Grain & Soybean Date: July 10, 2012
Monthly Market Update: Producer Webinar (Wed., July 11, 2012) at 8:30am: To join conference, call 408-792-6300; meeting number: 575 205 684; attendee id #
Soybeans
Local Elevators:
(July) EAST AR: 1550 to 1621
(NC) Summ. 1523 to 1548
River Elevators:
(July) MISS: 1559 to 1624 ; AR & White 1559
to 1612
(NC) Summ. 1533 to 1562
Ark. Processor Bids: (July) 1576 to 1611
(NC) 1543 to 1544
Memphis:
(July) 1634 1/2 to 1640 1/2 (NC)
1558 1/2 to 1562 1/2
Riceland Foods:
(July) Stuttgart 1576 ; Pendleton
1578
(NC) Stuttgart 1543 ; Pendleton
1548
| Chicago Futures: |
July |
down |
16 1/4 |
at |
1648 3/4 |
| |
Aug |
down |
16 1/4 |
at |
1590 1/2 |
| |
Sept |
down |
15 1/4 |
at |
1557 3/4 |
| |
Nov |
down |
9 1/4 |
at |
1538 1/2 |
| |
Jan |
down |
8 3/4 |
at |
1535 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
As anticipated, Soybeans slipped in yesterday’s crop progress report. However, the market also slipped as traders evened up ahead of the July report. The trade held in a 20 to 25 cents range throughout the session. The report is expected to show reduced production estimates, but adjustments probably will not be as severe as private projections. There still appears to be ample upside as export demand has continued to be fairly strong.
Wheat
Cash bid for July at Memphis 796 1/4 to 798 1/4;
| Bids to farmers at Local Elevators |
779-801; |
| River Elevators |
762-796; |
| Chicago Futures: |
July |
down |
6 |
at |
804 3/4 |
| |
Sept |
down |
7 |
at |
821 1/4 |
| |
Dec |
down |
8 1/2 |
at |
835 1/4 |
| |
March |
down |
10 |
at |
843 1/4 |
| |
May |
down |
6 1/2 |
at |
843 1/2 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for July at Memphis 1129 to 1147;
| Bids to farmers at River Elevators |
1139-1175; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
July at Memphis
727 1/2 to 743 1/2; |
| |
New Crop at Memphis
693 1/2 to 698 1/2; |
| Bids to farmers at River Elevators |
678 to 689 |
| Chicago Futures: |
July |
down |
14 1/4 |
at |
761 |
| |
Sept |
down |
13 1/2 |
at |
718 1/2 |
| |
Dec |
down |
12 1/2 |
at |
717 1/2 |
| |
March |
down |
12 3/4 |
at |
722 3/4 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat futures turned lower today. Both the September and the July 2013 contracts failed at resistance at $8.50, and resistance at that level remains intact for now. Traders were taking profits today after the recent rally and before tomorrow’s report. The market virtually ignored the crop conditions ratings released yesterday afternoon, which decreased the percentage of the crop in good to excellent condition by 8%.
Corn was under pressure the entire session but it appears to be pre-report profit taking and evening of positions. Like soybeans the weekly crop progress report indicated a significant decline with the good to excellent categories losing a full 8 points again this week. USDA is expected to make downward yield and production adjustments. Use adjustments are also anticipated alone with tightening of stocks. With little rain expected in the Midwest drought impacts will heighten and the market will likely move to new highs. Gaps left earlier suggest a potential December upside objective of $8.45 top $8.55.
Cotton & Rice Date: July 10, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 30 at
6682 |
| |
Greenwood down
30 at 6682 |
| New York Futures: |
Oct |
down |
30 |
at |
7007 |
| |
Dec |
up |
3 |
at |
7072 |
| | March |
up |
1 |
at |
7199 |
| | May |
down |
5 |
at |
7304 |
| | July |
down |
23 |
at |
7393 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton was narrowly mixed as the market has failed to gain much momentum. Poor world economic conditions don’t favor increasing demand for cotton. Thus world production is expected to once again out pace use, thus stocks will grow to 74 to 75 million bales. December has resistance near 75 cents.
Rice
| Long Grain Cash Bid for |
July |
- - - |
to |
- - - |
| |
NC |
1435/cwt |
to |
- - - |
| Chicago Futures: |
July |
up |
19 1/2 |
at |
1515 |
| | Sept |
up |
19 1/2 |
at |
1544 1/2 |
| | Nov |
up |
19 |
at |
1571 1/2 |
| | Jan |
up |
18 |
at |
1598 1/2 |
| | March |
up |
16 |
at |
1622 1/2 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice futures continued to move higher with September in position to test earlier resistance around $16.20. Milled rice demand remains limited. The June planted acreage report added about a hundred thousand acres to this year’s plantings which should add 5 to 7 million cwt to the 2012 production estimate. U.S. stocks will remain fairly tight, however world stocks are ample.
Cattle & Hogs Date: July 10, 2012
Cattle
As reported by Federal-State Market News, receipts were 2132 head
at sales in Ft. Smith & Heber Springs.
Compared with last week, feeder steers sold $2 to $5 lower, instances $6 to $12 lower .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
157.00 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
146.00 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
141.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
136.00 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
134.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
133.00 |
to |
- - - |
Slaughter Cows, Boners 69.00 to 77.00
Light Weight 53.00 to 60.00
Bulls, Yield Grade 1
1000 to 2100 lbs. 84.50
to 100.00
Midwest Steers were at - - -
to - - -
Panhandle Steers were at - - -
to - - -
Oklahoma City Feeders
|
| Steers |
450 |
to |
500 lbs. |
154.50 |
to |
164.00 |
| |
500 |
to |
550 lbs. |
150.00 |
to |
159.00 |
| Heifers |
400 |
to |
500 lbs. |
143.50 |
to |
155.00 |
| |
500 |
to |
550 lbs. |
139.00 |
to |
146.00 |
Chicago Futures:
| Live Cattle: |
Aug |
|
65 |
at |
11840 |
| |
Oct |
|
45 |
at |
12315 |
| Feeders: |
Aug |
|
92 |
at |
14335 |
| |
Sept |
|
62 |
at |
14665 |
Cattle Comment
Cattle futures were lower across the board. Larger showlists have materialized this week, confirming that a backlog of market ready cattle has developed due to hot weather and slow marketings. 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 61.00 to 63.00
| Chicago Futures: |
July |
|
127 |
at |
9552 |
| |
Aug |
|
187 |
at |
9207 |
Hogs Comment
Hog futures were lower. Worsening packer margins are keeping a lid on nearby contracts. Deferred contracts were lower on carryover weakness from the corn pit.
Poultry Date: July 10, 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 APrices for whole broiler/fryers are holding steady. Offerings are available for current trade needs. Demand into all channels is light to moderate for early week trading. Market activity is slow to moderate. In production areas, live supplies are moderate at desirable to light weights.