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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
0¢ |
| medium grain rice is |
0¢ |
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 APrices 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.