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: |
0¢ |
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 |
6 |
at |
718 1/4 |
| |
May |
down |
6 1/2 |
at |
724 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
0¢ |
| medium grain rice is |
0¢ |
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 APrices 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.