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 |
1 |
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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
0¢ |
| medium grain rice is |
0¢ |
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 APrices 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.