Grain & Soybean Date: May 18, 2012
Soybeans
Local Elevators:
(May) EAST AR: 1384 to 1412
(NC) Summ. 1267 to 1297
River Elevators:
(May) MISS: 1409 to 1425 ; AR & White 1381
to 1393
(NC) Summ. 1282 to 1308
Ark. Processor Bids: (May) 1408 to 1410
(NC) 1292 to 1293
Memphis:
(May) 1415 to 1427 (NC)
1303 to 1306
Riceland Foods:
(May) Stuttgart - - - ; Pendleton
- - -
(NC) Stuttgart - - - ; Pendleton
- - -
| Chicago Futures: |
July |
down |
33 |
at |
1405 |
| |
Aug |
down |
24 1/4 |
at |
1381 |
| |
Sept |
down |
20 1/2 |
at |
1327 |
| |
Nov |
down |
18 1/2 |
at |
1288 |
| |
March |
down |
16 |
at |
1259 1/2 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans closed lower with big losses in the front end contracts. Much of the damage was the result end contracts. Much of the damage was the result of concerns about the Chinese auctioning off a huge quantity of reserve stocks. That left November below #13 to close out the week. Longer term, existing fundamentals will come into play. Smaller South American stocks and projected tightening of U.S. stocks should prevail. Although, there is growing concern that the 2012 acreage and crop may be understated.
Wheat
Cash bid for May at Memphis 710 1/4 to - - -;
| Bids to farmers at Local Elevators |
665-685; |
| River Elevators |
675-711; |
| Chicago Futures: |
July |
up |
37 1/2 |
at |
695 1/4 |
| |
Sept |
up |
33 1/2 |
at |
703 |
| |
Dec |
up |
31 1/4 |
at |
720 |
| |
March |
up |
29 1/2 |
at |
733 |
| |
May |
up |
27 1/4 |
at |
739 1/4 |
| |
Today's Arkansas LDP rate for wheat is: |
|
Grain Sorghum
Cash bid for May at Memphis 1099 to 1108;
| Bids to farmers at River Elevators |
1029-1055; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
May at Memphis
665 1/2 to 678 1/2; |
| |
NC at Memphis
521 1/2 to 531 1/2; |
| Bids to farmers at River Elevators |
651 to 666 |
| Chicago Futures: |
July |
up |
10 1/2 |
at |
635 1/2 |
| |
Sept |
up |
8 |
at |
546 1/2 |
| |
Dec |
up |
8 3/4 |
at |
537 |
| |
March |
up |
7 1/4 |
at |
546 1/2 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat was a strong leader in today’s trade as the market continued to reflect concern about potential dry weather damage in Europe, the Black Sea Region, and Kansas in the U.S. Long term forecasts don’t suggest any immediate relief and losses could mount. July zipped through long term resistance at 6.75 which had persisted for almost 8 months. Resistance will be layered in quarter increments starting at $7.
Corn firmed, showing across the board gains. Gains were trimmed into the close, but December futures continues to improve, giving producers an opportunity to price additional 2012 production. The long term outlook suggests that corn will have a strong downward bias that could carry well below the $5 level.
Cotton & Rice Date: May 18, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis at
|
| |
Greenwood
at |
| New York Futures: |
July |
up |
134 |
at |
7799 |
| |
Oct |
up |
114 |
at |
7697 |
| | Dec |
up |
131 |
at |
7521 |
| | March |
up |
135 |
at |
7645 |
| | May |
up |
137 |
at |
7747 |
| This week's LDP rate for cotton is |
0¢ cents |
| |
The estimate for next week is |
0¢ cents |
Cotton Comment
Cotton closed higher to end the week. However, the charts appear negative with recent sharp declines carrying December over 10 cents below previous December over 10 cents below previous support. Expanding world stocks will limit upside potential into the foreseeable future. USDA recently projected 2012 world production at almost 8 million bales above anticipated demand. Stocks will approach 74 million bales.
Rice
| Long Grain Cash Bid for |
May |
- - - |
to |
- - - |
| |
NC |
- - - |
to |
- - - |
| Chicago Futures: |
July |
down |
9 |
at |
1517 1/2 |
| | Sept |
down |
9 |
at |
1541 1/2 |
| | Nov |
down |
7 |
at |
1566 1/2 |
| | Jan |
down |
6 1/2 |
at |
1589 |
| | March |
unchanged |
- - - |
at |
1612 1/2 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice was slightly lower as the market failed to follow through on yesterday’s firming action. Upside potential remains limit due to big world stocks and poor export potential. A smaller U.S. crop will be a positive factor in the long term.
Cattle & Hogs Date: May 18, 2012
Cattle
As reported by Federal-State Market News, receipts were 6785 head
at sales in Arkansas this week.
Compared with last week, feeder steers sold mostly steady, instances $1 - $2 higher .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
193.50 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
175.00 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
158.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
170.00 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
158.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
154.00 |
to |
- - - |
Slaughter Cows, Boners 83.00 to 90.00
Light Weight 67.00 to 75.00
Bulls, Yield Grade 1
1000 to 2100 lbs. 100.00
to 110.00
Midwest Steers were at - - -
to - - -
Panhandle Steers were at - - -
to - - -
Oklahoma City Feeders
|
| Steers |
450 |
to |
500 lbs. |
170.00 |
to |
198.50 |
| |
500 |
to |
550 lbs. |
162.00 |
to |
195.25 |
| Heifers |
450 |
to |
500 lbs. |
161.00 |
to |
180.00 |
| |
500 |
to |
550 lbs. |
152.50 |
to |
170.00 |
Chicago Futures:
| Live Cattle: |
June |
up |
160 |
at |
11952 |
| |
Aug |
up |
187 |
at |
12192 |
| Feeders: |
May |
up |
75 |
at |
15130 |
| |
Aug |
up |
77 |
at |
16070 |
Cattle Comment
Cattle futures were sharply higher on an anticipated decline in feedlot placements during April.
Tight feedlot inventories will continue to support the market.
Hogs
Peoria: were $2.50 lower to $1 higher
at 54.50 to 56.00
| Chicago Futures: |
June |
steady |
- - - |
at |
8742 |
| |
July |
down |
17 |
at |
8857 |
Hogs Comment
Hog futures ended the session mixed with front end contracts lower. Yesterday’s cash market surge was an early supportive factor, as was improving pork cutout values. Ample hog supplies are expected to limit upside potential.
Poultry Date: March 18, 2012
Eggs
| New York: |
Ex. Lg. 96-100; Lg. 94-98; 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 |
108.33 |
| |
|
|
Delmarva Broilers
U.S. Grade APrices for whole broiler/fryers are trending steady to weak. Offerings are moderate to at times heavy for current trade needs. Demand is moderate entering the weekend. Market activity is slow to moderate. In production areas, live supplies are moderate at mostly desirable weights.