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 |
8 |
at |
1403 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
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 |
6 |
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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
0¢ |
| medium grain rice is |
0¢ |
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 APrices 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.