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Daily Market Report Archive

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:

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:

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:

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:

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 
medium grain rice is 
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 A
Prices 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.