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Daily Market Report Archive

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  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 at  1314 3/4
  Today's Arkansas LDP rate for soybeans is:

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:

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:

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  at  630 3/4 
  July down  5 1/4  at  630 3/4 
  Sept down  at  574 1/2 
  March '12 down  at  560 1/2 
  Today's Arkansas LDP rate for corn is:

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 
medium grain rice is 
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 A
Whole 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.