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Daily Market Report Archive

Grain & Soybean Date: May 21, 2012

Soybeans

Local Elevators:
(May) EAST AR:  1392 to 1420
(NC) Summ. 1285 to 1315
River Elevators:
(May) MISS: 1417 to 1433 ; AR & White 1389 to 1407
(NC) Summ. 1300 to 1326
Ark. Processor Bids: (May) 1416 to 1418  (NC) 1310 to 1311
Memphis:  (May) 1422 1/2 to 1434 1/2 (NC)  1321 1/4 to 1324 1/4
Riceland Foods:  (May) Stuttgart - - - ; Pendleton - - - 
 (NC) Stuttgart - - - ; Pendleton - - - 

Chicago Futures: July up 7 1/2 at  1412 1/2
  Aug  up  14 3/4  at  1395 3/4
  Sept up 18  at  1345
  Nov up 18 1/4  at  1306 1/4
  March up 12  at  1271 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans firmed on positive outside markets and potential demand from China. There are indicators soybean plantings in China will decline this with one of the major producing areas indicating a 20% drop in acreage. Dry, hot weather across the mid-south and part of the Midwest could impact crop conditions if it persists. November futures pushed above #13 suggesting potential bottoming action with the recent drop to $12.82.

Wheat
Cash bid for May at Memphis  714 to - - -;

Bids to farmers at Local Elevators 674-694;
River Elevators 684-720;

Chicago Futures: July up  8 3/4  at  704 
  Sept up 11  at  714 
  Dec up  9 1/4  at  729 1/4 
  March up  6 3/4  at  739 3/4 
  May up  at  743 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for May at Memphis  1095 to 1104;

Bids to farmers at River Elevators 1023-1050;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for May at Memphis   663 to 676;
  NC at Memphis   530 1/2 to 533 1/2;
Bids to farmers at River Elevators  648 to 663

Chicago Futures: July down  2 1/2  at  633 
  Sept up  at  548 1/2 
  Dec up  3 1/2  at  540 1/2 
  March up  at  550 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat traded to new 6-month highs in overnight trading, but turned lower and finally settled near the middle of the day’s trading range. 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 now has resistance at today’s high of $7.22 and then the October high of $7.30.

Corn closed mixed with new crop December pushing back up to the $5.50 area. The market then sold off and retraced a good portion of the gain. Dry weather issues could push price through this resistance, but there are layers of resistance between there and $5.80. Producers should look at this rally with anything above $5.50 being a good pricing opportunity.



Cotton & Rice  Date: May 21, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis unchanged - - - at  72.02
  Greenwood unchanged  - - - at 72.02

New York Futures: July up  47  at  7752 
  Oct down  30  at  7667 
 Dec down  64  at  7457 
 March down  55  at  7590 
 May down  38  at  7709 
This week's LDP rate for cotton is  0¢ cents
  The estimate for next week is  0¢ cents
Cotton Comment
Cotton reversed Friday’s higher close to start the week on a negative note. 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 up  25 1/2  at  1543 
 Sept up  26 1/2  at  1568 
 Nov up  25 1/2  at  1592 
 Jan up  25  at  1614 
 March up  18  at  1630 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice is an up one day down the next mode with today being higher. Upside potential remains limited 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 21, 2012

Cattle
As reported by Federal-State Market News, receipts were 1792 head at sales in Ash Flat & Ola.  Compared with last week, feeder steers sold weak to $5 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 183.00 to - - -
  500 to 550 lbs. 172.50 to - - -
  600 to 650 lbs. 158.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 172.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 154.00 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 70.50
Bulls, Yield Grade   1   1000   to   2100 lbs.   95.00   to   100.00
Midwest Steers   were   at   120.00   to   124.00
Panhandle Steers   were   at   120.50   to   123.50

Oklahoma City Feeders
Steers 400 to 450 lbs. 206.00 to 216.00
  500 to 550 lbs. 186.00 to 196.00
Heifers 450 to 500 lbs. 167.00 to 180.00
  500 to 600 lbs. 157.00 to 167.00

Chicago Futures:
Live Cattle: June down 72 at 11880
  Aug down 112 at 12080
Feeders: May up 57 at 15187
  Aug down 160 at 15910

Cattle Comment
Cattle futures posted gains early, but wound up selling off hard by the end of the day. Tight feedlot inventories reflected in Friday’s report were overshadowed by demand concerns.

Hogs
Peoria: were $3 higher to $.50     higher   at   55.50   to   57.50

Chicago Futures: June down 72 at 8670
  July down 152 at 8705

Hogs Comment
Hog futures were also mixed. A sharp drop in the composite cutout value has sparked renewed concerns about demand. Ample hog supplies are expected to limit upside potential.



Poultry  Date: March 21, 2012

Eggs

New York:  Ex. Lg. 98-102; Lg. 96-100; Med. 75-79;
Chicago:  Ex. Lg. 85-93; Lg. 83-91; 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. Offerings are moderate for current trade needs. Demand is moderate entering the week. Market activity is slow to mostly moderate. In production areas, live supplies are moderate at mostly desirable weights.