Print this page

Daily Market Report Archive

Grain & Soybean Date: June 25, 2012

Soybeans

Local Elevators:
(June) EAST AR:  1442 to 1471
(NC) Summ. 1410 to 1435
River Elevators:
(June) MISS: 1479 to 1508 ; AR & White 1451 to 1469
(NC) Summ. 1420 to 1447
Ark. Processor Bids: (June) 1468 to 1486  (NC) 1430 to 1431
Memphis:  (June) 1488 3/4 to 1507 3/4 (NC)  1443 1/2 to 1448 1/2
Riceland Foods:  (June) Stuttgart - - - ; Pendleton - - - 
 (NC) Stuttgart - - - ; Pendleton - - - 

Chicago Futures: July up 40 at  1482 1/2
  Aug  up  41  at  1467
  Sept up 45 3/4  at  1440
  Nov up 50  at  1425 1/2
  Jan up 49 1/4  at  1423 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed sharply higher as dry, hot weather persists in a big part of the Midwest grain belt. The market did retrace a portion of the overnight and early gains. It is pure weather driving the market as negative outside markets were clearly ignored. November futures gapped above previous resistance at the $14 contract high clearly signaling another leg up in this market. Upside potential will be tied to the long term weather outlook. The only chart point above current trading is the 08 high at $16.63.

Wheat
Cash bid for June at Memphis  704 1/4 to 714 1/4;

Bids to farmers at Local Elevators 684-704;
River Elevators 685-719;

Chicago Futures: July up  51  at  724 1/4 
  Sept up 53 1/2  at  741 
  Dec up  52 1/2  at  759 1/4 
  March up  51 1/2  at  775 1/4 
  May up  49 3/4  at  778 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for June at Memphis  1118 to - - -;

Bids to farmers at River Elevators 1020-1046;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for June at Memphis   641 to 661;
  New Crop at Memphis   561 1/4 to 571 1/4;
Bids to farmers at River Elevators  648 to 661

Chicago Futures: July up  40  at  631 
  Sept up  40  at  591 1/4 
  Dec up  40  at  594 
  March up  40  at  605 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was sharply higher in today’s trade. Weather for the wheat crop is generally favorable in the U.S., but dry weather in the Canadian plains and parts of Europe and Russia are providing support. Smaller crops in those areas mean less competition on the world market. That should give the U.S. a good opportunity, at least for a while. Export inspections are off to a slow start, however, with inspections down 13% from this time last year. USDA is projecting a 9% increase from last year, so we need an opportunity to play catch-up. July stopped just short of resistance at the May spike high of $7.22 in today’s trade.

Corn led the change higher with limit gains post in all the front end contracts. This carried December to within 3 cents of its highest level in 2012 and to within 25 cents of key resistance around $6.20. With the 10 day forecasts showing searing temperatures and little chance of rain chances are good the market will test that resistance. Key stocks and planted acreage reports will be released on Thursday.



Cotton & Rice  Date: June 25, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 121 at  7201
  Greenwood up  121 at 7201

New York Futures: July down  371  at  7046 
  Oct up  121  at  7051 
 Dec up  93  at  7005 
 March up  87  at  7144 
 May up  97  at  7255 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was mixed with heavy pressure seen on first notice day for the July contract. A 14 cents premium over December has evaporated in less than a week. December is attempting to stabilize after making another dip below 68 cents last week. While there are weather concerns in some areas of the U.S., the market is looking at a broader picture that is being influenced by huge stocks and a poor world economic outlook. A slowing Chinese economy is a major concern for cotton.

Rice

Long Grain Cash Bid for  June - - -  to  - - -
  NC - - -  to  - - -

Chicago Futures: July up  21 1/2  at  1468 1/2 
 Sept up  21 1/2  at  1494 
 Nov up  21 1/2  at  1520 
 Jan up  22  at  1545 1/2 
 March up  22  at  1570 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were higher but it is clear the concern is mainly with the other grains and soybeans. September futures are near last week’s high, just under $15. Retracement objectives at $15.06 and $15.32 will likely be tested if the upturn in beans, wheat and corn continues.



Cattle & Hogs  Date: June 25, 2012

Cattle
As reported by Federal-State Market News, receipts were 3351 head at sales in Ash Flat, Springdale, and Ola.  Compared with last week, feeder steers sold unevenly, mostly steady to $3 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 180.00 to - - -
  500 to 550 lbs. 165.00 to - - -
  600 to 650 lbs. 153.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 168.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 147.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 148.00 to - - -

Slaughter Cows, Boners 74.00   to   82.00
Light Weight 62.00 to 70.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   93.00   to   103.00
Midwest Steers   were   at   115.00   to   117.00
Panhandle Steers   were   at   116.00   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 183.50 to 193.00
  500 to 600 lbs. 168.00 to 172.00
Heifers 400 to 500 lbs. 152.50 to 157.00
  500 to 600 lbs. 147.00 to 159.00

Chicago Futures:
Live Cattle: June down 120 at 11570
  Aug down 102 at 11587
Feeders: Aug down 300 at 14980
  Sept down 300 at 15190

Cattle Comment
Cattle futures were down sharply today in reaction to Friday’s cattle on feed report. The report showed a total on-feed inventory 101.7% of last year’s number, and May placements were 115.3% of last May. The market was expecting large placement numbers due to deteriorating pasture conditions, but that exceeded the average trade estimate by 1.1% and was seen as bullish for prices.

Hogs
Peoria: were $3 lower to $1     higher   at   62.50   to   64.50

Chicago Futures: July down 157 at 9335
  Aug down 222 at 8915

Hogs Comment
Hog futures succumbed to carryover weakness from the cattle pits. The market was trading mostly sideways until mid-day, but sold off hard into the afternoon. August failed at resistance near $92, and won’t see much in the way of chart support until $95.50-$95.



Poultry  Date: June 25, 2012

Eggs

New York:  Ex. Lg. 105-109; Lg. 103-107; Med. 77-81;
Chicago:  Ex. Lg. 96-104; Lg. 94-102; Med. 69-77;

National Turkeys
Hens: 8-16 lbs 107.50
Toms: 16-24 lbs 107.75
 

Delmarva Broilers
U.S. Grade A
Prices for whole broiler/fryers are steady to weak. Offerings are moderate to heavy. Demand is light entering the week. Market activity is slow. In production areas, live supplies are moderate at mostly desirable to heavy weights.