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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
3 |
at |
9072 |
| | March '12 |
up |
5 |
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 |
0¢ |
| medium grain rice is |
0¢ |
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 AWhole 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.