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Daily Market Report Archive

Grain & Soybean Date: May 24, 2012

Soybeans

Local Elevators:
(May) EAST AR:  1345 to 1373
(NC) Summ. 1255 to 1285
River Elevators:
(May) MISS: 1372 to 1393 ; AR & White 1344 to 1362
(NC) Summ. 1270 to 1296
Ark. Processor Bids: (May) 1371 to 1379  (NC) 1280 to 1281
Memphis:  (May) 1376 to 1394 (NC)  1291 1/4 to 1294 1/4
Riceland Foods:  (May) Stuttgart 1371 ; Pendleton 1373 
 (NC) Stuttgart 1280 ; Pendleton 1285 

Chicago Futures: July up 13 1/2 at  1376
  Aug  up  13 3/4  at  1356 1/4
  Sept up 18 1/4  at  1313 1/4
  Nov up 18 1/2  at  1276 1/4
  March up 20 1/2  at  1255 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans reversed yesterdays decline and closed on a positive note following a good export report. Big sales to China alleviated recent concern on cancellations. One Chinese crusher cancelled 4 cargoes of Brazilian beans due to negative crush margins. November futures will have close almost 50 cents higher or above $13.20 to suggest the downturn is over.

Wheat
Cash bid for May at Memphis  648 to 656;

Bids to farmers at Local Elevators 645-658;
River Elevators 621-658;

Chicago Futures: July down  2 1/2  at  663 
  Sept down 1 1/2  at  678 1/4 
  Dec down  1/2  at  700 
  March up  1 1/4  at  716 3/4 
  May up  2 1/2  at  724 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for May at Memphis  997 to 1006;

Bids to farmers at River Elevators 927-954;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for May at Memphis   598 1/2 to 608 1/2;
  NC at Memphis   498 1/4  to 503 1/4;
Bids to farmers at River Elevators  594 to 609

Chicago Futures: July down  25  at  578 1/2 
  Sept down  10 3/4  at  518 1/4 
  Dec down  at  515 
  March down  at  526 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat turned higher on the open on renewed drought concerns in Europe. There is also some concern about dry conditions in the U.S. However, the market reversed by the end of the day and closed mixed. July is attempting to establish support above $6.60.

Corn was on the hot seat today with a poor export report pressuring the old crop contracts and pushing July near support just below $5.75. A close below this level would signal the beginnings of another leg lower. High temperatures should limit downside pressure.



Cotton & Rice  Date: May 24, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 243 at  6994
  Greenwood up  243 at 6994

New York Futures: July up  243  at  7394 
  Oct up  208  at  7249 
 Dec up  192  at  7067 
 March up  199  at  7200 
 May up  222  at  7330 
This week's LDP rate for cotton is  0¢ cents
  The estimate for next week is  0¢ cents
Cotton Comment
Cotton finally had an up day with profit taking lifting December almost 200 points. The fundamental picture remains negative and will limit rebound efforts. Spot market prices dropped below 60 cents yesterday. This could bring counter cyclical payments into play if this weakness persists.

Rice

Long Grain Cash Bid for  May 1325/cwt  to  - - -
  NC 1365/cwt  to  - - -

Chicago Futures: July down  17 1/2  at  1489 1/2 
 Sept down  17 1/2  at  1514 1/2 
 Nov down  17  at  1539 1/2 
 Jan down  17  at  1564 
 March down  17  at  1588 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice continued to trend lower with September penetrating support at the early May low near $15.10. The market did retrace a portion of the early declines and managed to close above that level. Today’s low of $15 becomes support.



Cattle & Hogs  Date: May 24, 2012

Cattle
As reported by Federal-State Market News, receipts were 3210 head at sales in Charlotte, Ratcliff, & Green Forest.  Compared with last week, feeder steers sold mostly steady to $8 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 182.00 to - - -
  500 to 550 lbs. 169.50 to - - -
  600 to 650 lbs. 164.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 179.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 156.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 156.75 to - - -

Slaughter Cows, Boners 79.00   to   87.00
Light Weight 67.00 to 73.50
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   99.00   to   106.50
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 550 to 600 lbs. 163.00 to 168.00
  650 to 700 lbs. 163.00 to 168.00
Heifers 500 to 550 lbs. 160.00 to 163.00
  550 to 600 lbs. 158.00 to 163.00

Chicago Futures:
Live Cattle: June up 15 at 11787
  Aug up 30 at 11980
Feeders: May down 2 at 15240
  Aug up 37 at 15885

Cattle Comment
Cattle futures turned higher on pre-holiday buying. Nearby contracts were also supported by their discount to cash prices. A shrinking cow herd is providing support however, large frozen beef stocks are hanging over the market.

Hogs
Peoria: were $2.50 lower to $1.50     higher   at   54.50   to   56.50

Chicago Futures: June down 22 at 8420
  July up 47 at 8602

Hogs Comment
Hog futures were mixed. 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 24, 2012

Eggs

New York:  Ex. Lg. 105-109; Lg. 103-107; 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 approaching the holiday weekend. 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.