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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
1 |
at |
768 1/2 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
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 |
8 |
at |
1634 1/2 |
| | May |
down |
11 |
at |
1654 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
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 APrices 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.