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 |
4 |
at |
1348 1/2 |
| |
Nov |
down |
6 |
at |
1311 3/4 |
| |
March '12 |
down |
5 |
at |
1301 1/2 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
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 |
9 |
at |
703 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
6 |
at |
1440 1/2 |
| | July |
up |
6 1/2 |
at |
1467 |
| | Sept |
up |
5 |
at |
1489 |
| | Nov |
up |
1 1/2 |
at |
1512 |
| | March '12 |
unchanged |
0 |
at |
1566 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
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 AWhole 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.