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Daily Market Report Archive

Grain & Soybean Date: July 06, 2012

Soybeans

Local Elevators:
(July) EAST AR:  1526 to 1597
(NC) Summ. 1489 to 1514
River Elevators:
(July) MISS: 1525 to 1600 ; AR & White 1535 to 1588
(NC) Summ. 1499 to 1528
Ark. Processor Bids: (July) 1552 to 1587  (NC) 1509 to 1510
Memphis:  (July) 1599 1/4 to 1632 1/4 (NC)  1525 3/4 to 1527 3/4
Riceland Foods:  (July) Stuttgart 1552 ; Pendleton 1554 
 (NC) Stuttgart 1510 ; Pendleton 1515 

Chicago Futures: July down 6 3/4 at  1619 3/4
  Aug  down  15 3/4   at  1567 1/4
  Sept down 19 1/2  at  1532
  Nov down 20 3/4  at  1505 3/4
  Jan down 21 1/2  at  1501 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were a little lower, as we head into the weekend. Forecasts for lower temperatures and possible rainfall gave the market an opportunity to retrace a portion of recent gains. Negative outside markets, including a stronger dollar added downside pressure. What actually happens this weekend, weather wise, will determine whether the market rallies, or continues to work lower. A November close below yesterday’s low of $14.93 would suggest further declines, while the ability to hold above $15 and close above yesterday’s high of $15.29 would indicate further gains.

Wheat
Cash bid for July at Memphis  781 1/4 to 793 1/4;

Bids to farmers at Local Elevators 764-786;
River Elevators 747-793;

Chicago Futures: July down  31 1/4  at  791 1/4 
  Sept down 31 3/4  at  806 1/4 
  Dec down  25 1/4  at  821 3/4 
  March down  22 3/4  at  832 3/4 
  May down  23 1/2  at  829 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for July at Memphis  1148 to - - -;

Bids to farmers at River Elevators 1098-1134;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for July at Memphis   711 1/4 to 725 1/4;
  New Crop at Memphis   670 1/4 to 675 1/4;
Bids to farmers at River Elevators  654 to 665

Chicago Futures: July down  24 3/4  at  743 1/4 
  Sept down  13 1/2  at  695 1/4 
  Dec down  15 1/2  at  693 
  March down  15 3/4  at  700 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures reversed direction and gave back most of yesterday’s big gains. Corn futures also posted big losses, and wheat has been sticking closely with corn for weeks. Smaller world production estimates and the potential for feed demand were supportive as well. Both the September and the July 2013 contracts failed to significantly challenge resistance at $8.50, and resistance at that level remains intact for now.

Corn closed lower for the day. Trading left an inside day on the on the charts and while December closed below $7 it help above yesterday’s low of $6.85 ½. A close above $7.13 would signal an extension of the current upturn. Like beans, weather and outside markets keyed the selloff.



Cotton & Rice  Date: July 06, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 99 at  6728
  Greenwood down  99 at 6728

New York Futures: July down  14  at  7078 
  Oct down  24  at  7053 
 Dec up  at  7062 
 March down  at  7190 
 May up  at  7299 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed narrowly mixed despite negative outside markets. 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 1396/cwt  to  - - -

Chicago Futures: July down  9 1/2  at  1476 1/2 
 Sept down  9 1/2  at  1505 1/2 
 Nov down  9 1/2  at  1533 
 Jan down  9 1/2  at  1561 
 March down  9 1/2  at  1587 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was under light selling pressure as the market follow beans, corn, and wheat lower. 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 06, 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   117.00   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 up 5 at 11920
  Oct up 10 at 12365
Feeders: Aug up 57 at 14652
  Sept up 67 at 15005

Cattle Comment
Cattle futures posted gains. Losses in corn were a positive for feeders. October live cattle have resistance just below $124.50 and will need to move above that resistance to suggest another leg up is possible.

Hogs
Peoria: were     steady   at   62.00   to   - - -

Chicago Futures: July up 40 at 9622
  Aug up 42 at 9330

Hogs Comment
Hog futures were also higher. Deferred contracts have been supported in recent days by concerns high corn values will keep producers from expanding production. Worsening packer margins are keeping a lid on nearby contracts.



Poultry  Date: July 06, 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 108.00
 

Delmarva Broilers
U.S. Grade A
Prices for whole broiler/fryers are steady. Offerings are moderate for current trade needs. Demand entering the weekend is moderate. Market activity is slow to mostly moderate. In production areas, live supplies are moderate; weights are to light.