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Daily Market Report Archive

Grain & Soybean Date: May 31, 2012

Soybeans

Local Elevators:
(May) EAST AR:  1309 to 1337
(NC) Summ. 1249 to 1279
River Elevators:
(May) MISS: 1336 to 1355 ; AR & White 1308 to 1326
(NC) Summ. 1264 to 1290
Ark. Processor Bids: (May) 1335 to 1343  (NC) 1274 to 1275
Memphis:  (May) 1345 to 1358 (NC)  1283 1/4 to 1285 1/4
Riceland Foods:  (May) Stuttgart - - - ; Pendleton - - - 
 (NC) Stuttgart - - - ; Pendleton - - - 

Chicago Futures: July down 33 1/4 at  1340
  Aug  down  31 3/4  at  1322 3/4
  Sept down 27 1/4  at  1293 3/4
  Nov down 22 3/4  at  1270 1/4
  Jan down 22 1/4  at  1273 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were the downside leader today with losses up to 30 cents. Rains across parts of the Midwest and southeast production areas dampened not only crops but speculative concerns. While there remain dry pockets around the country overall soybean conditions are good with 89% of the crop planted, and 61% of crop emerged. Emergence is double the 5 year average of just 30%. November futures closed over 20 cents lower and remains in position to test support around $12.50.

Wheat
Cash bid for May at Memphis  635 3/4 to 638 3/4;

Bids to farmers at Local Elevators 619-634;
River Elevators 608-634;

Chicago Futures: July down  10  at  643 3/4 
  Sept down 8 1/2  at  660 3/4 
  Dec down  7 1/2  at  684 1/4 
  March down  6 1/4  at  704 1/74 
  May down  5 3/4  at  713 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for May at Memphis  956 to 965;

Bids to farmers at River Elevators 884-911;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for May at Memphis   568 1/4 to 585 1/4;
  New Crop at Memphis   505 1/2 to 510 1/2;
Bids to farmers at River Elevators  570 to 585

Chicago Futures: July down  4 1/4  at  555 1/4 
  Sept down  1 1/4  at  525 1/2 
  Dec up  1 1/2  at  522 
  March up  1 3/4  at  532 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was lower again today. There wasn’t much in the fundamental arena to move the market much either way. Much needed moisture has materialized in U.S. and European growing regions, causing conjecture about the quality of the wheat crop in those areas. July doesn’t have much technical support above the key $6 mark at this point.

Corn ended the session narrowly mixed with new crop December support near $5. Rain is easing concern about the crop and cooler temperatures are reducing crop stress. This year crop appears well on the way to making a production record. A crop of 14.8 billion bushels remains not only possible but likely at this point.



Cotton & Rice  Date: May 31, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 64 at  6755
  Greenwood up  64 at 6755

New York Futures: July up  64  at  7155 
  Oct up  26  at  7185 
 Dec up  at  7035 
 March up  12  at  7242 
 May up  15  at  7396 
This week's LDP rate for cotton is  0¢ cents
  The estimate for next week is  0¢ cents
Cotton Comment
Cotton firmed closing slightly higher. However, that is about all that can be said. There is going to be huge stocks of cotton available to market that is struggling to regain lost market share. Upside potential will be tied to demand and chances of the market making a major upsurge is limited. Long term charts have some support around 66 cents.

Rice

Long Grain Cash Bid for  May 1276/cwt  to  - - -
  NC 1300/cwt  to  - - -

Chicago Futures: July down  at  1422 1/2 
 Sept down  3 1/2  at  1449 
 Nov down  2 1/2  at  1475 
 Jan down  1 1/2  at  1499 1/2 
 March down  1 1/2  at  1524 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was slightly lower today as September futures continue to test moderate support at $14.50. This week’s crop progress report indicate a little deterioration, but overall at 66% good to excellent is much better than last year. Large world stocks will continue to be a major factor in the international market. Thailand has around 12 mmt of rice stocked away in this year’s intervention program. At some point a good portion of it is likely to find its way into the market.



Cattle & Hogs  Date: May 31, 2012

Cattle
As reported by Federal-State Market News, receipts were 3089 head at sales in Charlotte, Ratcliff, & Green Forest.  Compared with last week, feeder steers sold steady to $4 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 192.00 to - - -
  500 to 550 lbs. 175.00 to - - -
  600 to 650 lbs. 162.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 177.25 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 157.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 157.25 to - - -

Slaughter Cows, Boners 77.00   to   87.00
Light Weight 65.00 to 73.00
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   99.00   to   105.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 168.00 to 178.00
  550 to 600 lbs. 159.00 to 166.00
Heifers 450 to 500 lbs. 166.00 to 169.00
  500 to 600 lbs. 149.50 to 164.00

Chicago Futures:
Live Cattle: June up 85 at 11730
  Aug up 107 at 11900
Feeders: Aug up 72 at 15680
  Sept up 75 at 15812

Cattle Comment
Cattle futures recovered most of what was lost in yesterday’s trade. Strength in wholesale beef prices and smaller showlists were supportive. Carryover strength from the hog pit was also a factor.

Hogs
Peoria: were     steady   at   53.00   to   55.00

Chicago Futures: June up 252 at 8970
  July up 285 at 9085

Hogs Comment
Hog futures posted sharp gains. Yesterday’s $1.95 increase in the composite pork cutout went a long way in improving packer margins. Holiday pork clearance was strong and has given the market something to build on. Packer margins have gotten a boost this week from higher carcass values. Ample hog supplies are expected to limit upside potential, however. The June contract is now in position to challenge resistance at a chart gap between $90.07 and $90.22.



Poultry  Date: March 31, 2012

Eggs

New York:  Ex. Lg. 105-109; Lg. 103-107; Med. 75-79;
Chicago:  Ex. Lg. 96-104; Lg. 94-102; Med. 67-75;

National Turkeys
Hens: 8-16 lbs 105.90
Toms: 16-24 lbs 107.37
 

Delmarva Broilers
U.S. Grade A
Prices for whole broiler/fryers are steady at best. Offerings are moderate for current trade needs. 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.