Grain & Soybean Date: March 28, 2012
Soybeans
Local Elevators:
(March) EAST AR: 1347 to 1375
(NC) Summ. 1291 to 1324
River Elevators:
(March) MISS: 1382 to 1393 ; AR & White 1354
to 1372
(NC) Summ. 1309 to 1331
Ark. Processor Bids: (March) 1373 to - - -
(NC) 1318 to 1321
Memphis:
(March) 1387 1/2 to 1389 1/2 (NC)
1326 1/2 to 1328 1/2
Riceland Foods:
(March) Stuttgart 1373 ; Pendleton
1375
(NC) Stuttgart 1321 ; Pendleton
1324
| Chicago Futures: |
May |
down |
2 1/4 |
at |
1367 1/2 |
| |
July |
down |
3 1/4 |
at |
1373 |
| |
Aug |
down |
3 1/2 |
at |
1364 |
| |
Nov |
down |
7 1/4 |
at |
1320 1/2 |
| |
March '12 |
down |
7 1/4 |
at |
1307 1/2 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans were a little lower again today with new crop contracts under the greatest pressure. Tightening world stocks and good Chinese demand is limiting downside pressure in beans, as corn took a big hit. Supply concerns are being fueled by almost daily downward adjustments in production estimates for South America. November continues to consolidate in a sideways pattern after failing to move through resistance at $13.40 earlier this week.
Wheat
Cash bid for March at Memphis 645 3/4 to 646 3/4;
| Bids to farmers at Local Elevators |
614-634; |
| River Elevators |
616-654; |
| Chicago Futures: |
May |
down |
9 |
at |
630 3/4 |
| |
July |
down |
9 1/4 |
at |
643 1/2 |
| |
Sept |
down |
9 1/4 |
at |
660 1/4 |
| |
Dec |
down |
8 3/4 |
at |
681 1/4 |
| |
March '12 |
down |
8 3/4 |
at |
696 1/2 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for March at Memphis 1081 to - - -;
| Bids to farmers at River Elevators |
1045-1071; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
March at Memphis
637 1/4 to 640 1/4; |
| |
New Crop at Memphis
541 3/4 to 551 3/4; |
| Bids to farmers at River Elevators |
622 to 645 |
| Chicago Futures: |
May |
down |
10 1/2 |
at |
620 1/4 |
| |
July |
down |
11 1/4 |
at |
619 1/2 |
| |
Sept |
down |
12 3/4 |
at |
561 3/4 |
| |
March '12 |
down |
13 |
at |
547 1/2 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat futures continued lower today. Carryover weakness from corn and general selling on a stronger dollar and weaker crude oil futures were the overriding factors in the market today. Egypt bought 60,000 metric tons of U.S. wheat in their weekly tender, providing modest support. 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 has fallen below trendline support and is testing support around $6.40.
Corn took a major battering as acreage prospects continue to climb. Early weather patterns have raised concerns about corn planters running early and long. That sent futures tumbling with new crop contracts under the greatest pressure. December broke through support at $5.50 and closed just above late year lows of $5.35. Inability to hold this area suggests the market could move toward $5 which provided support over a year ago.
Cotton & Rice Date: March 28, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis up 144 at
88.53 |
| |
Greenwood up
144 at 88.53 |
| New York Futures: |
May |
up |
144 |
at |
9403 |
| |
July |
up |
92 |
at |
9393 |
| | Oct |
up |
22 |
at |
9288 |
| | Dec |
up |
21 |
at |
9069 |
| | March '12 |
up |
20 |
at |
9135 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton continues to inch higher with December making a second consecutive close above trendline resistance. The market is assessing cotton potential at a time when world stocks are projected to be over 62 million bales, the world economical situation is questionable, and mills have yet to move back to cotton after increasing the use of man-made fibers. Smaller plantings in China are a positive, but the question is whether U.S. producers feel cotton is a good alternative with soybeans over $13.
Rice
| Long Grain Cash Bid for |
March |
1289/cwt |
to |
- - - |
| |
NC |
1368/cwt |
to |
- - - |
| Chicago Futures: |
May |
down |
35 1/2 |
at |
1474 |
| | July |
down |
35 1/2 |
at |
1501 |
| | Sept |
down |
41 |
at |
1518 |
| | Nov |
down |
40 1/2 |
at |
1544 1/2 |
| | March '12 |
down |
15 |
at |
1600 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
What the market giveth, it taketh away today as Rice futures more than retraced yesterday’s gains. While the market has been an up-and-down affair the last two days, fundamentals are basically unchanged. Ample world stocks, a slow export situation and the possibility of lower Southern rice plantings, are still major factors in the rice market. Plantings in Arkansas may fall near the million acre level as soybeans and corn gather favor.
Cattle & Hogs Date: March 28, 2012
Cattle
As reported by Federal-State Market News, receipts were 843 head
at sales in Conway and Pocahontas.
Compared with last week, feeder steers sold mostly steady .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
194.00 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
179.50 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
156.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
174.00 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
154.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
156.00 |
to |
- - - |
Slaughter Cows, Boners 82.00 to 89.00
Light Weight 67.00 to 74.00
Bulls, Yield Grade 1
1000 to 2000 lbs. 91.50
to 102.00
Midwest Steers - - - at - - -
to - - -
Panhandle Steers - - - at - - -
to - - -
Oklahoma City Feeders
|
| Steers |
450 |
to |
500 lbs. |
199.00 |
to |
212.25 |
| |
500 |
to |
550 lbs. |
190.00 |
to |
202.00 |
| Heifers |
450 |
to |
500 lbs. |
181.00 |
to |
195.50 |
| |
500 |
to |
550 lbs. |
169.00 |
to |
180.00 |
Chicago Futures:
| Live Cattle: |
April |
down |
115 |
at |
12445 |
| |
June |
down |
147 |
at |
12020 |
| Feeders: |
Mar |
down |
2 |
at |
15380 |
| |
April |
down |
105 |
at |
15297 |
Cattle Comment
Cattle futures were higher in early dealings, but turned lower by mid-day. June held above support at the recent low near $120, though. Beef prices have fallen most of the month of March, and that is limiting the upside for futures.
Hogs
Peoria: were $1.50 lower to $2.50 higher
at 54.50 to 56.50
| Chicago Futures: |
April |
down |
102 |
at |
8377 |
| |
June |
down |
155 |
at |
9217 |
Hogs Comment
Hog futures were also lower. Product prices are now about 13% below year ago prices. Heavy cold storage stocks and sluggish demand are limiting the upside for now. A stronger dollar and lower crude oil prices added additional pressure.
Poultry Date: March 28, 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. In production areas, live supplies are moderate at mixed, but mostly desirable weights.