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Daily Market Report Archive

Grain & Soybean Date: July 02, 2012

Soybeans

Local Elevators:
(July) EAST AR:  1491 to 1520
(NC) Summ. 1422 to 1447
River Elevators:
(July) MISS: 1458 to 1557 ; AR & White 1497 to 1515
(NC) Summ. 1432 to 1459
Ark. Processor Bids: (July) 1516 to 1517  (NC) 1433 to 1442
Memphis:  (July) 1537 1/4 to 1549 1/4 (NC)  1458 to 1463
Riceland Foods:  (July) Stuttgart 1517 ; Pendleton 1519 
 (NC) Stuttgart 1442 ; Pendleton 1447 

Chicago Futures: July up 19 1/2 at  1532 1/4
  Aug  up  12 1/2  at  1494 1/4
  Sept up 12 1/4  at  1462 1/2
  Nov up 10 1/4  at  1438
  Jan up 11  at  1437 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans rode dry, hot weather concerns to solid gains to start the week. Crop condition reports to be released later today are expected to show further deteriorations. Weaker U.S. manufacturing data was a negative factor and likely limited upside movement. Some rain fell in limited areas of the Midwest and long range forecasts suggest cooler wetter weather is probable next week. The question is how much damage will be done by then. Technically, November moved to a new high above 14.50 in the overnight trade. However a good portion of those gains were retraced later in the session. A close above $14.55 would signal a move toward $15.

Wheat
Cash bid for July at Memphis  744 1/2 to 747 1/2;

Bids to farmers at Local Elevators 715-735;
River Elevators 755-758;

Chicago Futures: July up  15 1/2  at  754 1/2 
  Sept up 15 1/4  at  772 1/2 
  Dec up  14  at  790 3/4 
  March up  13  at  804 
  May up  8 3/4  at  807 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for July at Memphis  1091 to - - -;

Bids to farmers at River Elevators 1032-1077;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for July at Memphis   700 1/2 to 712 1/4;
  New Crop at Memphis   627 1/4 to 632 1/4;
Bids to farmers at River Elevators  611 to 622

Chicago Futures: July up  20  at  692 1/2 
  Sept up  23 3/4  at  652 1/4 
  Dec up  21  at  655 3/4 
  March up  20 1/4  at  664 
  Today's Arkansas LDP rate for corn is:

Grain Comment
September wheat futures are in position to move toward the next major resistance which is near $8.50, but would need to clear minor resistance around $7.90 first. Declining world crop estimates are positive for wheat. The International Grains Council pared to 665 mmt, well below the June USDA projection of 672 mmt. Much of the decline in the Black Sea area were Russia’s crop estimate fell 6 mmt and the Ukraine which fell 1 mmt. World ending stocks are projected to be at a 4 year low of 182 mmt.

Corn continued to be the leader of the grain complex closing with gains of 20 cents or better in all the forward contracts. With nearly half the corn acreage in or approaching pollination high temperatures are a major concern. Yields could be severely impacted, and many crop analysts have lower expectations with some many in the 150 to 155 bushels per acre range. That would likely move the projected ending stocks toward 1 billion bushels as opposed to the current projection of 1.88 billion bushels. December futures topped at less than a dime under the contract high of $6.73 in overnight trade.



Cotton & Rice  Date: July 02, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 73 at  7055
  Greenwood up  73 at 7055

New York Futures: July down  at  7215 
  Oct up  73  at  7230 
 Dec up  69  at  7202 
 March up  68  at  7319 
 May up  67  at  7422 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton firmed again today with December closing just above 72 cents. Smaller plantings were seen with just 12.64 million acres in the U.S. Drought conditions are still prevalent in Texas and a large abandonment is anticipated again this year.

Rice

Long Grain Cash Bid for  July - - -  to  - - -
  NC 1358/cwt  to  - - -

Chicago Futures: July up  20  at  1439 
 Sept up  19  at  1468 
 Nov up  18 1/2  at  1494 
 Jan up  19 1/2  at  1521 
 March up  18  at  1545 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures finally reversed and closed higher after declining the 3 previous sessions. An extra 100,000 acres of rice sent the market in a downward spiral on Friday. Arkansas planted 80,000 acres more long grain than was indicated in March intentions and that was a major factor in the decline. Upside potential appears limited in the near term with September showing resistance around $15.25.



Cattle & Hogs  Date: July 02, 2012

Cattle
As reported by Federal-State Market News, receipts were 4045 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold mostly $5 to $15 lower, instances $20 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 169.00 to - - -
  500 to 550 lbs. 151.50 to - - -
  600 to 650 lbs. 142.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 161.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 133.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 137.00 to - - -

Slaughter Cows, Boners 72.00   to   80.00
Light Weight 62.00 to 70.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   90.00   to   97.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 163.50 to 170.50
  500 to 600 lbs. 148.00 to 155.00
Heifers 400 to 500 lbs. 140.00 to 153.00
  500 to 600 lbs. 140.00 to 150.50

Chicago Futures:
Live Cattle: Aug down 117 at 11927
  Oct down 105 at 12335
Feeders: Aug down 180 at 14965
  Sept down 167 at 15272

Cattle Comment
Feeder cattle futures were sharply lower as the rising corn values weigh on the market. Dry, hot conditions continue to impact potential corn yield which will be a factor in the feeder market as we move forward. Seasonal weakness in wholesale beef also pressured cattle prices.

Hogs
Peoria: were     steady   at   - - -   to   63.00

Chicago Futures: July up 27 at 9690
  Aug up 20 at 9497

Hogs Comment
Hogs were mixed following what was termed a mildly favorable quarterly pig crop report. The breeding herd was up just 1% from a year ago, while farrowing intentions were down about 1% in coming months. Surveys for this report were made in early June before the corn market exploded higher and actual plans may have changed.



Poultry  Date: July 02, 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 steady. Offerings are moderate for current trade needs. Demand entering the holiday week is moderate with trading usually limited to regular commitments. Market activity is moderate. In production areas, live supplies are moderate at mostly desirable weights.