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Daily Market Report Archive

Grain & Soybean Date: May 07, 2012

Soybeans

Local Elevators:
(May) EAST AR:  1445 to 1473
(NC) Summ. 1333 to 1363
River Elevators:
(May) MISS: 1480 to 1491 ; AR & White 1452 to 1470
(NC) Summ. 1348 to 1370
Ark. Processor Bids: (May) 1369 to 1471  (NC) 1358 to 1359
Memphis:  (May) 1480 3/4 to 1485 3/4 (NC)  1368 1/2 to - - -
Riceland Foods:  (May) Stuttgart - - - ; Pendleton - - - 
 (NC) Stuttgart - - - ; Pendleton - - - 

Chicago Futures: May up 2 3/4 at  665
  July  down  1/4  at  620
  Sept down at  533 1/4
  Dec up 1/2  at  524 3/4
  March '12 up 3/4  at  536 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed lower with many speculators reducing record long positions. A poor export report and pressure from outside markets pushed some longs to take profits. This month’s supply demand report will be released on Thursday and the market will get a look at the first official numbers for 2012-13. Informa recently increased their projection for 2012 soybean plantings. Soybeans at 7.58 million acres are up just over 1.9 million acres from their March projection. November appears to have topped for the 3rd time just short of $14.

Wheat
Cash bid for May at Memphis  617 to 627;

Bids to farmers at Local Elevators 582-602;
River Elevators 592-627;

Chicago Futures: May up  2 1/2  at  606 1/4 
  July up 2 1/2  at  612 
  Sept up  2 1/2  at  626 3/4 
  Dec up  at  651 
  March '12 up  3 1/4  at  673 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for May at Memphis  1071 to 1080;

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

Corn

Cash bid for May at Memphis   670 to 675;
  New Crop at Memphis   511 1/4 to 513 1/4;
Bids to farmers at River Elevators  640 to 656

Chicago Futures: May down  11 1/2  at  1463 1/2 
  July down  12 1/2  at  1465 3/4 
  Aug down  9 1/2  at  1448 3/4 
  Sept down  11 3/4  at  1386 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures traded within Friday’s range and held above the key $6 level. A stronger dollar weakness in soybeans 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 a late rally leaving a number of contracts with a positive number. A number of pre report estimates are again suggesting a downward adjustment in the ending stocks for corn. Early planting coupled with excellent weather is expected to push the corn yield above trendline projections. If that is the case production will exceed 14 billion bushels. New crop December continues to trade around old support just below $5.25. Several dips below that level have seen the market firm. Big crop expectations could send the market to $5 or lower.



Cotton & Rice  Date: May 07, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 132 at  8017
  Greenwood down  132 at 8017

New York Futures: May down  123  at  8484 
  July down  132  at  8667 
 Oct down  22  at  8760 
 Dec down  107  at  8473 
 March '12 down  104  at  8572 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton futures were lower across the board with December creeping nearer the mid December low of 83.35 cents. Long term the market will need to see improved demand and a reduction in the huge world stocks. World plantings will be lower this year, but it will take a lot to get the market moving higher.

Rice

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

Chicago Futures: May up  at  1496 1/2 
 July up  at  1521 1/2 
 Sept up  3   at  1544 1/2 
 Nov up  at  1566 1/2 
 March '12 up  at  1604 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures firmed late to close slightly higher. The market has found support at the 62% retracement objective. However upside potential would appear to be limited given the current state of the market. The Thai market has firmed on an artificially tight supply situation. They have what is believed to be a huge stockpile of new crop intervention stocks, almost 12 mmt, and that supply could come to market at some point. Other origin rice is generally a little weaker.



Cattle & Hogs  Date: May 07, 2012

Cattle
As reported by Federal-State Market News, receipts were 2265 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold very uneven, mostly steadyt, instances $1 - $2 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 193.00 to - - -
  500 to 550 lbs. 180.50 to - - -
  600 to 650 lbs. 163.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 181.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 155.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 160.00 to - - -

Slaughter Cows, Boners 79.00   to   87.00
Light Weight 68.00 to 75.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   95.00   to   105.00
Midwest Steers   were   at   118.00   to   122.00
Panhandle Steers   were   at   117.00   to   120.00

Oklahoma City Feeders
Steers 450 to 500 lbs. 193.00 to 201.00
  500 to 550 lbs. 187.00 to - - -
Heifers 450 to 500 lbs. 179.00 to - - -
  600 to 700 lbs. 140.00 to 147.50

Chicago Futures:
Live Cattle: Jun up 90 at 11627
  Aug up 30 at 11880
Feeders: May up 22 at 15277
  Aug up 135 at 15945

Cattle Comment
Cattle futures started the day weak, but turned mostly higher by the end of the day. Packers are back in the black and showlists are current, which is supportive for futures.

Hogs
Peoria: were $2.50 lower to $.50     higher   at   50.00   to   52.00

Chicago Futures: May up 25 at 8005
  June up 67 at 8440

Hogs Comment
Hog futures, on the other hand, remain under pressure. Poor packer margins and weak cash fundamentals have been weighing on the market. June has set a new low nearly every day for the past week.



Poultry  Date: May 07, 2012

Eggs

New York:  Ex. Lg. 83-87; Lg. 81-85; Med. 75-79;
Chicago:  Ex. Lg. 74-82; Lg. 72-80; Med. 67-75;

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 to higher. Offerings are light for current trade needs. In production areas, live supplies are moderate at mostly desirable weights.