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Daily Market Report Archive

Grain & Soybean Date: July 05, 2012

Soybeans

Local Elevators:
(July) EAST AR:  1542 to 1613
(NC) Summ. 1510 to 1535
River Elevators:
(July) MISS: 1548 to 1616 ; AR & White 1551 to 1604
(NC) Summ. 1520 to 1549
Ark. Processor Bids: (July) 1568 to 1603  (NC) 1530 to 1531
Memphis:  (July) 1612 to 1648 (NC)  1546 1/2 to 1548 1/2
Riceland Foods:  (July) Stuttgart - - - ; Pendleton - - - 
 (NC) Stuttgart - - - ; Pendleton - - - 

Chicago Futures: July up 54 1/4 at  1626 1/2
  Aug  up  53 1/2  at  1583
  Sept up 53 1/2  at  1551 1/2
  Nov up 51 3/4   at  1526 1/2
  Jan up 50 3/4  at  1523
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans gapped sharply higher on the holiday delayed open. Continued high temperatures sent November above $15 about 5 minutes into today’s trade. The market simply built from there despite a big jump in the value of a dollar. A top could come at any time expiring July moved to within 20 cents of the July 2008 top before retracing a portion of the 20 cents gain. November has a hap objective of $15.45.

Wheat
Cash bid for July at Memphis  813 to - - -;

Bids to farmers at Local Elevators 796-818;
River Elevators 779-823;

Chicago Futures: July up  40 1/4  at  822 1/2 
  Sept up 38 3/4  at  838 
  Dec up  33 1/4  at  847 
  March up  29  at  855 1/2 
  May up  25 1/2  at  852 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for July at Memphis  1167 to 1212;

Bids to farmers at River Elevators 1125-1152;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for July at Memphis   716 3/4 to 733 3/4;
  New Crop at Memphis   683 3/4 to 688 3/4;
Bids to farmers at River Elevators  668 to 679

Chicago Futures: July up  49 1/4  at  768 
  Sept up  34 3/4  at  708 3/4 
  Dec up  34  at  708 1/2 
  March up  33 1/2  at  715 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Nearby wheat futures gapped higher today as the market remains in lock-step with corn. Smaller world production estimates and the potential for feed demand were supportive as well. Both the September and the July 2013 contracts look poised to test resistance at $8.50.

Corn extended the uptrend following the July 4 holiday reprieve. Yield estimates are tumbling with Brock dropping their official number to 148 bushels per acre base on recent crop progress reports. That’s 18 bushels below the June USDA number of 166, or a cut of about 11%. It implies a crop of 13.2 billion bushels or slightly higher. December traded around or below $7 until around noon. At that point the market moved higher. Expiring July is about 30 cents under the June 2011 high of $7.99.



Cotton & Rice  Date: July 05, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 288 at  6827
  Greenwood down  288 at 6827

New York Futures: July down  183  at  7092 
  Oct down  213  at  7077 
 Dec down  202  at  7058 
 March down  188  at  7191 
 May down  166  at  7297 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was only red number on the screen as December retraced gains from the first 2 days of this week. A potential U.S. crop of 17 million bales or more is too much considering the prospect of world stocks reaching 74 to 75 million bales. Texas is experiencing another dry year but should harvest a little more than last year. December futures are presently in a trading range of 10 cents, between 65 cents and 75 cents.

Rice

Long Grain Cash Bid for  July - - -  to  - - -
  NC - - -  to  - - -

Chicago Futures: July up  14 1/2  at  1486 
 Sept up  14 1/2  at  1515 
 Nov up  15 1/2  at  1542 1/2 
 Jan up  16  at  1570 1/2 
 March up  17 1/2  at  1596 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice trimmed early gains but closed on the positive side. Last week’s reports suggest smaller stocks but offer the potential for a production number that is 4 to 5% above the June number. High temperatures may reduce that possibility. While tight U.S. stocks may offer additional upside potential, U.S. milled rice is already well above what is considered the world market value. Values in Vietnam and India are generally quoted around or just over $400 per M.T. Thailand’s intervention program has stocked away huge quantities of rice which is also priced above the market and exports are projected to be 65% or less than in 2011.



Cattle & Hogs  Date: July 05, 2012

Cattle
As reported by Federal-State Market News, receipts were 5005 head at sales in Arkansas this week.  Compared with last week, feeder steers sold weak to $5 lower, instances $5 to $10 lower .

Steers:
 Medium & Large Frame 1   450 to 500 lbs. 152.00 to 165.00
  500 to 550 lbs. 145.00 to 157.00
  550 to 600 lbs. 140.00 to 153.00
 Medium & Large Frame 2   450 to 500 lbs. 140.00 to 157.00

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 127.00 to 143.00
 Medium & Large Frame 2   400 to 450 lbs. 127.00 to 147.50

Slaughter Cows, Boners - - -   to   - - -
Light Weight - - - to - - -
Bulls, Yield Grade   - - -   - - -   to   - - - lbs.   - - -   to   - - -
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
Heifers - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -

Chicago Futures:
Live Cattle: Aug down 32 at 11915
  Oct down 10 at 12355
Feeders: Aug down 145 at 14595
  Sept down 150 at 14937

Cattle Comment
Cattle futures were mostly lower today. Higher corn prices continue to plague feeder futures, which look to have topped for the time being. Heavier slaughter weights are pressuring live futures and hot weather is limiting movement and could create a temporary backlog of supplies.

Hogs
Peoria: were at       at   62.00   to   - - -

Chicago Futures: July down 105 at 9582
  Aug down 200 at 9287

Hogs Comment
Hog futures were mixed. Deferred contracts were higher again on concerns high corn values will keep producers from expanding production. Worsening packer margins added to pressure on the nearby contracts.



Poultry  Date: July 05, 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 105.70
 

Delmarva Broilers
U.S. Grade A
Prices for whole broiler/fryers are steady. Offerings are moderate for current trade needs. Demand is moderate following the 4th of July holiday. Market activity is moderate with trading usually limited to regular commitments. In production areas, live supplies are moderate at mixed, but mostly desirable to light weights.