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Daily Market Report Archive

Grain & Soybean Date: May 04, 2012

Soybeans

Local Elevators:
(May) EAST AR:  1457 to 1485
(NC) Summ. 1341 to 1371
River Elevators:
(May) MISS: 1492 to 1503 ; AR & White 1464 to 1482
(NC) Summ. 1356 to 1383
Ark. Processor Bids: (May) 1481 to 1483  (NC) 1364 to 1366
Memphis:  (May) 1498 1/4 to - - - (NC)  1383 3/4 to - - -
Riceland Foods:  (May) Stuttgart 1483 ; Pendleton 1485 
 (NC) Stuttgart 1366 ; Pendleton 1371 

Chicago Futures: May up 6 1/4 at  1475
  July  up  4 3/4  at  1478 1/4
  Aug up 5 3/4  at  1458 1/4
  Sept down 1 3/4  at  1398 1/4
  Nov down at  1366 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed mixed with nearby contracts showing the greatest strength. Continued concern about production estimates in South America helped keep the market mostly higher; despite a negative outside markets situation. World & U.S. economic concern weighed on equity markets and crude oil, while helping firm the dollar. That sent many investment funds hunting safer havens for their money, and resulted in some exiting long commodity positions. November soybeans tested trendline support, but help above that level at the close.

Wheat
Cash bid for May at Memphis  621 1/2 to 624 1/2;

Bids to farmers at Local Elevators 580-600;
River Elevators 590-625;

Chicago Futures: May down  4 1/2  at  603 3/4 
  July down at  609 1/2 
  Sept down  7 1/4  at  624 1/4 
  Dec down  8 3/4  at  648 
  March '12 down  10 1/2  at  670 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for May at Memphis  1072 to 1079;

Bids to farmers at River Elevators 1000-1027;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for May at Memphis   656 1/4 to 670 1/4;
  New Crop at Memphis   513 1/4 to 515 1/4;
Bids to farmers at River Elevators  640 to 653

Chicago Futures: May up  11 1/2  at  662 1/4 
  July up  5 3/4  at  620 1/4 
  Sept down  2 1/4  at  535 1/4 
  March '12 down  5 1/4  at  536 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures showed renewed weakness today, with July setting a new life of contract low at $5.99. The market did move quickly back above the key $6 level. Carryover weakness from both corn and soybeans sparked the weakness, and weaker crude oil and a stronger dollar also added pressure. The winter wheat crop heading is 30% ahead of the 5 year average. The crop is early, and has the potential for good quality as well.

Corn closed mixed with front end contracts higher. Tight sticks and firm basis levels kept the front end form. However, world economic weakness weighed on new crop pushing December through support briefly. December firmed to close near previous lows, so remains vulnerable to further declines. Big crop prospects combined with excellent planting progress will continue to weight on the market.



Cotton & Rice  Date: May 04, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 122 at  8149
  Greenwood down  122 at 8149

New York Futures: May down  117  at  8607 
  July down  122  at  8799 
 Oct down  103  at  8782 
 Dec down  72  at  8580 
 March '12 down  102  at  8676 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was pounded on a lack of positive fundamental news to counter impact of negative outside markets. Concern about world and U.S. economic reports pushed traders to lighten positions as they rushed to find safer investments. It is thought China will announce new import quotes but that hasn’t happened yet. December stayed within Monday’s wide trading range all week. However, the market is position to move toward the mid December low just above 83 cents.

Rice

Long Grain Cash Bid for  May 1356/cwt  to  - - -
  NC 1392/cwt  to  - - -

Chicago Futures: May up  at  1495 1/2 
 July up  at  1520 1/2 
 Sept up  1 1/2  at  1541 1/2 
 Nov up  1/2  at  1563 1/2 
 March '12 up  1/2  at  1601 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was slightly higher after making a good bounce off support at the 62% retracement objective yesterday. Long term upside potential appears limited despite a firmer market undertone in Thailand. That is an artificially, produced situation, where old crop stocks are tightening and an abundance of new crop stocks are locked away in a government owned intervention program. Those stocks are reported to be near 12 mmt. The question is how long this will hold.



Cattle & Hogs  Date: May 04, 2012

Cattle
As reported by Federal-State Market News, receipts were 7070 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 192.50 to - - -
  500 to 550 lbs. 181.00 to - - -
  600 to 650 lbs. 167.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 188.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 154.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 154.50 to - - -

Slaughter Cows, Boners 81.00   to   89.00
Light Weight 64.00 to 72.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   95.00   to   105.00
Midwest Steers   were   at   120.00   to   - - -
Panhandle Steers   were   at   120.00   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 170.00 to 208.00
  500 to 550 lbs. 165.00 to 190.50
Heifers 450 to 500 lbs. 158.00 to 178.00
  500 to 550 lbs. 147.00 to 169.00

Chicago Futures:
Live Cattle: Jun down 50 at 11537
  Aug down 5 at 11850
Feeders: May down 7 at 15255
  Aug up 87 at 15810

Cattle Comment
Cattle futures were mostly lower. Crude traded down $5/barrel today, and the dollar was higher. Weak cash fundamentals also continue to weigh on the market.

Hogs
Peoria: were $1 higher to $.50     lower   at   50.50   to   52.50

Chicago Futures: May down 150 at 7980
  June down 120 at 8372

Hogs Comment
Hog futures were also lower. Poor packer margins and weak cash fundamentals have been weighing on the market. June moved to a new low today and further weakness looks likely.



Poultry  Date: May 04, 2012

Eggs

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

National Turkeys
Hens: 8-16 lb. 108.50
Toms: 16-24 lb. 107.00
 

Delmarva Broilers
U.S. Grade A
Prices for whole broiler/fryers are trending firm. Offerings are light for current trade needs. In production areas, live supplies are moderate at mostly desirable weights.