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Daily Market Report Archive

Grain & Soybean Date: June 26, 2012

Soybeans

Local Elevators:
(June) EAST AR:  1430 to 1459
(NC) Summ. 1397 to 1422
River Elevators:
(June) MISS: 1467 to 1496 ; AR & White 1439 to 1457
(NC) Summ. 1407 to 1434
Ark. Processor Bids: (June) 1456 to 1474  (NC) 1417 to 1418
Memphis:  (June) 1476 1/2 to 1495 1/2 (NC)  1431 1/4 to 1434 1/4
Riceland Foods:  (June) Stuttgart 1468 ; Pendleton 1470 
 (NC) Stuttgart 1430 ; Pendleton 1435 

Chicago Futures: July down 12 at  1470 1/2
  Aug  down  11 1/2  at  1455 1/2
  Sept down 14 1/4  at  1425 3/4
  Nov down 12 1/4  at  1413 1/4
  Jan down 11  at  1412 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans trimmed recent gains with some pressure developing despite a 3% decline in the good to excellent categories. The market is looking for potential weather improvement which may or may not occur. But obviously there is more time for beans than corn. This week’s stocks report and planted acreage report will be keys to future price movement. The average pre-report estimate has soybean plantings at 75.6 million acres, up from the March number of 73.9 million acres. Stocks averaged 640 million bushels, up slightly from the 619 last year. Downside movement will be limited with November now having support at $14.

Wheat
Cash bid for June at Memphis  715 to 724;

Bids to farmers at Local Elevators 689-709;
River Elevators 690-724;

Chicago Futures: July up  4 3/4  at  729 
  Sept up 7 1/2  at  748 1/2 
  Dec up  at  766 1/4 
  Mar up  at  781 1/4 
  May up  5 3/4  at  784 1/4 
  Today's Arkansas LDP rate for wheat is:

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

Bids to farmers at River Elevators 1046-1073;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for June at Memphis   651 to 671;
  New Crop at Memphis   589 1/2 to 599 1/2;
Bids to farmers at River Elevators  663 to 676

Chicago Futures: July up  15  at  646 
  Sept up  26 3/4  at  619 1/2 
  Dec up  30  at  624 
  Mar up  28  at  633 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat rallied to close slightly higher and appears poised to test the next level of resistance around $7.50. Export movement is improving as competition from Europe and Russia declines.

Corn continued to move sharply higher with December futures testing resistance just above $6.20. This suggests a possible retest of the contract high of $6.73. There is some resistance around $6.45 to $6.50 that might block a move to the contract high. The pre-report average guess of plantings is right on 96 million acres, while stocks are projected to be 3.18 billion bushels down from 3.67 billion bushels last year.



Cotton & Rice  Date: June 26, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 416 at  6785
  Greenwood down  416 at 6785

New York Futures: July down  215  at  6831 
  Oct down  216  at  6835 
 Dec down  185  at  6820 
 Mar down  183  at  6961 
 May down  167  at  7088 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Poor world economic outlooks and a slowing growth pace in China put pressure on cotton. Combine this with big world stocks and it is probable that this market could work lower into the fall. December has some support around 64 cents but this may not be the low.

Rice

Long Grain Cash Bid for  June 1390/cwt  to  - - -
  NC 1373/cwt  to  - - -

Chicago Futures: July up  8 1/2  at  1477 
 Sept up  at  1503 
 Nov up  at  1529 
 Jan up  9 1/2  at  1555 
 Mar up  10  at  1580 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures managed to hold small gains at the end of the session. September futures held near $15 at the close. Near term upside potential appears limited. During the session, September completed a 68% retracement loss by moving above $15.30 at its peak. Failure to hold here suggests sideways to lower movement is likely in the near term.



Cattle & Hogs  Date: June 26, 2012

Cattle
As reported by Federal-State Market News, receipts were 2,258 head at sales in Fort Smith and Heber Springs.  Compared with last week, feeder steers sold $8 to $10 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 161 to - - -
  500 to 550 lbs. 155 to - - -
  600 to 650 lbs. 143.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 151.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 144 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 143 to - - -

Slaughter Cows, Boners 76   to   83
Light Weight 60 to 65
Bulls, Yield Grade   1   1000   to   2100 lbs.   97.50   to   107
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 169 to 176
  550 to 600 lbs. 167 to 179
Heifers 500 to 550 lbs. 146 to 152.50
  550 to 600 lbs. 147 to 159

Chicago Futures:
Live Cattle: June down 45 at 11525
  Aug down 40 at 11547
Feeders: Aug down 210 at 14770
  Sept down 165 at 15025

Cattle Comment
Cattle futures continue to slip as calves move to feedlots early with pasture conditions worsening. Higher grain prices are also pressuring the market. August live cattle are going to test late April support around $114.

Hogs
Peoria: were $1.50 lower to $2.50     higher   at   63   to   65

Chicago Futures: July up 30 at 9365
  Aug down 15 at 8900

Hogs Comment
Hog futures were mixed with nearby July closing slightly higher. Packer margins remain in the red showing near term buying. Most packers have immediate needs covered and are reluctant buyers at this point.



Poultry  Date: June 26, 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 instances weak. Offerings are moderate to at times 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.