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Daily Market Report Archive

Grain & Soybean Date: March 22, 2012

Soybeans

Local Elevators:
(March) EAST AR:  1329 to 1357
(NC) Summ. 1282 to 1315
River Elevators:
(March) MISS: 1364 to 1375 ; AR & White 1336 to 1354
(NC) Summ. 1300 to 1322
Ark. Processor Bids: (March) 1355 to - - -  (NC) 1309 to 1312
Memphis:  (March) 1364 1/2 to 1369 1/2 (NC)  1319 3/4 to 1323 3/4
Riceland Foods:  (March) Stuttgart 1355 ; Pendleton 1357 
 (NC) Stuttgart 1312 ; Pendleton 1315 

Chicago Futures: May down 5 1/2 at  1349 1/2
  July  down  5 1/4  at  1356 3/4
  Aug down at  1348 1/2
  Nov down at  1311 3/4
  March '12 down at  1301 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed a little lower as the market retraced a portion of early declines. Negative outside markets reflected ongoing macro-economic problems that pushed investment funds to the sell side. The weak economy in Europe is impacting China’s manufacturing activity, which in turn contributes to a stronger dollar and weaker equity markets. Disappointing soybean export sales were a factor in the market’s recent up and down movement. At this point November is consolidating between $13.33 and $13.

Wheat
Cash bid for March at Memphis  656 1/4 to 661 1/4;

Bids to farmers at Local Elevators 626-646;
River Elevators 628-666;

Chicago Futures: May up  10  at  646 1/4 
  July up 9 3/4  at  655 1/2 
  Sept up  8 3/4  at  670 1/4 
  Dec up  8 3/4  at  689 3/4 
  March '12 up  at  703 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1124 to - - -;

Bids to farmers at River Elevators 1089-1116;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   664 1/2 to 666 1/2;
  New Crop at Memphis   567 1/2 to 574 1/2;
Bids to farmers at River Elevators  648 to 670

Chicago Futures: May up  2 1/2  at  644 1/2 
  July up  1 1/2  at  642 3/4 
  Sept down  2 1/2  at  582 1/2 
  March '12 up  1 1/2  at  566 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures posted gains, and July charted a bullish reversal after finding support at $6.40. The weekly export total came in within trade expectations at 19.9 million bushels. The total is still down 23% from last year, and it is looking less and less likely that exports will meet the USDA projection of 1 billion bushels.

Corn ended the day mixed as losses were retraced later in the session. Old crop contracts closed higher as stocks continue to tighten. At the present time exports are almost 10% below year ago levels. This is weaker than indicated by current USDA export projections and could lead to a downward adjustment in some future supply demand report. Big 2012 U.S. crop prospects pushed December down to support at $5.50 before the market recovered.



Cotton & Rice  Date: March 22, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 177 at  8408
  Greenwood up  177 at 8408

New York Futures: May up  127  at  8958 
  July up  115  at  9023 
 Oct up  84  at  9047 
 Dec up  39  at  8895 
 March '12 up  49  at  8980 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton managed to firm slightly again today. However, there was no fresh fundamental news. Technically the market is holding above recent support, which is around 88 cents for December. Upside potential appears limited with demand slow and world stocks building.

Rice

Long Grain Cash Bid for  March 1271/cwt  to  - - -
  NC 1339/cwt  to  - - -

Chicago Futures: May up  at  1440 1/2 
 July up  6 1/2  at  1467 
 Sept up  at  1489 
 Nov up  1 1/2  at  1512 
 March '12 unchanged  at  1566 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was a little higher as the market continues in a yo-yo fashion just above recent support. Ample world supplies, including big Thai intervention stocks, 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 22, 2012

Cattle
As reported by Federal-State Market News, receipts were 1693 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold $1 to $6 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 195.50 to - - -
  500 to 550 lbs. 183.00 to - - -
  600 to 650 lbs. 158.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 180.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 157.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 158.25 to - - -

Slaughter Cows, Boners 75.00   to   85.00
Light Weight 66.00 to 68.00
Bulls, Yield Grade   1&2   1000   to   2100 lbs.   85.00   to   94.50
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 199 to 207
  500 to 550 lbs. 199 to 200
Heifers 500 to 550 lbs. 163.50 to 169.50
  550 to 600 lbs. 156 to 160

Chicago Futures:
Live Cattle: April up 30 at 12525
  June up 22 at 12217
Feeders: Mar up 15 at 15345
  April up 50 at 15360

Cattle Comment
Cattle futures were supporive. 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 $1 lower to $1     higher   at   56.00   to   58.00

Chicago Futures: April up 42 at 8540
  June up 62 at 9282

Hogs Comment
Hog futures were also higher. Yesterday’s low of $92.05 becomes the first level of support for June. Pork prices have fallen again this week, and are now about 13% below year ago prices.



Poultry  Date: March 22, 2012

Eggs

New York:  Ex. Lg. 128-132; Lg. 126-130; Med. 103-107;
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 trending steady to weak. Offerings are moderate to at times heavy for current trade need. Demand into all channels is light to moderate with discounting noted to help clear. Market activity is slow to moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.