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: |
0¢ |
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 |
7 |
at |
766 1/4 |
| |
Mar |
up |
6 |
at |
781 1/4 |
| |
May |
up |
5 3/4 |
at |
784 1/4 |
| |
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 |
1046-1073; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
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: |
0¢ |
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 |
9 |
at |
1503 |
| | Nov |
up |
9 |
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 |
0¢ |
| medium grain rice is |
0¢ |
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 APrices 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.