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Daily Market Report Archive

Grain & Soybean Date: July 17, 2012

Soybeans

Local Elevators:
(July) EAST AR:  1598 to 1669
(NC) Summ. 1574 to 1599
River Elevators:
(July) MISS: 1610 to 1672 ; AR & White 1607 to 1660
(NC) Summ. 1584 to 1613
Ark. Processor Bids: (July) 1624 to 1659  (NC) 1594 to 1595
Memphis:  (July) 1685 to 1699 (NC)  1606 18/2 to 1612 1/2
Riceland Foods:  (Aug) Stuttgart 1598 ; Pendleton 1600 
 (NC) Stuttgart - - - ; Pendleton - - - 

Chicago Futures: Aug up 5 1/4 at  1639
  Sept  up  3 1/4  at  1612 3/4
  Nov unchanged   at  1590 1/2
  Jan down 1/4  at  1586
  Mar down 1/2  at  1534 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were narrowly mixed as the market traded in a see-saw pattern for much of the day. Weather remains in the forefront and after recent trade negated last week’s key reversal there is no indication the market is ready to top. Yesterday’s crop progress report downgraded the good to excellent categories another 6%. Individual states fared even worse with Iowa down 10% and South Dakota down 18%. Illinois has just 17% of the crop rated good to excellent. November futures topped $16 before retracing gains. The early July gap projects an objective of $17.25.

Wheat
Cash bid for July at Memphis  850 to 858;

Bids to farmers at Local Elevators 843-855;
River Elevators 816-860;

Chicago Futures: Sept up  1/2  at  885 
  Dec down 1/2  at  897 1/4 
  March down  3/4  at  903 
  May down  2 1/4  at  889 1/2 
  July down  1/2  at  840 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for July at Memphis  1243 to - - -;

Bids to farmers at River Elevators 1180-1216;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for July at Memphis   784 1/2 to 189 1/2;
  New Crop at Memphis   754 1/2 to 756 1/2;
Bids to farmers at River Elevators  738 to 749

Chicago Futures: Sept up  2 3/4  at  779 1/2 
  Dec down  1 1/4  at  771 1/4 
  March down  3/4  at  771 3/4 
  May down  at  768 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were posting mostly slight gains today. Tighter corn supplies are expected to open market potential for feed wheat. Milling quality wheat is in pretty good shape in the fields. USDA said yesterday that 65% of the crop is in good to excellent condition, down only 1 point from last week’s report. September futures are in position to test resistance at $9.

Corn was a little slower to back off early gains but late selling did put most contracts on the negative side. Yesterday’s crop progress report had the good to excellent category dipping 9%, leaving a 31% rating for the United States. Production prospects continue to decline with little or no rain forecast for much of the Corn Belt. December has an upside objective based on the early July gap of $8.55 or higher, and topped at $7.89 in the electronic trade.



Cotton & Rice  Date: July 17, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 219 at  6686
  Greenwood down  219 at 6686

New York Futures: Oct down  219  at  7011 
  Dec down  225  at  7105 
 March down  224  at  7193 
 May down  226  at  7267 
 July down  215  at  7373 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton reversed recent gains after a steady crop progress report was released yesterday. The good to excellent category gained 1% to total 45%. While this year’s crop has experienced weather problems, USDA projected production at 17 million bales unchanged from June. December futures remain in a 10 cents trading range with support at 65 cents and resistance at 75 cents.

Rice

Long Grain Cash Bid for  July  to 
  NC  to 

Chicago Futures: Sept down  8 1/2  at  1555 1/2 
 Nov down  8 1/2  at  1581 1/2 
 Jan down  8 1/2  at  1609 
 March down  at  1634 1/2 
 May down  11  at  1654 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures reversed recent gains to close slightly lower today. Upside potential appears limited with the market tending to follow corn and wheat. Large world stocks are likely to limit export demand, particularly at higher price levels. The size and quality of the U.S. crop is questionable. USDA projected a slightly larger crop in its July report, mostly the result of larger than expected plantings. Weather may impact final yields and quality.



Cattle & Hogs  Date: July 17, 2012

Cattle
As reported by Federal-State Market News, receipts were 1,615 head at sales in Fort Smith and Heber Springs.  Compared with last week, feeder steers sold $5 to $10 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 148 to - - -
  500 to 550 lbs. 136.50 to - - -
  600 to 650 lbs. 132.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 136 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 130 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 125.50 to - - -

Slaughter Cows, Boners 66   to   73
Light Weight 50 to 57
Bulls, Yield Grade   1   1000   to   2100 lbs.   84   to   94.50
Midwest Steers   were 50¢ to $2 lower   at   113   to   - - -
Panhandle Steers   were $1 to $2 lower   at   113   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 142 to 152
  550 to 600 lbs. 140 to 145
Heifers 500 to 550 lbs. 128 to 137
  550 to 600 lbs. 127.50 to 134

Chicago Futures:
Live Cattle: Aug down 135 at 11547
  Oct down 57 at 11997
Feeders: Aug down 180 at 13420
  Sept down 215 at 13700

Cattle Comment
Cattle futures were lower again today. 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   55   to   57

Chicago Futures: Aug down 47 at 8995
  Oct down 152 at 7767

Hogs Comment
Hogs continued downward as poor operating margins have reduced packer demand. Herd liquidation is accelerating as hog farmers worry they won’t be able to afford enough corn this fall and winter to feed their breeding stock. Sows are now coming to market as soon as they reach slaughter weight.



Poultry  Date: July 17, 2012

Eggs

New York:  Ex. Lg. 117-121; Lg. 115-119; Med. 86-90;
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 steady. Offerings of all sizes are available to satisfy current trade needs. Demand into all channels is light to moderate. Market activity is light to moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weight.