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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
8 |
at |
515 |
| |
March |
down |
8 |
at |
526 1/2 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
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 |
0¢ |
| medium grain rice is |
0¢ |
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 APrices 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.