Grain & Soybean Date: May 23, 2012
Soybeans
Local Elevators:
(May) EAST AR: 1332 to 1360
(NC) Summ. 1237 to 1267
River Elevators:
(May) MISS: 1359 to 1380 ; AR & White 1331
to 1349
(NC) Summ. 1252 to 1278
Ark. Processor Bids: (May) 1358 to 1366
(NC) 1262 to 1263
Memphis:
(May) 1363 1/2 to 1380 1/2 (NC)
1272 3/4 to 1276 3/4
Riceland Foods:
(May) Stuttgart 1358 ; Pendleton
1360
(NC) Stuttgart 1262 ; Pendleton
1267
| Chicago Futures: |
July |
down |
19 3/4 |
at |
1362 1/2 |
| |
Aug |
down |
22 1/4 |
at |
1342 1/2 |
| |
Sept |
down |
19 3/4 |
at |
1295 |
| |
Nov |
down |
24 1/2 |
at |
1257 3/4 |
| |
March |
down |
21 1/2 |
at |
1234 3/4 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans continued yesterday’s slide lower as negative outside markets had many funds looking for less risky investments. Concerns that Europe would be unable to keep Greece in the Euro zone had funds unloading long positions in beans. Technically November fell through short term support to old resistance near $12.50. Inability to hold here will send more speculators to the sideline.
Wheat
Cash bid for May at Memphis 665 1/2 to 669 1/2;
| Bids to farmers at Local Elevators |
648-661; |
| River Elevators |
637-669; |
| Chicago Futures: |
July |
down |
20 |
at |
665 1/2 |
| |
Sept |
down |
17 3/4 |
at |
679 3/4 |
| |
Dec |
down |
16 |
at |
700 1/2 |
| |
March |
down |
15 |
at |
715 1/2 |
| |
May |
down |
14 1/4 |
at |
721 1/2 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for May at Memphis 1042 to 1051;
| Bids to farmers at River Elevators |
971-998; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
May at Memphis
622 1/2 to 638 1/2; |
| |
NC at Memphis
511 to 514; |
| Bids to farmers at River Elevators |
619 to 634 |
| Chicago Futures: |
July |
up |
6 1/2 |
at |
603 1/2 |
| |
Sept |
up |
3 |
at |
529 |
| |
Dec |
up |
1 |
at |
523 |
| |
March |
up |
1 1/2 |
at |
534 1/2 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat gapped lower today as the market meltdown continued today. The drought premium that was put on the market last week is coming off this week on forecasts for relief in wheat-growing regions of Eastern Europe. July could make quick work of retesting support in the $6 area.
Corn was the only crop that held its ground in today’s washout. Concerns about dryness in Chinas corn producing area limited pressure and kept all contracts steady to slightly higher. Increased chances of rain in the Midwest over the next 10 days were minimized by suggestions high temperatures will be an offsetting factor. Key December support remains the recent low of $4.99.
Cotton & Rice Date: May 23, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 251 at
6751 |
| |
Greenwood down
251 at 6751 |
| New York Futures: |
July |
down |
301 |
at |
7151 |
| |
Oct |
down |
339 |
at |
7041 |
| | Dec |
down |
282 |
at |
6875 |
| | March |
down |
290 |
at |
7001 |
| | May |
down |
301 |
at |
7108 |
| This week's LDP rate for cotton is |
0¢ cents |
| |
The estimate for next week is |
0¢ cents |
Cotton Comment
Cotton suffered another day of sharp declines with December falling below 68 cents at one point. Cotton could be the last test of old farm program icons the counter-cyclical payment or if things get bad enough a loan deficiency payment. This is beginning to sound like a summer weather forecast but it is the truth. Huge world stocks, concern about a weakening Chinese economy and lost market share are the factors driving cotton lower. The lead contract months fall below 85 cents was also a signal of further technical losses ahead. There is some support between 63 and 67 cents. Will it hold, probably not.
Rice
| Long Grain Cash Bid for |
May |
1327 |
to |
1342/cwt |
| |
NC |
1363 |
to |
1382/cwt |
| Chicago Futures: |
July |
down |
17 1/2 |
at |
1507 |
| | Sept |
down |
17 |
at |
1532 |
| | Nov |
down |
17 1/2 |
at |
1556 1/2 |
| | Jan |
down |
17 1/2 |
at |
1581 |
| | March |
down |
17 1/2 |
at |
1605 1/2 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice was lower again today with September closing just above last week’s low, and isn’t far from there to the recent low near $15.10. While U.S. mills are more active it still appears most of the business is with Haiti. Rough rice export sales remain firm. International markets are mixed with Thai prices firming on tightening available stocks, while their government interventions program appears to have one 12 mmt locked away from the market. Other origins appear to be weaker.
Cattle & Hogs Date: May 23, 2012
Cattle
As reported by Federal-State Market News, receipts were 1017 head
at sales in Conway & Pocahontas.
Compared with last week, feeder steers calves sold mostly steady, yearlings $1 - $2 higher .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
187.50 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
172.25 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
158.50 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
161.75 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
146.50 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
145.00 |
to |
- - - |
Slaughter Cows, Boners 80.00 to 87.50
Light Weight 65.00 to 72.00
Bulls, Yield Grade 1
1000 to 2000 lbs. 97.00
to 107.00
Midwest Steers were at 121.00
to - - -
Panhandle Steers were at 121.00
to - - -
Oklahoma City Feeders
|
| Steers |
400 |
to |
450 lbs. |
206.00 |
to |
216.00 |
| |
500 |
to |
550 lbs. |
186.00 |
to |
196.50 |
| Heifers |
450 |
to |
500 lbs. |
167.00 |
to |
176.00 |
| |
500 |
to |
550 lbs. |
159.00 |
to |
168.50 |
Chicago Futures:
| Live Cattle: |
June |
down |
155 |
at |
11780 |
| |
Aug |
down |
177 |
at |
11950 |
| Feeders: |
May |
down |
10 |
at |
15242 |
| |
Aug |
down |
165 |
at |
15847 |
Cattle Comment
Cattle futures were lower across the board. Concerns about the situation in Europe and the overall negative tone in ag futures today added weakness. Large frozen beef stocks added additional pressure to feeders.
Hogs
Peoria: were steady
at 55.00 to 57.00
| Chicago Futures: |
June |
down |
140 |
at |
8442 |
| |
July |
down |
60 |
at |
8555 |
Hogs Comment
Hog futures mostly lower as well. Ample hog supplies are expected to limit upside potential. Concern about the situation in Europe and the soaring dollar were factors as well.
Poultry Date: March 23, 2012
Eggs
| New York: |
Ex. Lg. 103-107; Lg. 101-105; 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 steady. Offerings are moderate. Demand is light to moderate with trading usually limited to regular commitments. Market activity is slow to moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.