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Daily Market Report Archive

Grain & Soybean Date: June 29, 2012

Soybeans

Local Elevators:
(June) EAST AR:  1472 to 1501
(NC) Summ. 1412 to 1437
River Elevators:
(June) MISS: 1509 to 1542 ; AR & White 1481 to 1491
(NC) Summ. 1422 to 1449
Ark. Processor Bids: (June) 1498 to 1516  (NC) 1432 to 1433
Memphis:  (June) 1517 3/4 to 1537 3/4 (NC)  1447 3/4 to 1452 3/4
Riceland Foods:  (June) Stuttgart 1498 ; Pendleton 1500 
 (NC) Stuttgart 1432 ; Pendleton 1437 

Chicago Futures: July up 46 3/4 at  1512 3/4
  Aug  up  35 1/2  at  1481 3/4
  Sept up 32 3/4  at  1450 1/4
  Nov up 24 1/4  at  1427 3/4
  Jan up 23 1/2  at  1426 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans made strong gains as the market seemingly ignored bigger than stocks and a larger than projected planted acreage. U.S. plantings were placed at 76.1 million acres almost 2.2 million more than March intentions and 500,000 acres more than the average pre report estimate. Stocks at 667 million bushels were 27 million more than the average estimate and above the high end of those polled. However, the market never hesitated as there is growing concern about hot, dry conditions. Also, supportive was action in outside markets which were driven by a pleasing conclusion to European economic woes. The dollar plunged, while equities and crude oil soared, all positive for grains. November futures ended the day near recent highs around $14.50.

Wheat
Cash bid for June at Memphis  726 to 729;

Bids to farmers at Local Elevators 699-719;
River Elevators 700-736;

Chicago Futures: July up  13  at  739 
  Sept up 11 1/4  at  757 1/4 
  Dec up  10  at  776 3/4 
  March up  9 3/4  at  791 
  May up  9 3/4  at  798 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for June at Memphis  1053 to - - -;

Bids to farmers at River Elevators 1095-1121;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for June at Memphis   680 1/2 to 687 1/2;
  New Crop at Memphis   598 1/2 to 608 1/2;
Bids to farmers at River Elevators  671 to 698

Chicago Futures: July up  20 1/2  at  672 1/2 
  Sept up  2 1/4  at  628 1/2 
  Dec up  2 1/2  at  634 3/4 
  March up  2 1/2  at  643 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
The wheat acreage report was friendly to prices. Spring wheat acreage was pegged at 12.0 million acres, up from the March intentions report estimate of 11.98 million, but below analysts’ expectations for 12.66 million. That is down 400,000 acres from last year. All wheat acreage was pegged at 56 million acres. Exports are slow-going this year, with the total now at 6.7 MMT, compared with 8.3 MMT this time last year.

Corn traded a wide range with tight stocks giving expiring July a big boost. Corn planted acreage was up 550,000 acres over March intentions. Stocks were lower than expectations and toward the low end of the expected range. Trading vacillated over a wide range before new crop trimmed gains and closed just slightly higher. December tested Wednesday’s highs before retracing gains. Weather conditions will likely push December toward the contract high of 6.73.



Cotton & Rice  Date: June 29, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 181 at  6982
  Greenwood up  181 at 6982

New York Futures: July up  186  at  7216 
  Oct up  206  at  7157 
 Dec up  182  at  7133 
 March up  181  at  7251 
 May up  186  at  7355 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton moved higher with the USDA reported showing a planted acreage of 12.64 million acres, a decrease of 2.06 million acres from last year. Plantings were below March intentions and the average estimate prior to the report. Indications Europe has put a good proposal on the table had outside markets moving the right way. A sharply lower dollar and perceived improvement in world economics supported cotton. December appears to be building support around 68 cents, although there has been no clear indication the market has bottomed.

Rice

Long Grain Cash Bid for  June 1384/cwt  to  - - -
  NC 1339/cwt  to  1376/cwt

Chicago Futures: July down  37 1/2  at  1419 
 Sept down  41 1/2  at  1449 
 Nov down  40 1/2  at  1475 1/2 
 Jan down  41  at  1501 1/2 
 March down  41 1/2  at  1527 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was hit hard by a planted acreage report that at 2.66 million acres a 100,000 acres over the March intentions. In Arkansas producers planted 1.14 million acres of long grain, a 200,000 acrea increase from 2011, and 80,000 higher than March intentions. Medium grain acreage fell to just 110,000 acres from 255,000 in 2011. Only Arkansas and Missouri increased 2012 plantings. Texas acreage declined 37%, while smaller declines were noted in California, Louisiana and Mississippi. The increased plantings sent futures sharply lower, as funds moved to the sidelines.



Cattle & Hogs  Date: June 29, 2012

Cattle
As reported by Federal-State Market News, receipts were 17045 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly $5 to $10 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 165.00 to - - -
  500 to 550 lbs. 149.00 to - - -
  600 to 650 lbs. 143.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 152.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 142.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 140.00 to - - -

Slaughter Cows, Boners 76.00   to   84.00
Light Weight 60.00 to 69.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   91.00   to   105.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 156.00 to 183.50
  500 to 550 lbs. 147.00 to 177.00
Heifers 450 to 500 lbs. 134.00 to 155.00
  500 to 548 lbs. 132.00 to 152.00

Chicago Futures:
Live Cattle: June up 10 at 11660
  Aug up 112 at 12045
Feeders: Aug up 100 at 15145
  Sept up 102 at 15440

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 $.50 higher to $1.50     lower   at   62.50   to   63.00

Chicago Futures: July down 10 at 9662
  Aug up 87 at 9477

Hogs Comment
Hog futures were mixed. Hot conditions across the Midwest are seen as supportive, as they could limit runs and bring tight supplies near term. Demand is expected to slow, however, after the Independence Day holiday.



Poultry  Date: June 29, 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 106.50
Toms: 16-24 lbs 106.70
 

Delmarva Broilers
U.S. Grade A
Prices for whole broiler/fryers are mostly steady. Offerings are moderate. Demand entering the weekend is moderate with trading usually limited to regular commitments. Market activity is moderate. In production areas, live supplies are moderate at mostly desirable weights.