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Daily Market Report Archive

Grain & Soybean Date: March 30, 2012

Soybeans

Local Elevators:
(March) EAST AR:  1382 to 1410
(NC) Summ. 1328 to 1361
River Elevators:
(March) MISS: 1417 to 1428 ; AR & White 1389 to 1407
(NC) Summ. 1341 to 1368
Ark. Processor Bids: (March) 1408 to - - -  (NC) 1355 to 1358
Memphis:  (March) 1425 to - - - (NC)  1360 to 1364
Riceland Foods:  (March) Stuttgart - - - ; Pendleton - - - 
 (NC) Stuttgart - - - ; Pendleton - - - 

Chicago Futures: May up 47 1/2 at  1403
  July  up  47  at  1408 1/4
  Aug up 49 3/4  at  1400 1/2
  Nov up 53 1/4  at  1358
  March '12 up 43 1/4  at  1338
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
USDA said this morning that 73.9 million acres will be seeded to soybeans this year. That number is below average trade estimates that ranged from 74.0-76.7 million, and clearly bullish for prices. March stocks of 1.372 billion bushels indicated slower demand, but likely won’t result in a major revision in the carryout estimate. As a result, prices shot higher by mid-day, possibly bringing recent highs in the $14 range back into play.

Wheat
Cash bid for March at Memphis  675 3/4 to - - -;

Bids to farmers at Local Elevators 644-664;
River Elevators 646-684;

Chicago Futures: May up  48 1/2  at  660 3/4 
  July up 46 3/4  at  674 
  Sept up  45 1/2  at  690 
  Dec up  45 1/4  at  712 
  March '12 up  44 1/2  at  727 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1123 to - - -;

Bids to farmers at River Elevators 1114;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   659 to 662;
  New Crop at Memphis   538 1/4 to 551 1/4;
Bids to farmers at River Elevators  669 to - - -

Chicago Futures: May up  40  at  644 
  July up  39 1/2  at  643 1/4 
  Sept up  17 1/2  at  563 1/4 
  March '12 up  16 1/2  at  551 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were sharply higher as well, having received much needed support from today’s report. USDA prospective plantings of 55.9 million acres was below trade estimates that ranged from 56.6-58.3 million acres. March 1 wheat stocks were pegged at 1.2 billion bushels, down 15.8% from a year earlier and toward the low end of trade estimates. July is testing resistance in the $6.80 area.

USDA estimates that US corn acreage will be highest on record since 1937. 95.9 million acres are expected to be seeded to corn this year. However, the stock report is what the market was focused on this morning. Prices were higher on a stocks estimate of 6.010 billion bushels, down 7.9% from last year, which suggests feed use well above USDA’s current estimate. Technically, December found support at yesterday’s low of $5.23. However, the market could see additional weakness as this acreage report sinks in.



Cotton & Rice  Date: March 30, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 2 at  88.02
  Greenwood down  2 at 88.02

New York Futures: May down  at  9352 
  July up  19  at  9392 
 Oct up  16  at  9284 
 Dec up  28  at  9100 
 March '12 up  22  at  9162 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was mixed today. USDA estimates cotton planting at 13.2 million acres. The average trade estimate was 12.75 million, and the higher estimate is resulting in market weakness. December was holding above previous trendline resistance.

Rice

Long Grain Cash Bid for  March - - -  to  - - -
  NC - - -  to  - - -

Chicago Futures: May down  13 1/2  at  1476 1/2 
 July down  13 1/2  at  1503 1/2 
 Sept down  10  at  1527 
 Nov down  10 1/2  at  1551 1/2 
 March '12 unchanged  - - -  at  1600 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were no better than mixed today. USDA says 2.561 million acres of rice will be planted this year, down from 2.689 million last year. However, long grain acreage is expected to top last year’s acreage at 1.864 million acres. Declining production should provide underlying support for the market. At the same time, poor export movement keeps everything in touch with reality.



Cattle & Hogs  Date: March 30, 2012

Cattle
As reported by Federal-State Market News, receipts were 3584 head at sales in Arkansas this week.  Compared with last week, feeder steers sold firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 205.00 to - - -
  500 to 550 lbs. 188.00 to - - -
  600 to 650 lbs. 174.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 187.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 164.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 161.00 to - - -

Slaughter Cows, Boners 81.00   to   90.00
Light Weight 62.00 to 70.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   90.00   to   100.00
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 164.00 to 197.50
  550 to 600 lbs. 160.00 to 185.00
Heifers 500 to 550 lbs. 147.00 to 173.00
  550 to 600 lbs. 144.00 to 165.00

Chicago Futures:
Live Cattle: April down 205 at 12045
  June down 232 at 11615
Feeders: April down 245 at 14882
  May down 270 at 14912

Cattle Comment
Cattle futures continued their decline today. New economic data shows consumers have less disposable income, meaning less to spend on meat. Packer margins are now estimated to be more than $90 in the red due to weaker product values this week.

Hogs
Peoria: were     steady   at   57.00   to  

Chicago Futures: April up 40 at 8342
  June up 32 at 9040

Hogs Comment
Hog futures were mixed. 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 30, 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. 105.14
 

Delmarva Broilers
U.S. Grade A
Prices for whole broiler/fryer continues to trend lower. Offerings are moderate to heavy for end of the month business. In production areas, live supplies are moderate at mostly desirable weights.