Grain & Soybean Date: June 20, 2012
Soybeans
Local Elevators:
(June) EAST AR: 1406 to 1435
(NC) Summ. 1380 to 1405
River Elevators:
(June) MISS: 1443 to 1475 ; AR & White 1415
to 1433
(NC) Summ. 1390 to 1416
Ark. Processor Bids: (June) 1432 to 1450
(NC) 1400 to 1401
Memphis:
(June) 1454 1/2 to 1473 1/2 (NC)
1415 1/2 to 1416 1/2
Riceland Foods:
(June) Stuttgart 1432 ; Pendleton
1434
(NC) Stuttgart 1400 ; Pendleton
1405
| Chicago Futures: |
July |
up |
12 3/4 |
at |
1446 1/2 |
| |
Aug |
up |
15 3/4 |
at |
1437 |
| |
Sept |
up |
12 1/4 |
at |
1410 1/4 |
| |
Nov |
up |
11 |
at |
1395 1/2 |
| |
Jan |
up |
11 |
at |
1393 1/4 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans closed with solid gains as the market continued this week’s upturn. Negative outside markets may have limited the move but most of the time declining crude oil and stronger dollar weight on the market. Weather remains a factor in the upturn which has November trading within a dime of the $14 contract high. A close above this level likely will see additional upside movement. However, this is another good pricing opportunity.
Wheat
Cash bid for June at Memphis 655 to 664;
| Bids to farmers at Local Elevators |
624-644; |
| River Elevators |
625-660; |
| Chicago Futures: |
July |
up |
14 1/2 |
at |
664 |
| |
Sept |
up |
14 |
at |
683 |
| |
Dec |
up |
12 1/2 |
at |
706 |
| |
March |
up |
12 |
at |
724 1/4 |
| |
May |
up |
11 3/4 |
at |
730 1/2 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for June at Memphis 1057 to - - -;
| Bids to farmers at River Elevators |
986-1021; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
June at Memphis
647 3/4 to 652 3/4; |
| |
New Crop at Memphis
538 3/4 to 548 3/5; |
| Bids to farmers at River Elevators |
596 to 642 |
| Chicago Futures: |
July |
down |
3/4 |
at |
611 3/4 |
| |
Sept |
up |
1 1/4 |
at |
568 1/4 |
| |
Dec |
up |
3 |
at |
566 1/2 |
| |
March |
up |
2 3/4 |
at |
577 3/4 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
After opening lower, wheat futures decided to follow soybeans higher. The market is watching the weather in the former Soviet countries closely. Russia has cut its 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. Domestic soft red winter wheat harvest is progressing with good yields and test weights reported from Ohio and Indiana.
Corn closed mixed with the market struggling to get on the positive side. New crop contracts were 2 to 3 cents higher with December extending yesterday’s move above $5.50. Upside objectives start at the resistance points, $5.75, then $5.95. Continued hot, dry weather could extend these gains, particularly with favorable economic news.
Cotton & Rice Date: June 20, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 231 at
7324 |
| |
Greenwood down
231 at 7324 |
| New York Futures: |
July |
down |
481 |
at |
8317 |
| |
Oct |
down |
231 |
at |
7174 |
| | Dec |
down |
172 |
at |
7271 |
| | March |
down |
154 |
at |
7404 |
| | May |
down |
136 |
at |
7499 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton reversed yesterday’s move with a 5 cent gain in July being marched by an almost identical down move today. Looking ahead a substantial up move doesn’t appear likely with stocks building to almost 75 million bales. Slow economic recovery doesn’t bode well for cotton either. But the cure for low prices is low prices. The question is whether the market is low enough for the cure.
Rice
| Long Grain Cash Bid for |
June |
13.68/cwt |
to |
14.00/cwt |
| |
NC |
13.45/cwt |
to |
13.49/cwt |
| Chicago Futures: |
July |
unchanged |
- - - |
at |
1449 1/2 |
| | Sept |
down |
1/2 |
at |
1474 1/2 |
| | Nov |
down |
1/2 |
at |
1500 1/2 |
| | Jan |
up |
1 1/2 |
at |
1527 1/2 |
| | March |
up |
1 1/2 |
at |
1552 1/2 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice futures were narrowly mixed after enjoying a strong rebound move yesterday. A slow export situation will keep the market under pressure but a long term outlook suggests a tightening U.S. stocks situation which will hear watching.
Cattle & Hogs Date: June 20, 2012
Cattle
As reported by Federal-State Market News, receipts were 1096 head
at sales in Conway & Pocahontas.
Compared with last week, feeder steers sold unevenly, mostly weak to $3 lower .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
171.00 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
163.00 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
150.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
158.50 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
148.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
149.50 |
to |
- - - |
Slaughter Cows, Boners 70.00 to 78.00
Light Weight 60.00 to 67.00
Bulls, Yield Grade 1
1000 to 2000 lbs. 94.00
to 104.00
Midwest Steers were at - - -
to - - -
Panhandle Steers were at - - -
to - - -
Oklahoma City Feeders
|
| Steers |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
| |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
| Heifers |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
| |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
Chicago Futures:
| Live Cattle: |
June |
down |
10 |
at |
11660 |
| |
Aug |
down |
40 |
at |
11710 |
| Feeders: |
Aug |
down |
85 |
at |
15275 |
| |
Sept |
down |
42 |
at |
15477 |
Cattle Comment
Cattle futures were lower across the board. August feeders have violated long-term trendline support, and could be headed for a retest of support near $150. Weakness in the wholesale beef market is pressuring packers. There are signs of seasonal weakness with slaughter weights beginning to rise. This generally suggests feedlots are not keeping marketings current.
Hogs
Peoria: were steady
at 61.50 to 63.50
| Chicago Futures: |
July |
down |
35 |
at |
9475 |
| |
Aug |
down |
62 |
at |
9215 |
Hogs Comment
Hogs were also lower. July futures have been held up by resistance near $96. A firmer tone in the cash market could provide support.
Poultry Date: June 20, 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 steady to weak. Offerings are moderate to heavy. 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.