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Daily Market Report Archive

Grain & Soybean Date: May 08, 2012

Soybeans

Local Elevators:
(May) EAST AR:  1417 to 1445
(NC) Summ. 1320 to 1350
River Elevators:
(May) MISS: 1452 to 1463 ; AR & White 1420 to 1426
(NC) Summ. 1335 to 1357
Ark. Processor Bids: (May) 1441 to 1443  (NC) 1345 to 1346
Memphis:  (May) 1453 1/4 to 1455 1/4 (NC)  1355 1/2 to 1357 1/2
Riceland Foods:  (May) Stuttgart 1443 ; Pendleton 1445 
 (NC) Stuttgart 1345 ; Pendleton 1350 

Chicago Futures: May down 25 3/4 at  1437 3/4
  July  down  27 1/2  at  1438 1/4
  Aug down 23 1/2  at  1425 1/4
  Sept down 15 1/4  at  1371 1/4
  Nov down 13  at  1340 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans took a lick, as outside markets turned negative on world economic concerns. A stronger dollar, weaker equities and crude oil had many in long speculative positions evening up ahead of Thursdays report. High fertilizer costs and strong soybean price levels have led to acreage moving from other commodities to beans. Both old and new crop contracts fell sharply. November broke trendline support yesterday and fell to old support at near $13.30 today. The next support is around $13.

Wheat
Cash bid for May at Memphis  620 to 630;

Bids to farmers at Local Elevators 585-605;
River Elevators 595-630;

Chicago Futures: May up  2 3/4  at  609 
  July up at  615 
  Sept up  2 1/4  at  629 
  Dec up  1 1/2  at  652 1/2 
  March '12 up  1/4  at  673 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for May at Memphis  1077 to 1086;

Bids to farmers at River Elevators 1005-1032;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for May at Memphis   673 to 678;
  New Crop at Memphis   516 to 518;
Bids to farmers at River Elevators  643 to 659

Chicago Futures: May up  at  666 
  July up  at  623 
  Sept up  4 3/4  at  538 
  Dec up  3 1/4  at  528 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat closed slightly higher as it continues to follow corn. July closed back above old support at $6.13, but with 63% of the crop headed, harvest isn’t far away. That will make upside movement difficult, especially with the current trend of following the corn. This month’s report is likely to show a 14.5 billion bushel corn crop which will add pressure to wheat.

May corn spiked above resistance at $6.75 only to retrace most of the move near the close. Short old crop supplies provided the early support as the trade tried to pry corn from tight hands. The trade will be anxious to see the first production estimate for 2012. It is likely to be 14.5 billion bushels or higher, if USDA raises the trendline yield estimate due to early planting.



Cotton & Rice  Date: May 08, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 49 at  79.68
  Greenwood down  49 at 79.68

New York Futures: May down  33  at  8451 
  July down  49  at  8618 
 Oct down  122  at  8638 
 Dec down  40  at  8433 
 March '12 down  19  at  8553 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton continues to move lower with December working toward the late 2011 low just above 83 cents. Old crop contracts are attempting to hold long term support at 85 cents. That may be difficult with huge world stocks hanging over the market. Cotton will need to rebuild demand and take back market share from man-made fibers.

Rice

Long Grain Cash Bid for  May 1365/cwt  to  - - -
  NC 1402/cwt  to  - - -

Chicago Futures: May up  10  at  1506 1/2 
 July up  at  1529 1/2 
 Sept up  7 1/2  at  1552 
 Nov up  at  1575 1/2 
 March '12 up  at  1613 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
After finding support at the 62% retracement objective late last week, Rice has made modest gains each session. While the market has stabilized and firmed upside potential appears limited by big exportable supplies in India and Thailand intervention stocks. A smaller U.S. crop will not be a major factor, at least near term.



Cattle & Hogs  Date: May 08, 2012

Cattle
As reported by Federal-State Market News, receipts were 1015 head at sales in Ft. Smith & Heber Springs.  Compared with last week, feeder steers sold mostly $1 to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 185.25 to - - -
  600 to 650 lbs. 159.50 to - - -
  - - - to - - - lbs. - - - to - - -
 Medium & Large Frame 2   - - - to - - - lbs. - - - to - - -

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

Slaughter Cows, Boners 80.00   to   87.00
Light Weight 60.00 to 73.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   98.00   to   105.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 400 to 500 lbs. 191.50 to 201.00
  500 to 550 lbs. 179.00 to 187.00
Heifers 450 to 500 lbs. 166.50 to 176.00
  500 to 550 lbs. 161.00 to 172.00

Chicago Futures:
Live Cattle: Jun down 50 at 11577
  Aug down 35 at 11845
Feeders: May down 140 at 15137
  Aug down 67 at 15877

Cattle Comment
Cattle futures were mostly lower with the European situation playing on outside markets, which then pressured cattle. Most packers have early week needs covered and little trading is expected until later in the week. Packer margins are improving despite mixed boxed beef prices.

Hogs
Peoria: were     steady   at   50.00   to   52.00

Chicago Futures: May up 20 at 8025
  June down 10 at 8430

Hogs Comment
Hogs were mostly lower as both numbers and weights are up from year ago levels. Cash trade is slow with most price levels quoted as flat to 50 cents lower.



Poultry  Date: May 08, 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
Whole broiler/fryer prices are trending firm to higher. Offerings of all sizes are light for current trade needs. In production areas, live supplies are moderate at mixed, but mostly desirable weights.