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: |
0¢ |
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 |
3 |
at |
819 1/2 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
4 |
at |
1553 1/2 |
| | Nov |
up |
4 |
at |
1579 1/2 |
| | Jan |
up |
4 |
at |
1607 |
| | March |
up |
4 1/2 |
at |
1633 1/2 |
| | May |
up |
4 |
at |
1652 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
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 APrices 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.