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Daily Market Report Archive

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:

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:

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:

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  at  566 1/2 
  March up  2 3/4  at  577 3/4 
  Today's Arkansas LDP rate for corn is:

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 
medium grain rice is 
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 A
Prices 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.