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Daily Market Report Archive

Grain & Soybean Date: June 15, 2012

Soybeans

Local Elevators:
(June) EAST AR:  1335 to 1364
(NC) Summ. 1298 to 1323
River Elevators:
(June) MISS: 1372 to 1406 ; AR & White 1344 to 1362
(NC) Summ. 1308 to 1334
Ark. Processor Bids: (June) 1361 to 1379  (NC) 1318 to 1319
Memphis:  (June) 1381 to 1403 (NC)  1329 to - - -
Riceland Foods:  (June) Stuttgart 1361 ; Pendleton 1363 
 (NC) Stuttgart 1318 ; Pendleton 1323 

Chicago Futures: July down 10 at  1376
  Aug  down  6 3/4  at  1357
  Sept down 2 1/4  at  1332
  Nov up 5 1/4  at  1314
  Jan up 7 1/2  at  1316 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed mixed with front end contracts lower, despite positive outside markets. The lower dollar and strong equities limited downside movement in distant contracts. Disappointing rains kept traders on the long side for new crop contracts. Gains were limited but did stop the downward slide of the last two days and kept November futures well above $13. Pending elections in Greece kept traders nervous about adding to long positions going into the weekend.

Wheat
Cash bid for June at Memphis  597 1/2 to 604 1/2;

Bids to farmers at Local Elevators 570-590;
River Elevators 571-608;

Chicago Futures: July down  14  at  609 1/2 
  Sept down 14 1/2  at  626 3/4 
  Dec down  15 1/4  at  651 1/4 
  March down  15 1/2  at  671 
  May down  16 1/4  at  680 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for June at Memphis  999 to 1008;

Bids to farmers at River Elevators 929-955;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for June at Memphis   598 1/2 to 615 1/2;
  New Crop at Memphis   579 1/2 to 493 1/2;
Bids to farmers at River Elevators  597 to 610

Chicago Futures: July down  22  at  579 1/2 
  Sept down  11 1/4  at  509 1/2 
  Dec down  10  at  506 
  March down  9 3/4  at  518 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures posted large losses by the end of the day today, accelerating the downtrend. Look for wheat futures to take direction from corn futures in the near term. Today’s loses pushed July back toward key support at $6.

Corn quickly lost upward momentum and shifted to the downside after July failed to move through resistance just above $6. July ended the session sharply lower and kept the market on the defensive. This is negative considering the strong basis levels being seen and a lack of significant rainfall. December is back to week before last lows and appears ready to test support at $5.



Cotton & Rice  Date: June 15, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis  - - - at  75.98
  Greenwood   - - - at 75.98

New York Futures: July up  189  at  7998 
  Oct up  58  at  7088 
 Dec up  42  at  7102 
 March up  32  at  7270 
 May up  27  at  7388 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was a little higher today but upside potential is likely very limited, unless and until demand improves. USDA moved projected ending world stocks for the 2012-13 marketing year another 750,000 bales higher. So stocks are projected to be 24.5 million bales, that is a stocks to use of 68%. About 40% would be a more normal situation. Without strong demand from China U.S. stocks could easily exceed the current projection of 4.9 million bales.

Rice

Long Grain Cash Bid for  June 13.42/cwt  to  - - -
  NC 12.75/cwt  to  - - -

Chicago Futures: July down  at  1392 
 Sept down  6 1/2  at  1415 
 Nov down  5 1/2  at  1440 1/2 
 Jan down  at  1468 
 March unchanged  - - -  at  1496 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was slightly lower again today as the market can’t seem to muster any upward momentum despite prospects of a smaller 2012 U.S. crop. Milled export demand continues limited with huge stocks of rice available from a number of other countries. Thai stocks continue to build and the =question is how and when they will be sold, or if they will. Offerings from Vietnam and India are hanging around $410 to $420 per tonne. While Thai quotes are near $600 per tonne. U.S. stocks will continue to tighten and that should firm the market eventually.



Cattle & Hogs  Date: June 15, 2012

Cattle
As reported by Federal-State Market News, receipts were 13,945 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly weak to $5 lower, instances $6 to $8 lower on lightweight calves .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 179.00 to - - -
  500 to 550 lbs. 165.00 to - - -
  600 to 650 lbs. 151.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 168.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 148.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 150.00 to - - -

Slaughter Cows, Boners 75.00   to   83.00
Light Weight 60.00 to 68.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   90.00   to   100.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 170.00 to 200.00
  550 to 600 lbs. 155.00 to 178.00
Heifers 450 to 500 lbs. 156.00 to 171.00
  500 to 550 lbs. 142.00 to 166.50

Chicago Futures:
Live Cattle: June down 20 at 11615
  Aug down 37 at 11665
Feeders: Aug down 17 at 15602
  Sept down 7 at 15742

Cattle Comment
Cattle futures were under pressure from economic uncertainty ahead of the weekend’s elections in Greece. Live futures are under pressure from ideas cash prices have set a seasonal top.

Hogs
Peoria: were $1.50 lower to $2.50     higher   at   60.00   to   62.00

Chicago Futures: July down 150 at 9302
  Aug down 180 at 9120

Hogs Comment
Hog futures were also lower. Economic uncertainty and pre-weekend profit taking resulted in lower prices today. Tight hog supplies will help provide support, however.



Poultry  Date: June 15, 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 109.50
Toms: 16-24 lbs 106.00
 

Delmarva Broilers
U.S. Grade A
Prices for whole broiler/fryers are steady to weak. Offerings are moderate to heavy for currents 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 mostly desirable to heavy weights.