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Daily Market Report Archive

Grain & Soybean Date: July 16, 2012

Soybeans

Local Elevators:
(July) EAST AR:  1592 to 1663
(NC) Summ. 1574 to 1599
River Elevators:
(July) MISS: 1610 to 1666 ; AR & White 1601 to 1654
(NC) Summ. 1584 to 1613
Ark. Processor Bids: (July) 1618 to 1653  (NC) 1594 to 1595
Memphis:  (July) 1675 3/4 to 1690 3/4 (NC)  1610 1/2 to 1612 1/2
Riceland Foods:  (July) Stuttgart 1595 ; Pendleton 1597 
 (NC) Stuttgart 1590 ; Pendleton 1595 

Chicago Futures: Aug up 39 at  1633 3/4
  Sept  up  40  at  1609 1/2
  Nov up 38  at  1590 1/2
  Jan up 38  at  1586 1/4
  March up 35 1/2  at  1534 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans moved to new highs as drought conditions across the country continue. The market is anticipating another sharp decline when the crop conditions report is released later today. 55% of the U.S. is considered to be in moderate to extreme drought. The worst since the mid 50???s. November futures moved to $15.98, a new high. This negates the key reversal which was made following last week’s supply demand report. While it wasn’t a top it is a “wake up call”, this market can and will top at any time and the downturn will be dramatic. Just look at how quickly cotton moved from over $2.25 to just 64 cents per pound. Look ahead to 2013 or beyond.

Wheat
Cash bid for July at Memphis  849 1/2 to 859 1/2;

Bids to farmers at Local Elevators 842-854;
River Elevators 815-853;

Chicago Futures: Sept up  36 3/4  at  884 1/2 
  Dec up 35 1/4  at  897 3/4 
  March up  31 3/4  at  903 3/4 
  May up  25 1/2  at  891 3/4 
  July up  10 3/4  at  841 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for July at Memphis  1246 to - - -;

Bids to farmers at River Elevators 1182-1218;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for July at Memphis   785 3/4 to 786 3/4;
  New Crop at Memphis   751 3/4 to 753 3/4;
Bids to farmers at River Elevators  735 to 746

Chicago Futures: Sept up  36 1/4  at  776 3/4 
  Dec up  32 1/4  at  772 1/2 
  March up  30 3/4  at  772 1/2 
  May up  29 1/4  at  767 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat joined the rally today, trading at its highest level since June 2011. Tighter corn supplies are expected to open market potential for feed wheat. The weekly crop conditions which will be released this afternoon are expected to show some deterioration from last week. September futures made a new high of $8.84 ½, and could move toward a challenge of resistance at $9.

Corn gapped higher on continued weather concerns, and made new contract highs. This move negated the key reversal and opens the market to the $8.50 plus gap objective that was mentioned before last week’s report. Reports suggest that yield prospects are getting more dismal every day. The market anticipates another sharp decline in corn condition in today’s crop progress report.



Cotton & Rice  Date: July 16, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 54 at  6905
  Greenwood up  54 at 6905

New York Futures: Oct up  54  at  7230 
  Dec up  64  at  7330 
 March up  40  at  7417 
 May up  37  at  7493 
 July up  52  at  7588 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton inched higher after weakening in early trade. The market is pushing toward resistance at 75 cents. Upside potential will likely be limited by large world stocks and the poor world economic situation. The U.S. crop particularly in Texas remains questionable, but world stocks are projected to be over 72 million bales.

Rice

Long Grain Cash Bid for  July - - -  to  - - -
  NC 1480/cwt  to  - - -

Chicago Futures: Sept up  35 1/2  at  1564 
 Nov up  35  at  1590 
 Jan up  35  at  1617 1/2 
 March up  34 1/2  at  1642 1/2 
 May up  37  at  1665 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures made their highest close since mid-May, and are in position to move toward resistance at $16.10 to $16.20 for September. Rice is not under the intense pressure that is being seen in corn and soybeans, but everyone remembers what happened two years ago. Scattered showers and more moderate temperatures were welcomed in Arkansas this past week. However, it wasn’t a general rain and many areas didn’t get any moisture.



Cattle & Hogs  Date: July 16, 2012

Cattle
As reported by Federal-State Market News, receipts were 5474 head at sales in Ash Flat, Springdale, and Ola.  Compared with last week, feeder steers sold $3 to $10 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 155.00 to - - -
  500 to 550 lbs. 139.00 to - - -
  600 to 650 lbs. 131.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 138.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 126.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 122.00 to - - -

Slaughter Cows, Boners 67.00   to   74.00
Light Weight 54.00 to 62.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   85.00   to   94.50
Midwest Steers   were   at   113.50   to   115.00
Panhandle Steers   were   at   114.00   to   115.00

Oklahoma City Feeders
Steers 550 to 600 lbs. 141.00 to 152.00
  - - - to - - - lbs. - - - to - - -
Heifers 400 to 500 lbs. 132.00 to 140.00
  500 to 600 lbs. 128.00 to 137.00

Chicago Futures:
Live Cattle: Aug down 40 at 11680
  Oct down 90 at 12055
Feeders: Aug down 300 at 13600
  Sept down 300 at 13915

Cattle Comment
Cattle futures were lower except for late 2013 contracts. Demand concerns and higher corn values are pressuring the market, and plunging wholesale beef values don’t bode well for cattle in the near term.

Hogs
Peoria: were steady to $4     lower   at   57.00   to   59.00

Chicago Futures: July down 15 at 9707
  Aug up 2 at 9042

Hogs Comment
Hogs continued downward as poor operating margins have reduced packer demand. Continued weakness in wholesale pork suggests demand could remain soft over the next several weeks.



Poultry  Date: July 16, 2012

Eggs

New York:  Ex. Lg. 113-117; Lg. 111-115; Med. 85-86;
Chicago:  Ex. Lg. 101-109; Lg. 99-107; Med. 69-77;

National Turkeys
Hens: 8-16 lbs 106.10
Toms: 16-24 lbs 106.50
 

Delmarva Broilers
U.S. Grade A
Prices for whole broiler/fryers are holding steady. Offerings of all sizes are moderate for current trade needs. Demand into retail and food service channels is moderate, better where specials are present. Market activity is mostly moderate. In production areas, live supplies are moderate; weights are mixed, but noted as mostly desirable.