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Daily Market Report Archive

Grain & Soybean Date: May 09, 2012

REMINDER : May Market Update webinar tomorrow (Thurs., May 10, 2012) at 8:30 a.m. To participate in the webinar click on the link and follow the instructions:

https://arfb.webex.com/arfb/j.php?ED=184086927&UID=1258336887&PW=NODcyMDJiMzky&RT=MiM3

May Corn Webinar tomorrow (Thurs., May 10, 2012) at 11 a.m. To participate in the webinar click on the link and follow the instructions:

https://arfb.webex.com/arfb/j.php?ED=184086927&UID=1258336887&PW=NODcyMDJiMzky&RT=MiM3


For more information call Matt King at 501-519-4297

Soybeans

Local Elevators:
(May) EAST AR:  1409 to 1437
(NC) Summ. 1313 to 1343
River Elevators:
(May) MISS: 1444 to 1455 ; AR & White 1416 to 1434
(NC) Summ. 1328 to 1350
Ark. Processor Bids: (May) 1433 to 1435  (NC) 1338 to 1339
Memphis:  (May) 1445 1/4 to 1447 1/4 (NC)  1348 1/2 to 1349 1/2
Riceland Foods:  (May) Stuttgart 1435 ; Pendleton 1437 
 (NC) Stuttgart 1338 ; Pendleton 1343 

Chicago Futures: May down 10 at  1427 3/4
  July  down  at  1430 1/4
  Aug down at  1416 1/4
  Sept down 8 1/4  at  1363
  Nov down at  1333 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans continued under pressure with November dipping to the lowest level since the end of March. The market retraced a portion of the early declines with November closing near previous support. World economic conditions kept the dollar firming while speculators reduced long positions ahead of tomorrow’s report. A November close below $13 would be extremely negative.

Wheat
Cash bid for May at Memphis  605 to 620;

Bids to farmers at Local Elevators 570-590;
River Elevators 580-615;

Chicago Futures: May down  17 3/4  at  591 1/4 
  July down 15   at  600 
  Sept down  14 1/4  at  614 3/4 
  Dec down  13 1/2  at  639 
  March '12 down  12 1/4  at  661 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for May at Memphis  1049 to 1058;

Bids to farmers at River Elevators 977-1048;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for May at Memphis   651 1/4 to 657 1/4;
  New Crop at Memphis   505 to 507;
Bids to farmers at River Elevators  627 to 657

Chicago Futures: May down  24 3/4  at  641 1/4 
  July down  15 3/4  at  607 1/4 
  Sept down  11  at  527 
  Dec down  11 1/4  at  516 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures posted sharp losses today amid position evening ahead of tomorrow’s production report. The average of trade guesses if for the winter wheat crop to total 1.634 billion bushels, compared with 1.494 billion bushels a year ago. The crop was reported as 63% of the crop headed at the end of last week, so harvest will be early. That will make upside movement difficult.

Corn was lower throughout the session but old crop contract declines accelerated near the close. This has been the pattern recently. December fell to last Friday’s close and ended the session just above that level. Pre-report expectations are for a huge first production projection for 2012. Early planting has resulted in USDA adjusting trendline yields higher in recent years. If that is the case the yield projection could exceed 165 bushels per acre with production around 14.5 billion bushels.



Cotton & Rice  Date: May 09, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 36 at  79.32
  Greenwood down  36 at 79.32

New York Futures: July down  36  at  8582 
  Oct down  78  at  8560 
 Dec down  96  at  8337 
 Mar down  97  at  8456 
 May down  92  at  8555 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was but with another round of selling that pushed December below that point and could be headed lower if tomorrow’s report has a large production number. The European situation continues to weigh on Cotton exports. Large world stocks will continue to be a factor in this market. If nearly contracts penetrate 85 cents it will be technically negative.

Rice

Long Grain Cash Bid for  May 1375/cwt  to  - - -
  NC 1412/cwt  to  - - -

Chicago Futures: May up  9 1/2  at  1516 
 July up  10  at  1539 1/2 
 Sept up  9 1/2  at  1561 1/2 
 Nov up  7 1/2  at  1583 
 March '12 up  7 1/2  at  1620 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice had the only positive numbers on the futures board as they continued to retrace the sharp decline of a couple of weeks ago. Fundamentals remain negative with huge world stocks and a poor export situation limiting upside potential.



Cattle & Hogs  Date: May 09, 2012

Cattle
As reported by Federal-State Market News, receipts were 752 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to $2 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 183.00 to - - -
  500 to 550 lbs. 176.50 to - - -
  600 to 650 lbs. 154.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 170.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 149.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 153.00 to - - -

Slaughter Cows, Boners 81.00   to   89.00
Light Weight 67.00 to 74.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   100.00   to   109.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 191.50 to 201.00
  500 to 550 lbs. 179.00 to 187.00
Heifers 450 to 500 lbs. 165.00 to 176.00
  500 to 550 lbs. 161.00 to 172.00

Chicago Futures:
Live Cattle: Jun up 82 at 11660
  Aug up 47 at 11892
Feeders: May down 72 at 15065
  Aug up 12 at 15890

Cattle Comment
Cattle futures posted gains today on ideas that cash fundamentals will improve. Packer margins are improving despite mixed boxed beef prices. June futures look to have bottomed for the time being, and up trending support is currently just above $113.50.

Hogs
Peoria: were     steady   at   50.00   to   52.00

Chicago Futures: May down 17 at 8007
  June up 55 at 8485

Hogs Comment
Hogs were mixed. Futures remain under pressure 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 09, 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 continue to trend 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.