Print this page

Daily Market Report Archive

Grain & Soybean Date: July 12, 2012

Soybeans

Local Elevators:
(July) EAST AR:  1532 to 1603
(NC) Summ. 1513 to 1538
River Elevators:
(July) MISS: 1549 to 1606 ; AR & White 1541 to 1594
(NC) Summ. 1523 to 1552
Ark. Processor Bids: (July) 1558 to 1593  (NC) 1533 to 1534
Memphis:  (July) 1614 1/2 to 1642 1/2 (NC)  1549 to 1551
Riceland Foods:  (July) Stuttgart 1558 ; Pendleton 1560 
 (NC) Stuttgart 1533 ; Pendleton 1538 

Chicago Futures: July up 2 3/4 at  1625 3/4
  Aug  up  at  1572 1/2
  Sept up 4 3/4  at  1545 1/2
  Nov up 6 1/2  at  1529
  Jan up 6 1/4  at  1526
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans managed a firm trade following yesterday’s sharp reversal. Gains were modest and leave doubt as to where the market is headed long term. There is no question crop conditions will deteriorate further, there is a question about how much higher price levels have damaged or will damage demand. China continues a strong buyer at this point, but that could change, and this will keep the market in a quandary. November will have to close above yesterday’s high of %15.75 to extend the uptrend. A close below $14.78 would suggest the top has been made.

Wheat
Cash bid for July at Memphis  816 3/4 to 820 3/4;

Bids to farmers at Local Elevators 805-827;
River Elevators 780-822;

Chicago Futures: July up  25  at  832 3/4 
  Sept up 20 1/2  at  846 3/4 
  Dec up  21 1/2  at  859 3/4 
  March up  22 1/2  at  869 
  May up  19  at  864 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for July at Memphis  1174 to - - -;

Bids to farmers at River Elevators 1129-1164;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for July at Memphis   741 1/4 to 751 1/4;
  New Crop at Memphis   706 1/4 to 708 1/4;
Bids to farmers at River Elevators  690 to 701

Chicago Futures: July up  20 1/2  at  771 1/4 
  Sept up  27 1/4  at  731 1/4 
  Dec up  28 1/4  at  732 1/4 
  March up  26 1/4  at  734 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures posted strong gains today, ending near yesterday’s highs. A private estimate today cut another 2.4 million metric tons from their European wheat production estimate. Further strength came from yesterday’s USDA report, which cut domestic ending stocks due to an increase in the export estimate.

Corn had a strong showing which started in the overnight trade and continued through the remainder of the day. Gains were as much as 25 cents with December retracing to within a dime of yesterday’s high. Like soybeans December will need to close above $7.48 to extend the uptrend, while a close below $6.78 would suggest a top.



Cotton & Rice  Date: July 12, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 128 at  6611
  Greenwood down  128 at 6611

New York Futures: Oct down  128  at  6936 
  Dec down  109  at  6993 
 March down  111  at  7110 
 May down  112  at  7199 
 July down  111  at  7292 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was lower after trading in a very narrow range yesterday following the report. The major adjustment in yesterdays reports were on the world level when projected ending stocks were reduced by 2 million bales. However at 72.4 million bales it remains a 66% stocks to use ratio and that will limit upside potential. For now December is locked in a 10 cents trading range, between 65 cents and 75 cents.

Rice

Long Grain Cash Bid for  July 1400/cwt  to  - - -
  NC 1390/cwt  to  - - -

Chicago Futures: July down  10 1/2  at  1472 
 Sept down  11 1/2  at  1499 1/2 
 Nov down  11 1/2  at  1526 1/2 
 Jan down  11 1/2  at  1554 
 March down  15  at  1579 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures extended yesterdays decline with September falling below $15. USDA raised their production estimate by 8 million cwt. with harvested acreage increasing 110,000 acres from the June report. USDA raised 2012/13 export projections 5 million cwt. and domestic use 4 million cwt. This more than covered the increased production. However, beginning were adjusted upward by 5 million cwt. Recent high temperatures and water problems could cut into yields, time will tell. Upside potential appears limited by large world stocks. September futures have resistance at $15.61, the recent high, and around $16.20. Support is the contract low of $14.



Cattle & Hogs  Date: July 12, 2012

Cattle
As reported by Federal-State Market News, receipts were 3790 head at sales in Charlotte, Ratcliff, & Green Forest.  Compared with last week, feeder steers sold $2 to $10 lower, mostly $5 to $8 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 162.00 to - - -
  500 to 550 lbs. 150.00 to - - -
  600 to 650 lbs. 141.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 146.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 131.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 130.50 to - - -

Slaughter Cows, Boners 65.00   to   73.00
Light Weight 54.00 to 62.00
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   85.00   to   97.00
Midwest Steers   were   at   115.00   to   - - -
Panhandle Steers   were   at   115.00   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 145.00 to 152.00
  550 to 600 lbs. 140.00 to 145.00
Heifers 400 to 500 lbs. 143.50 to 155.00
  500 to 550 lbs. 139.00 to 146.00

Chicago Futures:
Live Cattle: Aug down 97 at 11702
  Oct down 50 at 12165
Feeders: Aug down 292 at 14122
  Sept down 300 at 14412

Cattle Comment
Cattle futures were lower across the board today. A lack of cash trade this week is negative. USDA increased their beef production estimate 80 million pounds in yesterday’s report due to the severe drought in the mid-west forcing cattle into feedlots early. Feeders were under renewed pressure today from gains in corn.

Hogs
Peoria: were     steady   at   59.00   to   61.00

Chicago Futures: July up 135 at 9730
  Aug up 97 at 9227

Hogs Comment
Hog futures turned higher. Nearby contracts are being supported by their discount to cash. Strong May export data and improving cash prices this week were also supportive.



Poultry  Date: July 12, 2012

Eggs

New York:  Ex. Lg. 109-113; Lg. 107-111; 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 sufficient for current trade needs. Demand into all channels is light to moderate with trading usually limited to regular commitments. Market activity is slow to moderate approaching the weekend. In production areas, live supplies are moderate at desirable to light weights.