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: |
0¢ |
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 |
4 |
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: |
0¢ |
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 |
2 |
at |
548 1/2 |
| |
Dec |
up |
3 1/2 |
at |
540 1/2 |
| |
March |
up |
4 |
at |
550 1/2 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
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 |
0¢ |
| medium grain rice is |
0¢ |
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 APrices 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.