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Daily Market Report Archive

Grain & Soybean Date: May 05, 2012

Soybeans

Local Elevators:
(May) EAST AR:  1464 to 1492
(NC) Summ. 1342 to 1372
River Elevators:
(May) MISS: 1495 to 1510 ; AR & White 1471 to 1489
(NC) Summ. 1357 to 1388
Ark. Processor Bids: (May) 1488 to 1490  (NC) 1365 to 1367
Memphis:  (May) 1502 to 1505 (NC)  1381 1/4 to 1383 1/4
Riceland Foods:  (May) Stuttgart 1490 ; Pendleton 1492 
 (NC) Stuttgart 1367 ; Pendleton 1372 

Chicago Futures: May down 17 3/4 at  1480
  July  down  18 1/2  at  1485
  Aug down 21  at  1465 3/4
  Sept down 22 3/4  at  1409 3/4
  Nov down 24 1/4  at  1368 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans posted big losses today. The ADP employment report, released this morning, said only 119,000 new jobs were created in the U.S. in April. That is down from 201,000 in March and below expectations of 175,000. The report, coupled with renewed concerns about the European economy put investors in a risk-averse mood today. Strong Chinese demand and a declining South American crop helped limit losses. The early commitment to corn left beans looking for acreage, thus soybeans had to move higher relative to corn. Currently the corn price ratio of 2.58 favors soybeans. The question is where the acreage will come from. Obviously, some rice and cotton acreage in the mid-south and southeast moved to soybeans. More double cropping of wheat acreage is possible with an early harvest expected. November is technically still trending higher, with support near $13.56. Resistance is $14.

Wheat
Cash bid for May at Memphis  621 1/2 to 626 1/2;

Bids to farmers at Local Elevators 585-604;
River Elevators 595-630;

Chicago Futures: May down  26 3/4  at  607 
  July down 28 1/2  at  614 1/2 
  Sept down  27 1/2  at  630 1/4 
  Dec down  26  at  653 3/4 
  March '12 down  23  at  677 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for May at Memphis  1056 to 1065;

Bids to farmers at River Elevators 986-1057;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for May at Memphis   650 1/2 to 655 1/2;
  New Crop at Memphis   517 1/4 to 519 1/4;
Bids to farmers at River Elevators  632 to 645

Chicago Futures: May down  17 1/2  at  642 1/4 
  July down  17 1/2  at  611 1/2 
  Sept down  11  at  539 1/4 
  March '12 down  7 1/4  at  542 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures posted sharp losses today, with July gapping lower and moving into position to retest support at $6.09. The USDA says that 74% of the Kansas crop is heading. That is compared with a 5 year average of 7%. The crop is early because of weather, and if the weather holds through the early harvest, the quality of the crop is expected to be good. Therefore, the upside is likely limited. July has technical resistance at $6.75 to $7.00 that will likely continue to cap the market.

Corn was not immune to the selloff, but did post smaller losses than other crops. Demand news limited losses for corn today. USDA reported a 120,000 ton sale to an unknown buyer, and South Korea booked a total of 181,000 metric tons for delivery this fall, much of that from the U.S. USDA says the corn crop is 53% planted with emergence ahead of schedule as well. All of this suggests an early harvest which would help provide relief to a tight stocks situation. December continues to hold above support around $5.25.



Cotton & Rice  Date: May 02, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 17 at  8201
  Greenwood down  17 at 8201

New York Futures: May down  at  8746 
  July down  17  at  8951 
 Oct down  17  at  8903 
 Dec down  36  at  8658 
 March '12 up  13  at  8802 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton traded in a narrow range and ended mixed. Renewed export registration by India provided the initial market pressure. That appears to have run its course with improved U.S. economic reports providing outside influence. A disappointing employment report, showing only 119,000 jobs created in April, added pressure across the board. Long term the market still must deal with huge world stocks which will limit upside expectations.

Rice

Long Grain Cash Bid for  May 1296/cwt  to  - - -
  NC 1358/cwt  to  - - -

Chicago Futures: May down  16  at  1459 1/2 
 July down  16 1/2  at  1485 1/2 
 Sept down  17  at  1508 
 Nov down  16 1/2  at  1532 
 March '12 down  16 1/2  at  1584 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice continued lower as well, and is close to the 62% retracement objective at $15.02 for the September contract. The market could rebound, but there aren’t many supporting fundamentals. Thailand has huge intervention stocks that could be made available to the market some point. In any respect, U.S. export demand remains poor, offsetting the smaller crop that farmers have planted this spring.



Cattle & Hogs  Date: May 02, 2012

Cattle
As reported by Federal-State Market News, receipts were 702 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to instances $5 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 180.00 to - - -
  500 to 550 lbs. 176.50 to - - -
  600 to 650 lbs. 160.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. - - - to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 151.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 151.50 to - - -

Slaughter Cows, Boners 80.00   to   88.00
Light Weight 65.00 to 72.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   94.00   to   107.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 400 to 500 lbs. 191.50 to 199.00
  500 to 550 lbs. 174.50 to 190.50
Heifers 400 to 500 lbs. 168.00 to 178.00
  500 to 550 lbs. 159.00 to 167.00

Chicago Futures:
Live Cattle: Jun down 65 at 11287
  Aug down 50 at 11580
Feeders: May down 20 at 14997
  Aug up 2 at 15422

Cattle Comment
Cattle futures lower across the board. Disappointing U.S. economic news and concerns about the EU economy pressured the market. Weak cash fundamentals also continue to weigh on the market.

Hogs
Peoria: were     steady   at   51.00   to   53.00

Chicago Futures: May down 172 at 8127
  June down 140 at 8445

Hogs Comment
Hog futures were also lower. Poor packer margins and weak cash fundamentals have been weighing on the market, and today’s disappointing employment report renewed concerns that demand won’t improve. June moved to a new low today and further weakness looks likely.



Poultry  Date: May 02, 2012

Eggs

New York:  Ex. Lg. 83-87; Lg. 81-85; Med. 77-81;
Chicago:  Ex. Lg. 77-85; Lg. 75-83; Med. 71-79;

National Turkeys
Hens: 8-16 lb. 105.51
Toms: 16-24 lb. 108.43
 

Delmarva Broilers
U.S. Grade A
Whole broiler/fryer prices are trending steady. Offerings of all sizes are sufficient to handle trade needs. In production areas, live supplies are moderate at mixed, but mostly desirable weights.