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Daily Market Report Archive

Grain & Soybean Date: March 26, 2012

Soybeans

Local Elevators:
(March) EAST AR:  1359 to 1387
(NC) Summ. 1300 to 1333
River Elevators:
(March) MISS: 1394 to 1405 ; AR & White 1366 to 1384
(NC) Summ. 1318 to 1340
Ark. Processor Bids: (March) 1385 to - - -  (NC) 1327 to 1330
Memphis:  (March) 1400 1/2 to 1404 1/2 (NC)  1337 1/2 to - - -
Riceland Foods:  (March) Stuttgart 1385 ; Pendleton 1387 
 (NC) Stuttgart 1330 ; Pendleton 1333 

Chicago Futures: May up 13 3/4 at  1379 1/2
  July  up  12 1/2  at  1384 1/4
  Aug up 10 1/4  at  1373
  Nov up at  1329 1/2
  March '12 up at  1315
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans moved sharply higher in the early trade after the Brazilian crop number was pegged at 66.7 mmt by AgRural. That was almost 2 mmt below the USDA estimate earlier in the month. Potential Chinese demand added to the early move. However, late selling reduced ains. November broke above last week’s high, but failing to hold above $13.33 at the close puts the market at risk. Resistance is layered at 13.40, 13.70 and $44. November will need to close above $13.40 to extend the uptrend.

Wheat
Cash bid for March at Memphis  674 1/2 to 675 1/2;

Bids to farmers at Local Elevators 640-660;
River Elevators 642-680;

Chicago Futures: May up  5 1/4  at  659 1/2 
  July up 5 3/4  at  670 1/4 
  Sept up  at  685 
  Dec up  at  704 1/2 
  March '12 up  5 3/4  at  717 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1110 to 1112;

Bids to farmers at River Elevators 1077-1104;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   658 3/4 to 659 3/4;
  New Crop at Memphis   561 1/2 to 569 1/2;
Bids to farmers at River Elevators  640 to 663

Chicago Futures: May down  8 3/4  at  637 3/4 
  July down  8 1/2  at  636 
  Sept down  5 3/4  at  576 1/2 
  March '12 down  4 1/2  at  563 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures posted solid gains again today. Dry conditions are pushing European markets higher, and that is carrying over to U.S. markets at this point. Last week, July charted a bullish reversal after finding support at $6.40 in Thursday’s trade.

Corn rallied with beans but lost out late in the session, closing lower across the board. Corn usage appears to be good and that could lead to an adjustment in projected stocks in Friday’s report. Right now the market remains in a tight sideways acres or more being planted in 2012 is limiting upside movement, particularly in new crop contracts.



Cotton & Rice  Date: March 26, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 128 at  8541
  Greenwood up  128 at 8541

New York Futures: May up  128  at  9091 
  July up  76  at  9103 
 Oct up  72  at  9113 
 Dec up  70  at  8941 
 March '12 up  70  at  9008 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed higher with December holding in a very tight sideways pattern. Support at 88 cents continues to be tested. Trendline resistance touches around 90 cents. The market is likely to break one direction or the other in the coming days. Cotton continues to be influenced by world economic factors and world stocks that are projected to be over 62 million bales.

Rice

Long Grain Cash Bid for  March 1311/cwt  to  - - -
  NC 1381/cwt  to  - - -

Chicago Futures: May up  20 1/2  at  1480 1/2 
 July up  20 1/2  at  1507 1/2 
 Sept up  21 1/2  at  1531 
 Nov up  22 1/2  at  1555 
 March '12 up  18  at  1584 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures continued in a firming pattern with may closing just under resistance near $14.90. Acreage prospects have declined as soybeans and corn draw producer favor. Limited export activity will continue to weigh on market prospects.



Cattle & Hogs  Date: March 26, 2012

Cattle
As reported by Federal-State Market News, receipts were 1673 head at sales in Ash Flat and Ola.  Compared with last week, feeder steers sold weak to $6 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 198 to - - -
  500 to 550 lbs. 173 to - - -
  600 to 650 lbs. 159 to - - -
 Medium & Large Frame 2   - - - to - - - lbs. - - - to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 153 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 153 to - - -

Slaughter Cows, Boners 76.00   to   84.00
Light Weight 64.00 to 68.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   86.00   to   95.00
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 206.00 to 212.25
  500 to 600 lbs. 186.75 to 199.00
Heifers 400 to 500 lbs. 180.50 to 198.00
  575 to 600 lbs. 173.00 to - - -

Chicago Futures:
Live Cattle: April up 5 at 12455
  June steady at 12110
Feeders: Mar up 35 at 15365
  April up 12 at 15255

Cattle Comment
Cattle futures were under renewed pressure today. Beef prices have fallen most of the month of March. However, if all beef containing the so called “pink slime,” or filler treated with ammonia is removed from the shelves, it would take 1.5 million head to replace it.

Hogs
Peoria: were $1 lower to $1     higher   at   55.00   to   57.00

Chicago Futures: April down 15 at 8487
  June up 67 at 9290

Hogs Comment
Hog futures were also mostly lower. Pork prices are now about 13% below year ago prices. Heavy cold storage stocks and sluggish demand are limiting the upside for now.



Poultry  Date: March 26, 2012

Eggs

New York:  Ex. Lg. 131-135; Lg. 129-133; Med. 106-110;
Chicago:  Ex. Lg. 120-128; Lg. 118-126; Med. 97-105;

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 weak to lower. Offerings are moderate to heavy for current trade needs. Demand into all channels is light following the weekend. Market activity is slow. In production areas, live supplies are moderate at mostly desirable weights.