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Daily Market Report Archive

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:

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  at  654 1/4 
  July up at  664 1/2 
  Sept up  8 3/4  at  679 
  Dec up  8 3/4  at  698 1/2 
  March '12 up  at  712 
  Today's Arkansas LDP rate for wheat is:

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:

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  at  646 1/2 
  July up  15  at  1371 3/4 
  Sept down  14 1/4  at  582 1/4 
  March '12 up  at  568 
  Today's Arkansas LDP rate for corn is:

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  at  8963 
  July up  at  9027 
 Oct down  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 
medium grain rice is 
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 A
Prices 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.