Grain & Soybean Date: May 17, 2012
Soybeans
Local Elevators:
(May) EAST AR: 1417 to 1445
(NC) Summ. 1286 to 1316
River Elevators:
(May) MISS: 1414 to 1458 ; AR & White 1301
to 1327
(NC) Summ. 1441 to 1443
Ark. Processor Bids: (May) 1441 to 1443
(NC) 1311 to 1312
Memphis:
(May) 1443 to 1460 (NC)
1321 1/2 to 1324 1/2
Riceland Foods:
(May) Stuttgart 1443 ; Pendleton
1445
(NC) Stuttgart 1311 ; Pendleton
1316
| Chicago Futures: |
July |
up |
16 |
at |
1438 |
| |
Aug |
up |
10 |
at |
1405 1/4 |
| |
Sept |
up |
5 1/4 |
at |
1347 1/2 |
| |
Nov |
up |
4 1/4 |
at |
1306 1/2 |
| |
March |
up |
2 3/4 |
at |
1275 1/2 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans closed higher after trimming early gains. The market received a boost from the biggest ever daily export sale, 480,000 metric tonnes for delivery to China. The recent drop in price appears to have brought new demand, and helped push the market higher. November has moved above $13 and could retrace more of recent declines. The problem could be the size of the 2012 crop. Double crop acreage is expected to increase and USDA may have overestimated prevented plantings. Time will tell.
Wheat
Cash bid for May at Memphis 675 3/4 to 677 3/4;
| Bids to farmers at Local Elevators |
628-648; |
| River Elevators |
638-674; |
| Chicago Futures: |
July |
up |
19 |
at |
657 3/4 |
| |
Sept |
up |
18 1/4 |
at |
669 1/2 |
| |
Dec |
up |
17 3/4 |
at |
688 3/4 |
| |
March |
up |
17 |
at |
703 1/2 |
| |
May |
up |
16 1/4 |
at |
712 |
| |
Today's Arkansas LDP rate for wheat is: |
|
Grain Sorghum
Cash bid for May at Memphis 1080 to 1089;
| Bids to farmers at River Elevators |
1009-1036; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
May at Memphis
655 to 668; |
| |
NC at Memphis
513 1/2 to 523 1/2; |
| Bids to farmers at River Elevators |
642 to 655 |
| Chicago Futures: |
July |
up |
5 |
at |
625 |
| |
Sept |
up |
1 1/2 |
at |
538 1/2 |
| |
Dec |
up |
2 |
at |
528 1/4 |
| |
March |
up |
2 |
at |
539 1/4 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat was sharply higher for the second day in a row. Dry conditions in Europe and the Black Sea region are compounding potential crop losses in Kansas. July blew through resistance near $6.50 and is likely to test stronger resistance at $6.75 soon.
Corn was steady to slightly higher despite another round of negative outside markets. Exports were up from last week but well below the 4 week average. The 2012 crop is making good progress and this will likely weigh on the market down the line. December had sound support at $5 but look for this to be tested if crop development remains good.
Cotton & Rice Date: May 17, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 32 at
7015 |
| |
Greenwood down
32 at 7015 |
| New York Futures: |
July |
down |
32 |
at |
7665 |
| |
Oct |
down |
75 |
at |
7583 |
| | Dec |
down |
71 |
at |
7390 |
| | March |
down |
79 |
at |
7510 |
| | May |
down |
101 |
at |
7610 |
| This week's LDP rate for cotton is |
0¢ cents |
| |
The estimate for next week is |
0¢ cents |
Cotton Comment
Cotton was mostly lower, after early gains were trimmed in all but the nearly contract. Fundamentals remain negative with a big 2012 world crop expected to add to huge stocks. Cotton will have a hard time regaining lost market share unless substantially lower price levels begin to pull buyers back.
Rice
| Long Grain Cash Bid for |
May |
1362/CWT |
to |
- - - |
| |
NC |
1401/CWT |
to |
- - - |
| Chicago Futures: |
July |
up |
15 |
at |
1526 1/2 |
| | Sept |
up |
16 |
at |
1550 1/2 |
| | Nov |
up |
14 |
at |
1573 1/2 |
| | Jan |
up |
11 1/2 |
at |
1595 1/2 |
| | March |
up |
3 1/2 |
at |
1612 1/2 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice reversed its downturn and firmed in today’s trade. There is little fresh news to give the market a direction. The 2012 U.S. crop is expected to be down again from last year, but world stocks particularly in Thailand and India, are large. This will limit upside potential in the foreseeable future.
Cattle & Hogs Date: May 17, 2012
Cattle
As reported by Federal-State Market News, receipts were 963 head
at sales in Charlotte & Ratcliff.
Compared with last week, feeder steers sold mostly steady, instances $5 higher .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
187.00 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
169.50 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
157.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
174.50 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
152.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
152.00 |
to |
- - - |
Slaughter Cows, Boners 79.00 to 86.00
Light Weight 66.00 to 74.00
Bulls, Yield Grade 1-2
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. |
187.00 |
to |
192.00 |
| |
550 |
to |
600 lbs. |
150.00 |
to |
154.50 |
| Heifers |
500 |
to |
550 lbs. |
156.00 |
to |
158.00 |
| |
550 |
to |
600 lbs. |
150.00 |
to |
154.25 |
Chicago Futures:
| Live Cattle: |
June |
up |
105 |
at |
11792 |
| |
Aug |
up |
110 |
at |
12005 |
| Feeders: |
May |
up |
77 |
at |
15062 |
| |
Aug |
up |
160 |
at |
15992 |
Cattle Comment
Cattle futures firmed again today on expectations of this week’s cattle on feed report showing declining supplies. Tight supplies of feeder cattle are expected this summer and that added to the stronger market undertone.
Hogs
Peoria: were $3 higher to $1 lower
at 53.50 to 55.50
| Chicago Futures: |
June |
up |
92 |
at |
8742 |
| |
July |
up |
112 |
at |
8875 |
Hogs Comment
Hog futures were stronger again today, despite indications supplies will test U.S. slaughter capacity this summer. June futures have strong resistance around $88 to $89 which should contain the current upturn.
Poultry Date: March 17, 2012
Eggs
| New York: |
Ex. Lg. 94-98; Lg. 92-96; 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 steady to weak. Offerings are moderate to at times heavy. Demand approaching the weekend is light to moderate. Market activity is slow to moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.