Grain & Soybean Date: June 19, 2012
Soybeans
Local Elevators:
(June) EAST AR: 1393 to 1422
(NC) Summ. 1369 to 1394
River Elevators:
(June) MISS: 1330 to 1463 ; AR & White 1402
to 1420
(NC) Summ. 1379 to 1405
Ark. Processor Bids: (June) 1419 to 1437
(NC) 1389 to 1390
Memphis:
(June) 1439 3/4 to 1460 3/4 (NC)
1399 1/2 to 1405 1/2
Riceland Foods:
(June) Stuttgart - - - ; Pendleton
- - -
(NC) Stuttgart - - - ; Pendleton
- - -
| Chicago Futures: |
July |
up |
49 1/2 |
at |
1433 3/4 |
| |
Aug |
up |
51 |
at |
1421 1/4 |
| |
Sept |
up |
47 1/2 |
at |
1398 |
| |
Nov |
up |
45 1/4 |
at |
1384 1/2 |
| |
Jan |
up |
43 1/4 |
at |
1382 1/4 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans responded to a declining crop progress report and continued dry, hot weather with sharp gains. The market soared for the second day in a row, as it responded to the weekend failure of forecasts for rain. With the latest supply demand report showing ending stocks of just 140 million bushels the market is quick to respond to conditions that could reduce the projected yield of 43.9 bushels per acre. Topsoil moisture maps show 50% to 85% shortages in much of the Midwest. In addition, high temperatures are impacting a large part of the area. Today’s move left November within 20 cents of the contract high resistance at $14. A close above this level will open the market to further potential gains. Another good pricing opportunity is now available.
Wheat
Cash bid for June at Memphis 639 1/2 to 649 1/2;
| Bids to farmers at Local Elevators |
610-630; |
| River Elevators |
611-655; |
| Chicago Futures: |
July |
up |
19 1/4 |
at |
649 1/2 |
| |
Sept |
up |
20 1/2 |
at |
669 |
| |
Dec |
up |
21 |
at |
693 1/2 |
| |
March |
up |
21 |
at |
712 1/4 |
| |
May |
up |
20 1/4 |
at |
718 3/4 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for June at Memphis 1058 to 1067;
| Bids to farmers at River Elevators |
988-1014; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
June at Memphis
631 1/2 to 648 1/2; |
| |
New Crop at Memphis
537 1/2 to 549 1/2; |
| Bids to farmers at River Elevators |
630 to 643 |
| Chicago Futures: |
July |
up |
13 |
at |
612 1/2 |
| |
Sept |
up |
30 1/2 |
at |
567 1/2 |
| |
Dec |
up |
29 1/2 |
at |
563 1/2 |
| |
March |
up |
28 3/4 |
at |
575 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat futures were higher on carryover support from corn and soybeans. Also the Russians have cut their crop estimate nearly 6% to 85 million metric tons due to the drought there. 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.
New crop corn futures shot to new recent highs with December moving well above the $5.50 resistance. Key resistance is seen at $5.75, $5.95, and then $6.20. Declining crop progress numbers and dry, hot conditions on an early pollinating crop suggest a lower production potential. Some are suggesting yields won’t be close to the current USDA projection of 166 bushels/acre and may not be much better than last year’s 147.2 bushels per acre. The June 29 planted acreage report will give some key numbers. There are some who think corn plantings will be well below the 95.9 million acre projection.
Cotton & Rice Date: June 19, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis up 218 at
75.55 |
| |
Greenwood up
218 at 75.55 |
| New York Futures: |
July |
up |
500 |
at |
8798 |
| |
Oct |
up |
218 |
at |
7405 |
| | Dec |
up |
257 |
at |
7443 |
| | March |
up |
212 |
at |
7558 |
| | May |
up |
178 |
at |
7635 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton futures closed higher also with the spread between July and December widening to almost 14 cents at one point. December made good gains as it closed above the recent area of consolidation. Retracement objectives are 77.35 cents, 81.2 cents, and 85.05 cents. Projected world stocks of 74.5 million bales or a stocks to use ratio of 68% will limited upside movements. Stocks are about 30 million bales above normal.
Rice
| Long Grain Cash Bid for |
June |
- - - |
to |
- - - |
| |
NC |
- - - |
to |
- - - |
| Chicago Futures: |
July |
up |
44 1/2 |
at |
1449 1/2 |
| | Sept |
up |
45 1/2 |
at |
1475 |
| | Nov |
up |
46 |
at |
1501 |
| | Jan |
up |
46 |
at |
1526 |
| | March |
up |
46 |
at |
1551 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice futures get a boost from big gains in other grains with September futures busting out of a 3 week congestion area. A smaller U.S. crop and projected tightening U.S. stocks, particularly long grain, will bear watching. Upside retracement objectives for September are $14.86, $15.12 and $15.38.
Cattle & Hogs Date: June 19, 2012
Cattle
As reported by Federal-State Market News, receipts were 1315 head
at sales in Ft. Smith & Heber Springs.
Compared with last week, feeder steers sold very unevenly, averaging mostly steady to $2 lower .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
177.00 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
167.00 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
152.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
165.00 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
148.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
144.50 |
to |
- - - |
Slaughter Cows, Boners 74.00 to 80.00
Light Weight 59.00 to 65.00
Bulls, Yield Grade 1
1000 to 2100 lbs. 95.00
to 105.00
Midwest Steers were at - - -
to - - -
Panhandle Steers were at - - -
to - - -
Oklahoma City Feeders
|
| Steers |
450 |
to |
500 lbs. |
185.00 |
to |
189.00 |
| |
550 |
to |
600 lbs. |
169.25 |
to |
178.25 |
| Heifers |
450 |
to |
500 lbs. |
153.00 |
to |
158.00 |
| |
500 |
to |
550 lbs. |
149.00 |
to |
155.75 |
Chicago Futures:
| Live Cattle: |
June |
down |
50 |
at |
11670 |
| |
Aug |
down |
47 |
at |
11750 |
| Feeders: |
Aug |
down |
252 |
at |
15360 |
| |
Sept |
down |
255 |
at |
15520 |
Cattle Comment
Cattle futures were mostly lower. Feeders were under pressure from sharply higher corn prices. 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’s current.
Hogs
Peoria: were $1.50 lower to $2.50 higher
at 61.50 to 63.50
| Chicago Futures: |
June |
down |
35 |
at |
9510 |
| |
Aug |
down |
45 |
at |
9277 |
Hogs Comment
Hogs were mixed today with nearby contracts under pressure from sharply higher corn futures. July futures have been held up by resistance near $96. A move above that resistance could signal a move toward contract highs near $100.
Poultry Date: June 19, 2012
Eggs
| New York: |
Ex. Lg. 105-109; Lg. 103-107; Med. 77-81; |
| 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 APrices for whole broiler/fryers are mostly steady to at times weak. Offerings are moderate to heavy 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 to heavy weights.