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Daily Market Report Archive

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:

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:

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  at  625 
  Sept up  1 1/2  at  538 1/2 
  Dec up  at  528 1/4 
  March up  at  539 1/4 
  Today's Arkansas LDP rate for corn is:

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 
medium grain rice is 
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 A
Prices 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.