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Daily Market Report Archive

Grain & Soybean Date: May 10, 2012

Soybeans

Local Elevators:
(May) EAST AR:  1434 to 1462
(NC) Summ. 1338 to 1368
River Elevators:
(May) MISS: 1469 to 1480 ; AR & White 1441 to 1459
(NC) Summ. 1353 to 1375
Ark. Processor Bids: (May) 1458 to 1460  (NC) 1363 to 1364
Memphis:  (May) 1463 1/4 to 1465 1/4 (NC)  1374 to 1376
Riceland Foods:  (May) Stuttgart - - - ; Pendleton - - - 
 (NC) Stuttgart - - - ; Pendleton - - - 

Chicago Futures: May up 24 1/2 at  1452 1/4
  July  up  25  at  1455 1/4
  Aug up 25 1/2  at  1441 3/4
  Sept up 24  at  1387
  Nov up 25 1/2  at  1359
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans finished on a high note which is more than can be said for corn. USDA put soybean production at 3.2 billion bushels in their first official estimate for the 2012 crop. However, increased use in the 2011/12 crop reduced projected ending stocks 40 million bushels to 210 million bushels. Then in the 2012/13 projection exports were raised to 1.505 billion, while domestic use was raised 10 million bushels to 1.655 billion uses. Total use will leave stocks at just 145 million bushels, about 2 weeks’ worth. That should keep the market firm. November futures ended the day 30 cents higher and in position to test long term resistance around $14.

Wheat
Cash bid for May at Memphis  619 1/4 to 621 1/4;

Bids to farmers at Local Elevators 571-591;
River Elevators 581-616;

Chicago Futures: May up  3 1/2  at  594 3/4 
  July up 1 1/4  at  601 1/4 
  Sept up  1 3/4  at  616 1/2 
  Dec up  1 3/4  at  640 3/4 
  March '12 up  1 3/4  at  663 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for May at Memphis  1013 to 1022;

Bids to farmers at River Elevators 943-1014;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for May at Memphis   622 1/2 to 632 1/2;
  New Crop at Memphis   488 1/2 to 493 1/2;
Bids to farmers at River Elevators  608 to 638

Chicago Futures: May down  15 3/4  at  625 1/2 
  July down  19 3/4  at  587 1/2 
  Sept down  13 1/2  at  513 1/2 
  Dec down  9 1/2  at  507 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures reacted positively to the USDA report today. The carryout estimate was dropped to 769 million bushels thanks to an increased export estimate. Winter wheat production was near the high end of projections at 1.694 billion bushels, but that was offset by increased exports. The market opened lower on carryover weakness from corn, and tested the waters below $6 before closing back above key support at that level.

Corn got hit by a double edged sword. As expected the first production estimate was huge. Yield at 166 bushels per acre put production at 14.79 billion bushels. But the real kicker was reduced feed use on the 2011/12 marketing year and a a resulting increase in ending stocks of 50 million bushels to 851 million bushels. The market was expecting a decrease to 758. Even increased use in 2012/13 will leave stocks at 1.881 billion bushels. So look for continued pressure on corn, especially if weather remains good. December closed just above $5 could be headed toward the next bench mark at $4.50.



Cotton & Rice  Date: May 10, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 400 at  7532
  Greenwood down  400 at 7532

New York Futures: July down  400  at  8182 
  Oct down  400  at  8160 
 Dec down  400  at  7937 
 March down  400  at  8056 
 May down  400  at  8155 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was rocked by ever increasing world stocks. The 2011/12 production is expected to exceed use by 6.73 million bales. That will push stocks to 13.75 million bales. Smaller U.S. plantings are expected to see a million acres more harvested than in 2011, with production up 1.43 million bales to 17 million. U.S. stocks are projected to rise to 4.9 million bales. Limit down moves left the cotton market dark red. December fell to 79.37 cents and further losses are probable.

Rice

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

Chicago Futures: May up  39 1/2  at  1555 1/2 
 July up  39 1/2  at  1579 
 Sept up  41  at  1602 1/2 
 Nov up  41  at  1624 
 March '12 up  41  at  1661 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice received some friendly U.S. numbers with a 5 million cwt upward bump in exports which reduced projected ending stocks the same amount to 34 million cwt. A smaller 2012 crop, even with decreased used should see the 2012/13 ending stocks drop to 27 million cwt. World stocks are expected to be virtually unchanged next year as production and use are near a balance. Futures responded with a big move which left September in position to test the recent high at $16.20. Big world stocks will likely limit upside potential.



Cattle & Hogs  Date: May 10, 2012

Cattle
As reported by Federal-State Market News, receipts were 2431 head at sales in Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly steady to instances $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 194.50 to - - -
  500 to 550 lbs. 180.50 to - - -
  600 to 650 lbs. 161.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 177.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 154.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 156.00 to - - -

Slaughter Cows, Boners 79.00   to   86.00
Light Weight 70.00 to 75.00
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   97.00   to   105.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 203.00 to 203.50
  500 to 550 lbs. 190.00 to 197.00
Heifers 500 to 550 lbs. 164.50 to 166.50
  550 to 600 lbs. 164.00 to 166.50

Chicago Futures:
Live Cattle: Jun down 75 at 11585
  Aug down 32 at 11860
Feeders: May down 30 at 15035
  Aug steady - - - at 15890

Cattle Comment
Cattle futures were mixed with deferred feeders supported by prospects for lower feed costs. Live cattle were under pressure from the USDA production report that shows higher production thanks to heavier slaughter weights and higher slaughter totals. June futures look to have bottomed for the time being, and up trending support is currently just above $113.50.

Hogs
Peoria: were $2.50 lower to $1.50     higher   at   49.50   to   51.50

Chicago Futures: May down 27 at 7980
  June down 35 at 8450

Hogs Comment
Hogs were lower across the board. Production was raised due to heavier slaughter weights. Exports got a slight bump in the report as well. The charts look grim, but June is attempting to build support at Monday’s low of $83.75.



Poultry  Date: May 10, 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. Demand is moderate to good approaching the Mother’s Day weekend. Market activity is active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.