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Daily Market Report Archive

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:

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:

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:

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  at  529 
  Dec up  at  523 
  March up  1 1/2  at  534 1/2 
  Today's Arkansas LDP rate for corn is:

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 
medium grain rice is 
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 A
Prices 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.