Grain & Soybean Date: March 23, 2012
Soybeans
Local Elevators:
(March) EAST AR: 1345 to 1373
(NC) Summ. 1293 to 1326
River Elevators:
(March) MISS: 1380 to 1391 ; AR & White 1352
to 1370
(NC) Summ. 1311 to 1333
Ark. Processor Bids: (March) 1371 to - - -
(NC) 1320 to 1323
Memphis:
(March) 1386 3/4 to 1387 3/4 (NC)
1330 1/2 to 1332 1/2
Riceland Foods:
(March) Stuttgart 1371 ; Pendleton
1373
(NC) Stuttgart 1323 ; Pendleton
1326
| Chicago Futures: |
May |
up |
16 1/4 |
at |
1365 3/4 |
| |
July |
up |
15 |
at |
1371 3/4 |
| |
Aug |
up |
14 1/4 |
at |
1362 3/4 |
| |
Nov |
up |
10 3/4 |
at |
1322 1/2 |
| |
March '12 |
up |
8 1/2 |
at |
1310 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans traded higher on coat tails of strong overnight session. The Argentina Ministry of Agriculture estimated the soybean crop at 44 mmt, or 2.5 mmt below the latest USDA projection. Growing concern about potential U.S. plantings and positive outside markets boosted November within cents of the recent high. A close above that level, $13.33, would send the market toward other resistance near $13.40, and then $13.70. Good weather is raising question about potential corn acreage – and possibility gains will come at the expense of soybeans.
Wheat
Cash bid for March at Memphis 669 1/4 to 672 1/4;
| Bids to farmers at Local Elevators |
635-655; |
| River Elevators |
637-675; |
| Chicago Futures: |
May |
up |
8 |
at |
654 1/4 |
| |
July |
up |
9 |
at |
664 1/2 |
| |
Sept |
up |
8 3/4 |
at |
679 |
| |
Dec |
up |
8 3/4 |
at |
698 1/2 |
| |
March '12 |
up |
9 |
at |
712 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for March at Memphis 1128 to - - -;
| Bids to farmers at River Elevators |
1093-1120; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
March at Memphis
667 1/2 to 668 1/2; |
| |
New Crop at Memphis
567 1/4 to 574 1/4; |
| Bids to farmers at River Elevators |
649 to 672 |
| Chicago Futures: |
May |
up |
2 |
at |
646 1/2 |
| |
July |
up |
15 |
at |
1371 3/4 |
| |
Sept |
down |
14 1/4 |
at |
582 1/4 |
| |
March '12 |
up |
2 |
at |
568 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat futures posted solid gains again today. Most of the buying today was technical in nature and spurred by yesterday’s chart action. July charted a bullish reversal after finding support at $6.40 in Thursday’s trade. U.S. prices have fallen below those of our European competitors, but so far, demand is no better than routine.
Corn ended the session narrowly mixed as the market lost early gains. Good early weather is beginning to raise corn acreage expectations. Anhydrous has been applied to much of the acreage and producers tend to continue to plant corn if weather allows. Three private estimates had corn planting at 94.8 to 95.1 million acres, some are beginning to whisper 96 million acres.
Cotton & Rice Date: March 23, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis up 5 at
8413 |
| |
Greenwood up
5 at 8413 |
| New York Futures: |
May |
up |
5 |
at |
8963 |
| |
July |
up |
4 |
at |
9027 |
| | Oct |
down |
6 |
at |
9041 |
| | Dec |
down |
24 |
at |
8871 |
| | March '12 |
down |
42 |
at |
8938 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton lost small early gains and ended the session mostly lower. Generally, poor economic outlooks continue to weigh on cotton demand. This year’s use is projected to be 11 million bales or so more than use, raising world stocks to over 62 million bales. Cotton will need to regain market that was lost to man-made fibers when price exploded. December continues to hold 88 cents level.
Rice
| Long Grain Cash Bid for |
March |
1290/cwt |
to |
- - - |
| |
NC |
1360/cwt |
to |
- - - |
| Chicago Futures: |
May |
up |
18 1/2 |
at |
1460 |
| | July |
up |
20 |
at |
1487 |
| | Sept |
up |
20 1/2 |
at |
1509 1/2 |
| | Nov |
up |
20 1/2 |
at |
1532 1/2 |
| | March '12 |
up |
- - - |
at |
1566 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice followed wheat and soybeans higher buoyed by positive outside markets. The possibility of acreage moving to corn and/or soybeans could be a major concern. While other fundamentals remain negative the market may attempt to retrieve some acres for rice. Ample world stocks and poor export demand don’t bode well for any extended market upturn. A hundred dollar decline in milled price levels hasn’t exactly flushed a lot of buys out.
Cattle & Hogs Date: March 23, 2012
Cattle
As reported by Federal-State Market News, receipts were 8060 head
at sales in Arkansas this week.
Compared with last week, feeder steers sold mostly $1 to$3 lower .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
167 |
to |
216 |
|
| |
500 |
to |
550 lbs. |
165 |
to |
196 |
|
| |
600 |
to |
650 lbs. |
154 |
to |
175 |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
164 |
to |
200 |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
145 |
to |
177.50 |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
140 |
to |
175 |
Slaughter Cows, Boners 80.00 to 86.00
Light Weight 63.00 to 69.00
Bulls, Yield Grade 1
1000 to 2100 lbs. 89.00
to 99.00
Midwest Steers - - - at - - -
to - - -
Panhandle Steers - - - at - - -
to - - -
Oklahoma City Feeders
|
| Steers |
500 |
to |
550 lbs. |
180 |
to |
204.25 |
| |
550 |
to |
600 lbs. |
169 |
to |
194 |
| Heifers |
500 |
to |
550 lbs. |
163 |
to |
179.50 |
| |
550 |
to |
600 lbs. |
142 |
to |
171 |
Chicago Futures:
| Live Cattle: |
April |
down |
75 |
at |
12450 |
| |
June |
down |
107 |
at |
12110 |
| Feeders: |
Mar |
down |
15 |
at |
15330 |
| |
April |
down |
117 |
at |
15242 |
Cattle Comment
Cattle futures were under renewed pressure today. Beef prices have fallen most of the month of March, and prices were weaker again yesterday. This afternoon’s cattle on feed report is expected to show a larger inventory than a year ago. Live June futures could head for a retest of support near $119.
Hogs
Peoria: were steady
at 56.00 to 58.00
| Chicago Futures: |
April |
down |
37 |
at |
8502 |
| |
June |
down |
60 |
at |
9222 |
Hogs Comment
Hog futures also posted sharp losses. Pork prices have fallen again this week, and are now about 13% below year ago prices. Heavy cold storage stocks and sluggish demand are limiting the upside for now.
Poultry Date: March 23, 2012
Eggs
| New York: |
Ex. Lg. 130-134; Lg. 128-132; Med. 105-109; |
| Chicago: |
Ex. Lg. 106-114; Lg. 104-112; Med. 81-89; |
National Turkeys
| Hens: |
8-16 lbs. |
104.50 |
| Toms: |
16-24 lbs. |
104.50 |
| |
|
|
Delmarva Broilers
U.S. Grade APrices for whole broiler/fryer are steady to weak. Offerings are moderate to at times heavy for current trade needs. Demand into all channels is light to moderate entering the weekend. Market activity is slow to moderate. In production areas, live supplies are moderate at mostly desirable weights.