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Daily Market Report Archive

Grain & Soybean Date: May 11, 2012

Soybeans

Local Elevators:
(May) EAST AR:  1385 to 1413
(NC) Summ. 1300 to 1330
River Elevators:
(May) MISS: 1420 to 1431 ; AR & White 1392 to 1410
(NC) Summ. 1315 to 1337
Ark. Processor Bids: (May) 1409 to 1411  (NC) 1326 to 1325
Memphis:  (May) 1406 to 1418 (NC)  1336 1/4 to 1338 1/4
Riceland Foods:  (May) Stuttgart 1411 ; Pendleton 1413 
 (NC) Stuttgart 1325 ; Pendleton 1330 

Chicago Futures: May down 48 1/4 at  1404
  July  down  49 1/4  at  1406
  Aug down 48 1/4  at  1393 1/2
  Sept down 36 1/4  at  1350 3/4
  Nov down 37 3/4  at  1321 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans wiped out yesterday’s gains plus some, as funds liquidated long position. A third commodity fund indicated they were closing down before the end of May after sustaining big losses. So recent declines have been accelerated as funds liquidate. World economic turmoil has added to the downturn as the dollar moves higher. November futures closed near Wednesday’s low bringing support at $13 back into play.

Wheat
Cash bid for May at Memphis  617 to - - -;

Bids to farmers at Local Elevators 567-587;
River Elevators 577-613;

Chicago Futures: May down  at  592 3/4 
  July down 4 1/4  at  597 
  Sept down  4 3/4  at  611 3/4 
  Dec down  5 1/4  at  635 1/2 
  March down  5 3/4  at  657 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for May at Memphis  1002 to 1011;

Bids to farmers at River Elevators 930-1002;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for May at Memphis   611 to 626;
  NC at Memphis   1336 1/4 to 1338 1/4;
Bids to farmers at River Elevators  598 to 631

Chicago Futures: May down  17 1/2  at  608 
  July down  6 1/2  at  581 
  Sept down  2 1/4  at  511 1/4 
  Dec down  at  505 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures charts took on a very negative appearance today as July closed below the key $6. The market could now move to test support in the $5.65-$5.68 area. The hard red winter wheat harvest has already begun and farmers in Oklahoma are rushing to get as much wheat out of the field as possible before weekend rains.

Corn continued yesterday’s slide with expiring May leading the decline. Earlier this week May hit $6.85, today the low was $6. Tight old crop stocks will keep July from diving much lower. At the same time a 14.8 billion bushel crop had December dipping below $5 at one point. Continued good weather will simply keep pressure on new crop.



Cotton & Rice  Date: May 11, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 285 at  7247
  Greenwood down  285 at 7247

New York Futures: July down  285  at  7897 
  Oct down  312  at  7848 
 Dec down  303  at  7634 
 March down  298  at  7758 
 May down  284  at  7871 
This week's LDP rate for cotton is  0¢ cents
  The estimate for next week is  0¢ cents
Cotton Comment
Cotton is taking a shellacking. Yesterday’s limit decline appears to be just a prelude to what could happen. December futures closed just above 76 cents. World stocks grew in yesterday’s report and with a 2012 crop that is expected to exceed use will move higher. USDA projected 2012/13 world stocks of 73.75 million bales. The cure for low prices is low prices. This should start cotton on the road to regaining lost market share.

Rice

Long Grain Cash Bid for  May 1406/cwt  to  - - -
  NC 1443/cwt  to  - - -

Chicago Futures: May down  at  1548 1/2 
 July down  8 1/2  at  1570 1/2 
 Sept down  9 1/2  at  1593 
 Nov down  7 1/2  at  1616 1/2 
 March unchanged  - - -  at  16615 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were slightly lower as the overall negative undertone in commodities became a factor. September tipped lower after moving close to the recent $16.20 high. Smaller 2012 plantings and production suggest further tightening of U.S. stocks. However, that doesn’t mean tightness worldwide, where big stocks will impact the export market and limit upside potential.



Cattle & Hogs  Date: May 11, 2012

Cattle
As reported by Federal-State Market News, receipts were 9820 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. 193.50 to - - -
  500 to 550 lbs. 175.00 to - - -
  600 to 650 lbs. 159.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 180.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 158.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 156.50 to - - -

Slaughter Cows, Boners 80.00   to   88.00
Light Weight 66.00 to 74.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   95.00   to   105.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 159.00 to 203.50
  550 to 600 lbs. 150.00 to 187.50
Heifers 450 to 500 lbs. 157.25 to 176.00
  500 to 550 lbs. 149.00 to 172.00

Chicago Futures:
Live Cattle: June down 70 at 11515
  Aug down 90 at 11770
Feeders: May down 65 at 14970
  Aug down 142 at 15747

Cattle Comment
Cattle futures were lower across the board. 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 near $114.

Hogs
Peoria: were     steady   at   49.50   to   51.50

Chicago Futures: May down 27 at 7952
  June up 80 at 8530

Hogs Comment
Hogs ended mixed. Yesterday’s report was negative for prices. 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: March 11, 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 lbs 108.50
Toms: 16-24 lbs 104.00
 

Delmarva Broilers
U.S. Grade A
Prices for whole broiler/fryers continue to trend firm to higher. Offerings are light for current trade needs. Demand is moderate to good entering the weekend. Market activity is active. In production areas, live supplies are moderate at mostly desirable weights.