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Daily Market Report Archive

Grain & Soybean Date: June 28, 2012

REMINDER: USDA USDA Acreage and Stock Report Webinar (Fri., June 29, 2012) at 8:30 a.m.. To participate in the Webinar click on the link and follow the instructions: https://arfb.webex.com/arfb/j.php?ED=198665967&UID=0&PW=NZjZhYjk3YmQ0&RT=MiM3

Soybeans

Local Elevators:
(June) EAST AR:  1425 to 1454
(NC) Summ. 1388 to 1413
River Elevators:
(June) MISS: 1462 to 1495 ; AR & White 1434 to 1452
(NC) Summ. 1401 to 1425
Ark. Processor Bids: (June) 1451 to 1469  (NC) 1408 to 1409
Memphis:  (June) 1472 to 1491 (NC)  1423 1/2 to 1428 1/2
Riceland Foods:  (June) Stuttgart 1451 ; Pendleton 1453 
 (NC) Stuttgart 1408 ; Pendleton 1413 

Chicago Futures: July down 5 at  1466
  Aug  down  9 3/4  at  1446 1/4
  Sept down 8 1/2  at  1417 1/2
  Nov down 8 1/2  at  1403 1/2
  Jan down at  1403
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were lower throughout the day and closed 5-7 cents lower in 2012 contracts November inched back near $14. However, weather remains a factor and there is little change noted in long range forecasts. Tomorrow’s report is expected to be bullish although stocks could be slightly higher than a year ago. Average planted acreage in pre-report projections was 75.6 million acres, up 1.7 million from USDA’s March planting intentions.

Wheat
Cash bid for June at Memphis  712 to 716;

Bids to farmers at Local Elevators 692-706;
River Elevators 687-723;

Chicago Futures: July down  at  726 
  Sept down 5 1/4  at  746 
  Dec down  5 1/2  at  766 3/4 
  March down  4 3/4  at  781 1/4 
  May down  3 1/4  at  788 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for June at Memphis  1084 to - - -;

Bids to farmers at River Elevators 1057-1084;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for June at Memphis   658 to 667;
  New Crop at Memphis   596 1/4 to 606 1/4;
Bids to farmers at River Elevators  654 to 677

Chicago Futures: July up  2 1/2  at  652 
  Sept down  1 1/4  at  626 1/4 
  Dec down  3/4  at  632 1/4 
  March down  1/2  at  641 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were lower at mid-day. Exports are slow-going this year, with the total now at 6.7 MMT, compared with 8.3 MMT this time last year. Tomorrow’s acreage report is expected to show an increase in planted acres. Spring wheat acres are estimated to be 12.7 million, compared with 12.4 million last year and 11.98 million in the March planting intentions report.

Corn closed mixed with earlier gains melting away in the late trade. Position evening ahead of the report accounted for much of the decline, although outside markets were negative as well. Corn acreage in pre report estimates was only 100,000 acres above the March intentions. The average yield estimates are ratcheting down as the heat and drought takes its toll. Most are 7 to 10 bushels per acre. The contract high for December of $6.73 could fall if the report is bullish.



Cotton & Rice  Date: June 28, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 70 at  6801
  Greenwood up  70 at 6801

New York Futures: July up  229  at  7030 
  Oct up  170  at  6951 
 Dec up  155  at  6951 
 March up  148  at  7070 
 May up  142  at  7169 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed higher despite weakness in grains and negative outside markets. December futures are attempting to build support just below 68 cents. A weakening Chinese economy doesn’t bode well for cotton. The pre-report average planted acreage for cotton was 13.0 million acres down just 200,000 acres from the March intentions.

Rice

Long Grain Cash Bid for  June 1384/cwt  to  1390/cwt
  NC 1361/cwt  to  1376/cwt

Chicago Futures: July down  17 1/2  at  1456 1/2 
 Sept down  10 1/2  at  1490 1/2 
 Nov down  11  at  1516 
 Jan down  10 1/2  at  1542 1/2 
 March down  9 1/2  at  1569 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures dipped lower as the overall tone of the market remains somewhat weak. Rice planted acreage could be down slightly from the March intentions. However, big world stocks will limit upside potential. Tightening U.S. stocks should be positive longer term. September moved back below $15.



Cattle & Hogs  Date: June 28, 2012

Cattle
As reported by Federal-State Market News, receipts were 4067 head at sales in Charlotte, Ratcliff, & Green Forest.  Compared with last week, feeder steers sold $5 to $15 lower, mostly $8 to $10 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 172.00 to - - -
  500 to 550 lbs. 151.00 to - - -
  600 to 650 lbs. 148.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 154.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 138.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 138.00 to - - -

Slaughter Cows, Boners 72.00   to   80.00
Light Weight 58.00 to 65.00
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   90.00   to   100.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 400 to 450 lbs. 176.00 to 186.00
  500 to 550 lbs. 165.00 to - - -
Heifers 450 to 500 lbs. 154.00 to 155.00
  500 to 550 lbs. 146.00 to 152.00

Chicago Futures:
Live Cattle: June up 10 at 11650
  Aug up 207 at 11932
Feeders: Aug up 165 at 15045
  Sept up 147 at 15337

Cattle Comment
Cattle futures were higher, supported by renewed strength in wholesale beef. This may not last long as softer demand is expected over the next several weeks. That will likely limit packer interest.

Hogs
Peoria: were $1.50 lower to $1.00     higher   at   63.50   to   64.00

Chicago Futures: July up 115 at 9672
  Aug up 220 at 9390

Hogs Comment
Hog futures were higher on short covering which was spurred by the bug discount to cash. Hot conditions across the Midwest also were supportive. This could limit runs and bring tight supplies near term. Fridays pig crop report is expected to show limited expansion.



Poultry  Date: June 28, 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 approaching the weekend. Demand is light to moderate with trading limited to regular commitments. Market activity is mostly slow. In production areas, live supplies are moderate at mixed, but mostly desirable to heavy weights.