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Daily Market Report Archive

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:

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  at  804 3/4 
  Sept down 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:

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:

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:

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  at  7072 
 March up  at  7199 
 May down  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 
medium grain rice is 
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 A
Prices 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.