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Daily Market Report Archive

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:

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:

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  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:

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  at  1517 1/2 
 Sept down  at  1541 1/2 
 Nov down  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 
medium grain rice is 
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 A
Prices 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.