Grain & Soybean Date: May 15, 2012
Soybeans
Local Elevators:
(May) EAST AR: 1392 to 1420
(NC) Summ. 1284 to 1314
River Elevators:
(May) MISS: 1417 to 1429 ; AR & White 1389
to 1407
(NC) Summ. 1299 to 1325
Ark. Processor Bids: (May) 1416 to 1418
(NC) 1309 to 1310
Memphis:
(May) 1395 to 1430 (NC)
1320 to 1322
Riceland Foods:
(May) Stuttgart - - - ; Pendleton
- - -
(NC) Stuttgart - - - ; Pendleton
- - -
| Chicago Futures: |
July |
up |
26 |
at |
1413 |
| |
Aug |
up |
21 |
at |
1393 3/4 |
| |
Sept |
up |
13 1/4 |
at |
1340 |
| |
Nov |
up |
10 1/4 |
at |
1305 |
| |
March |
up |
5 |
at |
1274 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans rebounded today after yesterday’s technical sell-off; gains maybe short lived as the U.S. dollar continues to strengthen. The soybean market is particularly dependent on the exports and the weak dollar of recent years has allowed the U.S. to be more competitive in international markets. Soybeans will also come under additional fundamental pressure as many reports suggest plantings will be 2 million acres or more above the March intentions, which would mean production, could be understated by 80 million bushels or more.
Wheat
Cash bid for May at Memphis 1395 to 1430;
| Bids to farmers at Local Elevators |
579-599; |
| River Elevators |
589-629; |
| Chicago Futures: |
July |
up |
10 1/4 |
at |
608 1/2 |
| |
Sept |
up |
9 1/2 |
at |
622 1/4 |
| |
Dec |
up |
8 1/2 |
at |
643 3/4 |
| |
March |
up |
6 3/4 |
at |
664 |
| |
May |
up |
7 |
at |
673 3/4 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for May at Memphis 1029 to 1031;
| Bids to farmers at River Elevators |
874-892; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
May at Memphis
617 1/4 to 640 1/4; |
| |
NC at Memphis
498 to 508; |
| Bids to farmers at River Elevators |
612 to 627 |
| Chicago Futures: |
July |
up |
14 1/4 |
at |
597 1/4 |
| |
Sept |
up |
8 1/2 |
at |
523 |
| |
Dec |
up |
9 |
at |
514 1/2 |
| |
March |
up |
9 1/2 |
at |
526 1/2 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat closed the day higher as yesterday’s crop conditions report showed the crop quality diminishing, and reports out of the Black Sea indicate that drought conditions are beginning to adversely affect the crop. Wheat will need continued strength in the other grain markets to maintain this strength. Much like with soybeans, the strengthening dollar will hinder our ability to export wheat.
Corn closed the day higher as reports show drought conditions in China are beginning to affect the crop. The next objective for corn prices is to reach the $5.25 support level, additional fund money and fresh fundamentals are needed to reach this level. Should prices move lower and break $5, and that will likely happen as some point, it would open the market to trade at $4.75 or lower.
Cotton & Rice Date: May 15, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis up 34 at
7266 |
| |
Greenwood up
34 at 7266 |
| New York Futures: |
July |
up |
34 |
at |
7916 |
| |
Oct |
up |
20 |
at |
7892 |
| | Dec |
up |
63 |
at |
7733 |
| | March |
up |
68 |
at |
7853 |
| | May |
up |
76 |
at |
7961 |
| This week's LDP rate for cotton is |
0¢ cents |
| |
The estimate for next week is |
0¢ cents |
Cotton Comment
Cotton continued to firm after December lost over 7 cents following Thursday’s report. Mounting world stocks continue to weigh on the market for the foreseeable future as China and India, the world’s largest consumer and producer, account for over half of the total stock increase in 2012/13. December has found temporary support just under 75 cents.
Rice
| Long Grain Cash Bid for |
May |
- - - |
to |
- - - |
| |
NC |
- - - |
to |
- - - |
| Chicago Futures: |
May |
down |
12 1/2 |
at |
1547 1/2 |
| | July |
down |
12 |
at |
1570 |
| | Sept |
down |
13 1/2 |
at |
1593 |
| | Nov |
down |
13 1/2 |
at |
1617 1/2 |
| | March |
down |
15 1/2 |
at |
1642 1/2 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice continued to move lower, after reversing during trading on Friday. Rice attempted to follow the other grains higher but was unable to maintain gains. The strengthening dollar will have the most impact on U.S. rice, which already has a difficult time competing in the international market.
Cattle & Hogs Date: May 15, 2012
Cattle
As reported by Federal-State Market News, receipts were 716 head
at sales in Ft. Smith & Heber Springs.
Compared with last week, feeder steers sold mostly steady to $2 higher .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
190.05 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
171.00 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
159.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
178.00 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
155.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
147.00 |
to |
- - - |
Slaughter Cows, Boners 83.00 to 89.00
Light Weight 65.00 to 70.00
Bulls, Yield Grade 1
1000 to 2100 lbs. 100.00
to 111.00
Midwest Steers were at - - -
to - - -
Panhandle Steers were at - - -
to - - -
Oklahoma City Feeders
|
| Steers |
450 |
to |
500 lbs. |
194.00 |
to |
196.75 |
| |
550 |
to |
600 lbs. |
171.50 |
to |
185.00 |
| Heifers |
450 |
to |
500 lbs. |
168.00 |
to |
179.00 |
| |
500 |
to |
550 lbs. |
157.50 |
to |
170.00 |
Chicago Futures:
| Live Cattle: |
June |
up |
27 |
at |
11642 |
| |
Aug |
up |
27 |
at |
11872 |
| Feeders: |
May |
up |
- - - |
at |
14942 |
| |
Aug |
up |
47 |
at |
15767 |
Cattle Comment
Cattle prices firmed again today. Choice beef cutout values weakened late last week pushing packer margins to the negative side. Beef production was up 2.6% from the week before despite declining cattle weights. While weights fell they are still above year ago levels.
Hogs
Peoria: were $3 to $1 higher
at 51.50 to 53.50
| Chicago Futures: |
June |
up |
102 |
at |
8640 |
| |
July |
up |
187 |
at |
8740 |
Hogs Comment
Hog futures closed the day higher. Hog slaughter has declined seasonally but by less than anticipated. With numbers and weights both higher, total pork was up almost 7% from the same time last year.
Poultry Date: March 15, 2012
Eggs
| New York: |
Ex. Lg. 85-89; Lg. 83-87; 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 APrices for whole broiler/fryers are trending steady. Offerings are mostly moderate. Demand is adequate for current trade needs. Market activity is moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.