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Daily Market Report Archive

Grain & Soybean Date: July 20, 2012

Soybeans

Local Elevators:
(July) EAST AR:  1716 to 1787
(NC) Summ. 1670 to 1695
River Elevators:
(July) MISS: 1706 to 1790 ; AR & White 1725 to 1778
(NC) Summ. 1680 to 1709
Ark. Processor Bids: (July) 1742 to 1777  (NC) 1690 to 1691
Memphis:  (July) 1761 1/2 to 1807 1/2 (NC)  1705 1/4 to 1718 1/2
Riceland Foods:  (July) Stuttgart 1743 ; Pendleton 1745 
 (NC) Stuttgart 1690 ; Pendleton 1695 

Chicago Futures: Aug up 23 3/4 at  1757 1/2
  Sept  up  22  at  1713 1/4
  Nov up 34  at  1686 1/4
  Jan up 29 1/4  at  1663 1/4
  March up 12  at  1538 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans added to record price levels despite a soaring dollar and weaker crude oil and equities. With no end in sight for the dry hot conditions across the U.S. the market has to compensate for declining production. At some point price will accomplish the job of rationing that reduced supply. November’s gap objective of $17.25 is firmly in sight after hitting $16.91 today.

Wheat
Cash bid for July at Memphis  873 1/4 to 898 1/4;

Bids to farmers at Local Elevators 883-913;
River Elevators 869-918;

Chicago Futures: Sept up  8 1/4  at  943 1/4 
  Dec up 13 3/4  at  948 1/4 
  March up  11 1/2  at  925 
  May up  15 1/2  at  895 1/2 
  July up  at  819 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for July at Memphis  1242 to 1269;

Bids to farmers at River Elevators 1214-1241;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for July at Memphis   814 1/2 to 819 1/2;
  New Crop at Memphis   794 1/2 to 801 1/2;
Bids to farmers at River Elevators  783 to 794

Chicago Futures: Sept up  16 3/4  at  824 1/2 
  Dec up  17 1/4  at  795 3/4 
  March up  10 3/4  at  781 1/4 
  May up  10  at  777 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures ended the week on a positive note. The market continues to follow corn futures closely. Fundamental news was, if anything, bearish today. A German trading firm revised its domestic crop estimate by 2.1% today, indicating that the crop received adequate moisture during grain fill. September futures have moved above previous resistance at $9, with the next level of resistance in the $9.50 area.

Corn bounced back to close higher going into the weekend. Ethanol use continues to scale back as margins decline. However, the focus is on production and the estimates continue to ratchet lower as weather forecasts remain hot and dry for most of the Midwest. December, again, failed to move above $8 but closed at its highest level ever. The gap objective of $8.55 remains viable.



Cotton & Rice  Date: July 20, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 27 at  6881
  Greenwood up  27 at 6881

New York Futures: Oct up  27  at  7206 
  Dec up  31  at  7294 
 March up  14  at  7347 
 May up  12  at  7417 
 July unchanged  - - -  at  7492 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed on a steady to firm note with minor gains registered in the front end contracts. Trading has remained in a very tight range between 70 and 73.5 cents for the last 3 weeks. That tight range is within a broader range that extends to 75 cents and down to 65 cents. Retracement objectives of 77.27 cents become viable with a close above 75 cents.

Rice

Long Grain Cash Bid for  July - - -  to  - - -
  NC 1444/cwt  to  - - -

Chicago Futures: Sept up  at  1553 1/2 
 Nov up  at  1579 1/2 
 Jan up  at  1607 
 March up  4 1/2  at  1633 1/2 
 May up  at  1652 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures firmed to close slightly higher headed into the weekend. Basic fundamentals remain unchanged. Milled rice export demand is slow and isn’t expected to improve in the near term. The international market is weak with large intervention stocks in Thailand a major factor. Plentiful stocks are expected to keep price depressed in Vietnam as they continue to compete with India. September futures have resistance at $15.80 and $16.20.



Cattle & Hogs  Date: July 20, 2012

Cattle
As reported by Federal-State Market News, receipts were 15,000 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $2 to $7 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 155.00 to - - -
  500 to 550 lbs. 133.00 to - - -
  600 to 650 lbs. 132.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 142.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 129.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 128.00 to - - -

Slaughter Cows, Boners 69.00   to   77.00
Light Weight 55.00 to 63.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   86.00   to   94.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 134.00 to 159.00
  500 to 550 lbs. 120.00 to 152.00
Heifers 450 to 500 lbs. 121.00 to 139.25
  500 to 550 lbs. 117.00 to 138.75

Chicago Futures:
Live Cattle: Aug down 100 at 11795
  Oct down 130 at 12310
Feeders: Aug down 300 at 13610
  Sept down 300 at 13852

Cattle Comment
Cattle futures posted losses across the board. Demand concerns and higher corn values have been pressuring the market, and plunging wholesale beef values don’t bode well for cattle in the near term. Futures’ current premium to cash prices is also a negative. October live cattle are chopping along in a channel between $120 and $124 for now.

Hogs
Peoria: were     steady   at   55.00   to   57.00

Chicago Futures: Aug up 65 at 9370
  Oct down 20 at 7980

Hogs Comment
Hogs ended mixed. October has shown no follow through to the key reversal charted Wednesday. The composite pork cutout value is showing signs that it may have bottomed for the time being. Resistance for October is Thursday’s high of $81.22 ½.



Poultry  Date: July 20, 2012

Eggs

New York:  Ex. Lg. 136-140; Lg. 134-138; Med. 105-109;
Chicago:  Ex. Lg. 101-109; Lg. 99-107; Med. 69-77;

National Turkeys
Hens: 8-16 lbs 106.50
Toms: 16-24 lbs 107.00
 

Delmarva Broilers
U.S. Grade A
Prices for whole broiler/fryers are trending steady to slightly lower. Offerings of all sizes are readily available for limited trade needs. Demand into all channels is moderate at best. Market activity is light to moderate. In production areas, live supplies are moderate; weights are mixed, but noted as mostly desirable.