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Daily Market Report Archive

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:

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  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:

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:

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:

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 
medium grain rice is 
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 A
Whole 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.