Grain & Soybean Date: March 27, 2012
Soybeans
Local Elevators:
(March) EAST AR: 1349 to 1377
(NC) Summ. 1298 to 1331
River Elevators:
(March) MISS: 1384 to 1395 ; AR & White 1356
to 1374
(NC) Summ. 1316 to 1338
Ark. Processor Bids: (March) 1375 to - - -
(NC) 1325 to 1328
Memphis:
(March) 1390 3/4 to 1391 3/4 (NC)
1335 3/4 to - - -
Riceland Foods:
(March) Stuttgart 1375 ; Pendleton
1377
(NC) Stuttgart 1328 ; Pendleton
1331
| Chicago Futures: |
May |
down |
9 3/4 |
at |
1369 3/4 |
| |
July |
down |
8 |
at |
1376 1/4 |
| |
Aug |
down |
5 1/2 |
at |
1367 1/2 |
| |
Nov |
down |
1 3/4 |
at |
1327 3/4 |
| |
March '12 |
down |
2 |
at |
1314 3/4 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans lost early gains in a late sell-off. The downturn resembled what happened on Monday. Action the last two days suggest the upturn could be losing momentum. The average pre-report estimate of all analysts has 2012 plantings at 75.4 million acres. That is just slightly larger than last year. Good weather for corn planting could alter plans; however the soybean/corn ratio has exceeded 2.4 which favor soybeans. The only acreage this might buy would be swing acreage that doesn’t have anhydrous already applied. November has key resistance at $13.40 with support at the recent low near $13.05.
Wheat
Cash bid for March at Memphis 654 3/4 to 655 3/4;
| Bids to farmers at Local Elevators |
623-643; |
| River Elevators |
625-663; |
| Chicago Futures: |
May |
down |
19 3/4 |
at |
639 3/4 |
| |
July |
down |
17 1/2 |
at |
652 3/4 |
| |
Sept |
down |
15 1/2 |
at |
669 1/2 |
| |
Dec |
down |
14 1/2 |
at |
690 |
| |
March '12 |
down |
12 1/2 |
at |
705 1/4 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for March at Memphis 1100 to - - -;
| Bids to farmers at River Elevators |
1064-1091; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
March at Memphis
650 3/4 to - - -; |
| |
New Crop at Memphis
554 1/2 to 567 1/2; |
| Bids to farmers at River Elevators |
633 to 656 |
| Chicago Futures: |
May |
down |
7 |
at |
630 3/4 |
| |
July |
down |
5 1/4 |
at |
630 3/4 |
| |
Sept |
down |
2 |
at |
574 1/2 |
| |
March '12 |
down |
3 |
at |
560 1/2 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat futures turned sharply lower today. Friday’s prospective plantings report is expected to show a 5.6% increase in all wheat acres. Improving weather in hard red winter wheat territory is increasing yield potential there. July is testing trendline support just above $6.50.
Corn lost more ground today as good weather tends to suggest that 2012 planting could exceed early projections. Pre report estimates average 94.7 million acres in a range from 93.6 to 95.7. A big 2012 crop could result if acreage rises and yield is close to the trendline average which is just over 160 bushels per acre. December is testing support at $5.50. Below that support at $5.35 is about the only thing between there and support at $4.50 on long term charts.
Cotton & Rice Date: March 27, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis up 168 at
87.09 |
| |
Greenwood up
168 at 87.09 |
| New York Futures: |
May |
up |
168 |
at |
9259 |
| |
July |
up |
198 |
at |
9301 |
| | Oct |
up |
153 |
at |
9266 |
| | Dec |
up |
107 |
at |
9048 |
| | March '12 |
up |
107 |
at |
9115 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton received favorable treatment, closing higher for the 3rd day in a row. December futures closed above trendline resistance at 90 cents. Retracement objectives at 91.35 cents and 92.5 cents are probable upside targets if the market can maintain momentum. Acreage shifts to corn and/or soybeans may have given the market a reason to move higher. A potential 10% cut in Chinese plantings added to the positive undertone.
Rice
| Long Grain Cash Bid for |
March |
1325/cwt |
to |
- - - |
| |
NC |
1409/cwt |
to |
- - - |
| Chicago Futures: |
May |
up |
29 |
at |
1509 1/2 |
| | July |
up |
29 |
at |
1536 1/2 |
| | Sept |
up |
28 |
at |
1559 |
| | Nov |
up |
30 |
at |
1585 |
| | March '12 |
up |
31 |
at |
1615 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice futures edged higher despite weakness in other grains and soybeans. The threat of acreage moving to corn and/or soybeans is providing some buying energy. Otherwise fundamentals remain the same. Export business is slow and world stocks are ample. Futures closed above recent resistance and have retracement objections at $15.37 and $15.93.
Cattle & Hogs Date: March 27, 2012
Cattle
As reported by Federal-State Market News, receipts were 778 head
at sales in Ft. Smith and Heber Springs.
Compared with last week, feeder steers sold mostly firm to $5 higher .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
205.00 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
186.00 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
167.50 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
196.00 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
167.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
166.00 |
to |
- - - |
Slaughter Cows, Boners 83.00 to 90.00
Light Weight 60.00 to 67.00
Bulls, Yield Grade 1
1000 to 2100 lbs. 93.00
to 99.00
Midwest Steers - - - at - - -
to - - -
Panhandle Steers - - - at - - -
to - - -
Oklahoma City Feeders
|
| Steers |
450 |
to |
500 lbs. |
199.00 |
to |
212.25 |
| |
500 |
to |
600 lbs. |
185.00 |
to |
202.00 |
| Heifers |
400 |
to |
450 lbs. |
188.00 |
to |
199.00 |
| |
500 |
to |
600 lbs. |
169.00 |
to |
180.00 |
Chicago Futures:
| Live Cattle: |
April |
up |
105 |
at |
12560 |
| |
June |
up |
87 |
at |
12197 |
| Feeders: |
Mar |
up |
17 |
at |
15382 |
| |
April |
up |
147 |
at |
15402 |
Cattle Comment
Cattle futures turned higher today as the market attempts to stabilize. June is building support at the recent low near $120. Beef prices have fallen most of the month of March, and that is limiting the upside for futures.
Hogs
Peoria: were steady
at 55.00 to 57.00
| Chicago Futures: |
April |
down |
7 |
at |
8480 |
| |
June |
up |
82 |
at |
9372 |
Hogs Comment
Hog futures were also mixed. 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 27, 2012
Eggs
| New York: |
Ex. Lg. 133-137; Lg. 131-135; 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 AWhole broiler/fryer prices are trending weak to lower. Offerings are moderate to heavy for current trade need. In production areas, live supplies are moderate at mixed, but mostly desirable weights.