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Daily Market Report Archive

Grain & Soybean Date: June 21, 2012

Soybeans

Local Elevators:
(June) EAST AR:  1398 to 1426
(NC) Summ. 1355 to 1380
River Elevators:
(June) MISS: 1435 to 1464 ; AR & White 1407 to 1425
(NC) Summ. 1365 to 1391
Ark. Processor Bids: (June) 1424 to 1442  (NC) 1375 to 1376
Memphis:  (June) 1445 1/2 to 1465 1/2 (NC)  1391 1/4 to 1393 1/4
Riceland Foods:  (June) Stuttgart 14.24 ; Pendleton 14.26 
 (NC) Stuttgart 13.75 ; Pendleton 13.80 

Chicago Futures: July down 8 at  1438 1/2
  Aug  down  14  at  1423
  Sept down 18 3/4  at  1391 1/2
  Nov down 24 1/4  at  1371 1/4
  Jan down 23 1/4  at  1370
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were sharply lower as reports indicated slowing economic growth in China. This combined with other global concerns to make outside markets negative. Crude oil and equities declined, while the dollar made a sharp upward retracement of recent declines. All in all recent gains and today’s pressure made for a lot of profit taking as funds and others liquidated positions. Soybeans attempted to hold small early gains but loss out to a late sell-off. November once again traded to within cents of $14 before reversing and closing almost a quarter lower. The question is whether weather will limit further declines. In any case, this is still a good pricing opportunity.

Wheat
Cash bid for June at Memphis  651 3/4 to 661 3/4;

Bids to farmers at Local Elevators 622-642;
River Elevators 623-658;

Chicago Futures: July down  2 1/4  at  661 3/4 
  Sept down 4 1/2  at  678 1/2 
  Dec down  5 3/4  at  700 1/4 
  March down  at  718 1/4 
  May down  6 1/2  at  724 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for June at Memphis  1445 1/2 to 661;

Bids to farmers at River Elevators 941-968;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for June at Memphis   601 1/2 to 622 1/2;
  New Crop at Memphis   510 1/4 to 530 1/4;
Bids to farmers at River Elevators  604 to 617

Chicago Futures: July down  25 1/4  at  586 1/2 
  Sept down  18 1/2  at  550 1/4 
  Dec down  16 1/2  at  550 
  March down  16 3/4  at  561 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat ended the session with modest losses. A good export report and expectations of further improvement limited downside pressure until late. The market is looking for reduced competition from Europe, the Black Sea area, and Argentina. That should give the U.S. a good opportunity, at least for a while.

Corn was under pressure early with a declining cash gulf basis indicating less import interest. Weather remains a question some showers were seen in areas of the Midwest. Temperatures also moderated. Next week’s stocks report and planted acreage report may also be a factor as many remember the surprise in last year’s report. December futures closed right on the old resistance at $5.50 and could be headed back lower.



Cotton & Rice  Date: June 21, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 449 at  6875
  Greenwood down  449 at 6875

New York Futures: July down  500  at  7817 
  Oct down  449  at  6725 
 Dec down  500  at  6771 
 March down  496  at  6908 
 May down  475  at  7024 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was shellacked again today with several contracts including December posting a 5 cents limit decline. December is again approaching support at the contract low just below 65 cents. A declining Chinese economy and other global economic concerns don’t bode well for cotton. China is the number 1 importer of the U.S. cotton and stocks of over 74.5 million bales means they have lots of choices.

Rice

Long Grain Cash Bid for  June 13.68/cwt  to  13.84/cwt
  NC 13.29/cwt  to  13.49/cwt

Chicago Futures: July down  16  at  1433 1/2 
 Sept down  16  at  1458 1/2 
 Nov down  16  at  1484 1/2 
 Jan down  16  at  1511 1/2 
 March down  13  at  1539 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures declined a little today, after making a shallow reversal yesterday. With everything working lower rice certainly didn’t have much going and became a follower. Fundamentals remain negative and that will limit upside in the near term.



Cattle & Hogs  Date: June 21, 2012

Cattle
As reported by Federal-State Market News, receipts were 3626 head at sales in Charlotte, Ratcliff, & Green Forest.  Compared with last week, feeder steers under 500 libs sold weak to $4 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 182.00 to - - -
  500 to 550 lbs. 164.00 to - - -
  600 to 650 lbs. 154.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 168.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 150.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 156.00 to - - -

Slaughter Cows, Boners 73.00   to   80.00
Light Weight 60.00 to 67.00
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   92.50   to   103.00
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 62 at 11600
  Aug down 55 at 11655
Feeders: Aug down 10 at 15265
  Sept steady - - - at 15477

Cattle Comment
Cattle futures were mostly lower with the only small gains noted in the front feeder contracts. The market is looking for May placement numbers to be large because of quickly deteriorating pasture conditions in much of the Plains area. Weak beef product sales yesterday also pressured the market.

Hogs
Peoria: were     steady   at   61.50   to   63.50

Chicago Futures: July up 85 at 9560
  Aug down 2 at 9212

Hogs Comment
Hog futures were mixed despite a continued tightness of available supplies. That appears to be a result of producers sending hogs to market ahead of schedule in April and May. No major expansion in numbers is expected in next week’s inventory report.



Poultry  Date: June 21, 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 approaching the weekend. Demand is light to moderate with trading usually limited to regular commitments. Market activity is slow. In production areas, live supplies are moderate at mixed, but mostly desirable to heavy weights.