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Daily Market Report Archive

Grain & Soybean Date: March 29, 2012

REMINDER: Planting Intentions Report Webinar tomorrow (Fri., March, 30, 2012) at 8:30 a.m. To participate in Webinar click on the link and follow the instructions. https://arfb.webex.com/arfb/j.php?ED=197545497&UID=1301638227&PW=NYmFhYzlhMWM5&RT=MiM3 For more information contact Matt King at 501-519-4297

Soybeans

Local Elevators:
(March) EAST AR:  1335 to 1363
(NC) Summ. 1275 to 1308
River Elevators:
(March) MISS: 1370 to 1381 ; AR & White 1342 to 1360
(NC) Summ. 1293 to 1315
Ark. Processor Bids: (March) 1361 to - - -  (NC) 1302 to 1305
Memphis:  (March) 1375 1/2 to 1377 1/2 (NC)  1309 3/4 to 1312 3/4
Riceland Foods:  (March) Stuttgart 1361 ; Pendleton 1363 
 (NC) Stuttgart 1305 ; Pendleton 1308 

Chicago Futures: May down 12 at  1355 1/2
  July  down  11 3/4  at  1361 1/4
  Aug down 13 1/4  at  1350 3/4
  Nov down 15 3/4  at  1304 3/4
  March '12 down 12 3/4  at  1294 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were sharply lower headed into tomorrow’s report. Good export demand was not enough to reverse the down turn, which was a continuation of recent weakness. Negative outside markets carried November below $13 briefly and near trendline support in that same area. Failure to hold here would likely send the market toward support at $12.55. While a good planting number and stocks report would allow a rebound toward the recent high.

Wheat
Cash bid for March at Memphis  627 1/2 to - - -;

Bids to farmers at Local Elevators 597-617;
River Elevators 599-637;

Chicago Futures: May down  18 1/4  at  612 1/2 
  July down 16 1/4  at  627 1/4 
  Sept down  15 3/4  at  644 1/2 
  Dec down  14 1/2  at  666 3/4 
  March '12 down  13 1/4  at  683 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1052 to - - -;

Bids to farmers at River Elevators 1016-1043;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   621 to 622;
  New Crop at Memphis   525 3/4 to 535 3/4;
Bids to farmers at River Elevators  606 to 629

Chicago Futures: May down  16 1/4  at  604 
  July down  15 3/4  at  603 3/4 
  Sept down  16  at  545 3/4 
  March '12 down  12 1/4  at  535 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Selling accelerated today in the wheat pit. It is looking more and more like the U.S. will fall short of USDA’s export projection for the year. Total export commitments are only 95% of projections, and there are only 10 weeks left in the marketing year. This will likely cause an increase in the ending stocks number. 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 looks like it is headed for a retest of support at the December low of $6.14.

Corn saw accelerated declines as technical selling increased after December fell below the late 2011 lows. December futures are at the lowest level in over a year. Export sales continue well behind the USDA projected pace. At this time, exports are almost 14% behind year ago levels, while USDA projected slightly over 7% less. The stocks number will likely be as important as the planting intentions. Recent stocks reports have been all over the board and tomorrow’s could be more of the same, while planting intentions are widely expected to be near 95 million acres. Technically, December’s fall below $5.35 opens the market to $5.00 or lower.



Cotton & Rice  Date: March 29, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 49 at  8804
  Greenwood down  49 at 8804

New York Futures: May down  49  at  9354 
  July down  20  at  9373 
 Oct down  20  at  9268 
 Dec up  at  9072 
 March '12 up  at  9140 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed mixed with December holding about steady. This marks a third consecutive daily close above trendline resistance. Tomorrow’s report is expected to show declining acreage as soybeans and/or corn have likely pulled some acres from cotton.

Rice

Long Grain Cash Bid for  March 1305/cwt  to  - - -
  NC 1387/cwt  to  - - -

Chicago Futures: May up  16  at  1490 
 July up  16  at  1517 
 Sept up  19  at  1537 
 Nov up  17 1/2  at  1562 
 March '12 down    at  1600 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures continued the recent up one day, down the next, by closing higher. Prospects of declining southern acreage particularly in Arkansas are keeping the market on edge. At the same time, poor export movement keeps everything in touch with reality.



Cattle & Hogs  Date: March 29, 2012

Cattle
As reported by Federal-State Market News, receipts were 2,140 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 211 to - - -
  500 to 550 lbs. 182 to - - -
  600 to 650 lbs. 161 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 193 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 162 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 160 to - - -

Slaughter Cows, Boners 75   to   85
Light Weight 64 to 73
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   88   to   96
Midwest Steers   were   at   125   to   - - -
Panhandle Steers   were   at   125   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 205 to 207
  550 to 600 lbs. 188 to 192
Heifers 400 to 500 lbs. 187 to 193
  500 to 600 lbs. 172 to 175

Chicago Futures:
Live Cattle: April down 195 at 12250
  June down 202 at 11847
Feeders: March up 40 at 15425
  April down 170 at 15127

Cattle Comment
Cattle futures plummeted today. Sharp losses in oil futures carried over into most of the commodity pits. Packer margins are now estimated to be more than $90 in the red due to weaker product values this week.

Hogs
Peoria: were 50¢ higher to $2.50     lower   at   57   to   - - -

Chicago Futures: April down 75 at 8302
  June down 210 at 9007

Hogs Comment
Hog futures were also sharply lower. Carryover weakness from crude oil was a factor for hogs as well. Heavy cold storage stocks and sluggish demand are limiting the upside for now. June futures have fallen to their lowest level since May 2011.



Poultry  Date: March 29, 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 needs. Demand is light with discounting noted to help clear. Market activity is slow. In production areas, live supplies are moderate at mixed, but mostly desirable weights.