grain & Soybean Date: March 21, 2012

Soybeans

Local Elevators:
(March) EAST AR:  1334 to 1362
(NC) Summ. 1288 to 1321
River Elevators:
(March) MISS: 1369 to 1380 ; AR & White 1341 to 1359
(NC) Summ. 1306 to 1333
Ark. Processor Bids: (March) 1360 to - - -  (NC) 1325 to 1328
Memphis:  (March) 1370 to 1375 (NC)  1325 3/4 to 1329 3/4
Riceland Foods:  (March) Stuttgart 1360 ; Pendleton 1362 
 (NC) Stuttgart 1318 ; Pendleton 1321 

Chicago Futures: May up 10 at  1355
  July  up  9 3/4  at  1362
  Aug up at  1352 1/2
  Nov up 10 1/2  at  1317 3/4
  March '12 up 9 1/2  at  1306 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans made a quick turn around and retraced a portion of recent loses. Whether the market bias topped, or is just in the midst of a temporary down turn is yet to be determined. A close above $13.33 or below $12.85 by the November contract would suggest whether the market is headed higher or lower. Renewed Chinese interest and concern about the Dock workers strike in Argentina were factors in today’s gains. Fresh information will be needed to keep the bull market moving higher. In any event producer should consider using any rally to price a portion of expected 2012 production.

Wheat
Cash bid for March at Memphis  645 1/4 to 651 1/4;

Bids to farmers at Local Elevators 616-636;
River Elevators 618-661;

Chicago Futures: May down  6 1/4  at  636 1/4 
  July down 5 3/4  at  645 3/4 
  Sept down  5 3/4  at  661 1/2 
  Dec down  5 3/4  at  681 
  March '12 down  5 1/2  at  694 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1118 to 1120;

Bids to farmers at River Elevators 1084-1111;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   662 to 664;
  New Crop at Memphis   570 to 579;
Bids to farmers at River Elevators  644 to 667

Chicago Futures: May down  5 1/2  at  642 
  July down  4 3/4  at  641 1/4 
  Sept down  5 3/4  at  585 
  March '12 down  at  564 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures continued lower today. July has fallen below support near $6.50, which could signal additional weakness. Ukraine is estimated to increase wheat acreage by 23% this spring, adding to already large supplies.

Corn remained under pressure and failed to follow beans higher. Support levels are being tested as prospects of a large 2012 U.S. crop are weighing on the market. A December close below $5.50 brings the late 2011 low of $5.35 into play. Below that, support comes in 50 cents increments - $5.00, $4.50, etc.



Cotton & Rice  Date: March 21, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 41 at  8231
  Greenwood up  41 at 8231

New York Futures: May up  41  at  8831 
  July up  36  at  8908 
 Oct up  27  at  8963 
 Dec up  10  at  8856 
 March '12 down  at  8931 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed slightly higher with December clinging to support around 88 cents. The only semi-positive thing in the cotton market was a report that China’s Ministry of Agriculture projected cotton acreage would be down 5% this year. That is a start, but the market still has world stocks of 62 million plus bales to deal with. Demand needs to improve to keep the market from sliding lower.

Rice

Long Grain Cash Bid for  March 1265/cwt  to  - - -
  NC 1334/cwt  to  - - -

Chicago Futures: May down  at  1434 1/2 
 July down  at  1460 1/2 
 Sept down  3 1/2  at  1484 
 Nov down  at  1510 1/2 
 March '12 down  at  1566 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice closed slightly lower after failing to hold small early gains. There is little fresh news to give the market direction. Ample world supplies, including big Thai intervention storks, hang over the market. The Thai program has helped firm their market ever so slightly, but the fact is, it is there and can come back into play at some point. Vietnam is doing business with the Philippines, but this year’s exports are running 40% below their 5 year average. It looks as though India has a bumper crop which should keep them in an aggressive export mode. Unfortunately, this doesn’t bode well for U.S. exports and potential price improvement.



Cattle & Hogs  Date: March 21, 2012

Cattle
As reported by Federal-State Market News, receipts were 957 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold very uneven, averaging near steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 199 to - - -
  500 to 550 lbs. 183 to - - -
  600 to 650 lbs. 161 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 177 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 157 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 159 to - - -

Slaughter Cows, Boners 80.00   to   87.00
Light Weight 60.00 to 68.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   92.00   to   100.00
Midwest Steers   were   at   126   to   - - -
Panhandle Steers   were   at   126   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 186 to 203
  550 to 600 lbs. 180 to 194
Heifers 500 to 550 lbs. 164 to 169
  550 to 600 lbs. 158.50 to 170

Chicago Futures:
Live Cattle: April up 42 at 12495
  June up 50 at 12195
Feeders: Mar up 57 at 15330
  April up 62 at 15310

Cattle Comment
Cattle futures turned mostly higher today. However, counter-seasonal weak demand is weighing on prices, and packer margins remain in the red. 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 up 2 at 8497
  Jun down 45 at 9220

Hogs Comment
Hog futures were also mixed. June posted losses and violated support at $92.35. Pork prices have fallen again this week, and are now about 13% below year ago prices.



Poultry  Date: March 21, 2012

Eggs

New York:  Ex. Lg. 125-129; Lg. 123-127; Med. 99-103;
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 for midweek business. Market activity is moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.