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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
0¢ |
| medium grain rice is |
0¢ |
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 APrices 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.