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Daily Market Report Archive

Grain & Soybean Date: June 07, 2012

Soybeans

Local Elevators:
(June) EAST AR:  1387 to 1416
(NC) Summ. 1325 to 1350
River Elevators:
(June) MISS: 1424 to 1459 ; AR & White 1396 to 1414
(NC) Summ. 1335 to 1361
Ark. Processor Bids: (June) 1413 to 1431  (NC) 1345 to 1346
Memphis:  (June) 1434 to 1453 (NC)  1354 1/4 to 1356 1/4
Riceland Foods:  (June) Stuttgart 1413 ; Pendleton 1415 
 (NC) Stuttgart 1345 ; Pendleton 1350 

Chicago Futures: July up 41 3/4 at  1428
  Aug  up  40  at  1406 1/4
  Sept up 41 1/2  at  1370 1/4
  Nov up 42  at  1341 1/4
  Jan up 41 1/2  at  1342 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were sharply higher, marking the 3rd day in a row of big gains. Dry weather remains a major market feature as concern about yield losses ramp up. Outside markets were also supportive despite a warning by Federal Reserve Chairman Bernanke that the situation in Europe still poses a major risk to the U.S. economy. November futures appear from a technical stand point headed back to major resistance around $14. Producers should take advantage of this big move to make additional crop sales. The next resistance is just short of $13.70.

Wheat
Cash bid for June at Memphis  636 3/4 to - - -;

Bids to farmers at Local Elevators 602-622;
River Elevators 606-626;

Chicago Futures: July up  17 1/2  at  641 3/4 
  Sept up 18 3/4  at  658 
  Dec up  17 1/4  at  682 1/4 
  March up  17 1/4  at  704 1/2 
  May up  17 1/2  at  720 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for June at Memphis  1025 to 1034;

Bids to farmers at River Elevators 954-980;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for June at Memphis   609 to 628;
  New Crop at Memphis   521 to 523;
Bids to farmers at River Elevators  609 to 624

Chicago Futures: July up  7 3/4  at  594 
  Sept up  15 1/2  at  543 
  Dec up  17  at  536 1/2 
  March up  17  at  548 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures posted solid gains today. The market reacted positively to the Federal Reserve’s announcement that action will be taken to support the economy and interest rates will stay low. Russia also is estimating a reduction in their crop from last year, which puts their export estimate at 22-23 million metric tons, down from 27 million in the most recent marketing year.

Corn posted double digit gains again today. This pulled December from just above $5 to within 15 cents of resistance at $5.50. Weather and outside markets provided the impetus for the upturn. Also, seen as positive was a lowering of interest rates by China to stimulate a sagging economy. Upside potential for corn appears limited, unless weather prospects cause a sizeable yield loss. For now if it is just a potential factor. If it becomes prolonged then it open the market to move above resistance at $5.50.



Cotton & Rice  Date: June 07, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 400 at  69.89
  Greenwood up  400 at 69.89

New York Futures: July up  400  at  7389 
  Oct up  384  at  7129 
 Dec up  392  at  7228 
 March up  351  at  7363 
 May up  342  at  7445 
This week's LDP rate for cotton is  0¢ cents
  The estimate for next week is  0¢ cents
Cotton Comment
Cotton posted an expanded limit gain today, making a total move for December of 7 cents over the last 2 days. Evidently, cotton under 60 cents is a good buy, even with questionable world economic considerations. From the last top of 97.5 cents December futures declined almost 33 cents. Retracement objectives start at 77.35 cents. Whether the market has enough steam to move this high is a question. Charts indicate other resistance around 75 cents. What a difference a day or two makes.

Rice

Long Grain Cash Bid for  June 13.34/cwt  to  - - -
  NC 12.98/cwt  to  - - -

Chicago Futures: July up  16  at  1422 1/2 
 Sept up  15  at  1448 
 Nov up  15  at  1474 1/2 
 Jan up  15  at  1500 
 March up  15  at  1525 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures firmed again today, however there wasn’t as much flair as in beans and cotton. Fundamentals remain questionable, with big world stocks over shadowing a tightening of U.S. stocks. September futures declined over $2.20 from the late April high of $16.21. Retracement objectives start at $14.86.



Cattle & Hogs  Date: June 07, 2012

Cattle
As reported by Federal-State Market News, receipts were 3228 head at sales in Charlotte, Ratcliff, & Green Forest.  Compared with last week, feeder steers sold mostly weak to $5 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 184.00 to - - -
  500 to 550 lbs. 171.00 to - - -
  600 to 650 lbs. 159.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 175.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 154.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 157.00 to - - -

Slaughter Cows, Boners 74.00   to   82.00
Light Weight 60.00 to 65.00
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   95.00   to   104.00
Midwest Steers   were   at   122.00   to   - - -
Panhandle Steers   were   at   122.00   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 170.00 to 182.00
  500 to 550 lbs. 158.00 to 173.00
Heifers 450 to 500 lbs. 153.00 to 166.00
  500 to 550 lbs. 152.00 to 163.00

Chicago Futures:
Live Cattle: June up 172 at 11935
  Aug up 112 at 12042
Feeders: Aug up 115 at 15910
  Sept up 95 at 16020

Cattle Comment
Cattle futures posted huge gains today. Tightening supplies are supportive. Carryover strength from other commodities was also a factor as the Fed announced that action will be taken to stimulate the economy and interest rates will remain low. Feeder futures remain in a long term uptrend.

Hogs
Peoria: were     steady   at   57.00   to   59.00

Chicago Futures: June up 112 at 9307
  July up 62 at 9332

Hogs Comment
Hog futures were mixed. Supplies should continue to tighten over the near term, however, packer margins remain in the red for the time being and that could limit upside potential.



Poultry  Date: June 07, 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 109.21
Toms: 16-24 lbs 108.41
 

Delmarva Broilers
U.S. Grade A
Prices for whole broiler/fryers are steady. Offerings are moderate for trade needs. Demand is light to moderate approaching the weekend. Market activity is slow to moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.