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