Print this page

Daily Market Report Archive

Grain & Soybean Date: June 18, 2012

Soybeans

Local Elevators:
(June) EAST AR:  1343 to 1372
(NC) Summ. 1323 to 1348
River Elevators:
(June) MISS: 1380 to 1414 ; AR & White 1352 to 1370
(NC) Summ. 1333 to 1359
Ark. Processor Bids: (June) 1369 to 1387  (NC) 1343 to 1344
Memphis:  (June) 1389 1/4 to 1411 1/4 (NC)  1354 1/4 to - - -
Riceland Foods:  (June) Stuttgart 1369 ; Pendleton 1371 
 (NC) Stuttgart 1343 ; Pendleton 1348 

Chicago Futures: July up 8 1/4 at  1384 1/4
  Aug  up  13 1/4  at  1370 1/4
  Sept up 18 1/2  at  1350 1/2
  Nov up 25 1/4  at  1339 1/4
  Jan up 22 1/4  at  1339
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans retraced a portion of the early gains but still maintained good gains at the close. This was a good showing considering a stronger dollar and weaker crude oil would be negative for soybeans. At the end of the day new crop November made the biggest gains, closing up over 25 cents. That leaves November about a dime below key resistance at $13.50. A close above this level would open the market to another move to $14, which is the contract high which was but last September. The market came within 2 cents of that level in early April.

Wheat
Cash bid for June at Memphis  620 1/4 to 630 1/4;

Bids to farmers at Local Elevators 590-610;
River Elevators 591-630;

Chicago Futures: July up  20 3/4  at  630 1/4 
  Sept up 21 3/4  at  648 1/2 
  Dec up  21 1/4  at  672 1/2 
  March up  20 1/4  at  691 1/4 
  May up  18 1/4  at  698 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for June at Memphis  1035 to 1044;

Bids to farmers at River Elevators 967-991;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for June at Memphis   616 1/2 to 635 1/2;
  New Crop at Memphis   507 to 521;
Bids to farmers at River Elevators  617 to 630

Chicago Futures: July up  20  at  599 1/2 
  Sept up  27 1/2  at  537 
  Dec up  28  at  534 
  March up  27 3/4  at  546 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat also bounced off recent support just above $6 and firmed into the close. Upside potential appears limited in the short run with big world supplies keeping the export market very competitive. Longer term this could change with the market having built fairly solid support around $6.

Corn was the leader in today’s sharp upturn with a number of contracts closing almost 30 cents higher, including September and December. Dry weather concerns and what is believed to be a positive vote in Greece provided underlying support. Forecasts for high temperatures and dry weather are raising concerns in a broad area of the Midwest. Early planting has a good portion of the crop pollinating. December futures approaching key support near $5 prior to today’s upturn which brings resistance at $5.50 back into play.



Cotton & Rice  Date: June 18, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 261 at  7337
  Greenwood down  261 at 7337

New York Futures: July up  300  at  8298 
  Oct up  99  at  7187 
 Dec up  84  at  7186 
 March up  54  at  7324 
 May up  47  at  7435 
This week's LDP rate for cotton is  0¢ cents
  The estimate for next week is  0¢ cents
Cotton Comment
Cotton firmed a little with support coming from higher grain values. Huge world stocks and limited demand will keep the market from moving substantially higher. Cotton will have to rebuild market share that was lost to man-made fibers and that will take time. Any December move above 73 cents would bring the 38% retracement objective at 77.35 cents into play.

Rice

Long Grain Cash Bid for  June 13.55/cwt  to  - - -
  NC 13.00/cwt  to  - - -

Chicago Futures: July up  13  at  1405 
 Sept up  14 1/2  at  1429 1/2 
 Nov up  14 1/2  at  1455 
 Jan up  12  at  1480 
 March up  8 1/2  at  1505 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures firmed slightly but weren’t able to build much momentum despite the firm undertone in corn and wheat. The export situation remains a drag on the market and that doesn’t look like it will change anytime soon. A smaller U.S. crop should lead to tighter stocks which could give the market upward potential later this summer.



Cattle & Hogs  Date: June 18, 2012

Cattle
As reported by Federal-State Market News, receipts were 3115 head at sales in Ash Flat, Springdale, and Ola.  Compared with last week, feeder steers sold unevenly. .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 182.00 to - - -
  500 to 550 lbs. 166.00 to - - -
  600 to 650 lbs. 156.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 174.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 148.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 150.75 to - - -

Slaughter Cows, Boners 72.00   to   80.00
Light Weight 64.00 to 71.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   94.00   to   105.00
Midwest Steers   were   at   117.00   to   120.00
Panhandle Steers   were   at   116.00   to   119.00

Oklahoma City Feeders
Steers 450 to 500 lbs. 185.00 to 189.00
  500 to 550 lbs. 176.00 to 177.00
Heifers 450 to 500 lbs. 157.50 to 158.00
  500 to 550 lbs. 155.00 to 162.00

Chicago Futures:
Live Cattle: June up 105 at 11720
  Aug up 132 at 11797
Feeders: Aug up 10 at 15612
  Sept up 32 at 15775

Cattle Comment
Cattle were mostly higher with feeders narrowly mixed, supported by the strong move in hogs. Weakness in the wholesale beef market is pressuring packers. No significant buying is expected until later in the week. There are signs of seasonal weakness with slaughter weights beginning to rise. This generally suggests feedlots are not keeping marketing current.

Hogs
Peoria: were $1 higher to $3     lower   at   61.00   to   63.00

Chicago Futures: July up 242 at 9545
  Aug up 202 at 9322

Hogs Comment
Hogs closed sharply higher in the front contracts. Most made new contract highs and were support by the Greek election results which eased economic concerns. July futures pushed through some resistance around $95, and could move toward $100 with a close above $96. Cash markets remain very firm supported by tight supplies.



Poultry  Date: June 18, 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 for early week trading. Market activity is slow to moderate. In production areas, live supplies are moderate at mostly desirable to heavy weights.