Grain & Soybean Date: July 23, 2012
Soybeans
Local Elevators:
(July) EAST AR: 1658 to 1729
(NC) Summ. 1606 to 1631
River Elevators:
(July) MISS: 1642 to 1732 ; AR & White 1667
to 1720
(NC) Summ. 1616 to 1645
Ark. Processor Bids: (July) 1684 to 1719
(NC) 1626 to 1627
Memphis:
(July) 1703 1/2 to 1743 1/2 (NC)
1636 1/4 to 1640 1/4
Riceland Foods:
(July) Stuttgart 1684 ; Pendleton
1686
(NC) Stuttgart 1626 ; Pendleton
1631
| Chicago Futures: |
Aug |
down |
59 |
at |
1698 1/2 |
| |
Sept |
down |
65 1/2 |
at |
1647 3/4 |
| |
Nov |
down |
64 |
at |
1622 1/4 |
| |
Jan |
down |
61 |
at |
1602 1/4 |
| |
March |
down |
60 3/4 |
at |
1478 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans were sharply lower as debt problems in Spain and Greece were once again front page news. Couple this with good rain in part of the drought stricken Midwest and you have the makings of a huge selloff. Profit taking was extended during the normal day trading session. A stronger dollar and weak crude oil equities added to the weaker overnight undertone. While this has the feel of topping action there is nothing definitive to hang your hat on. If you have a significant portion of your 2012 crop unpriced, it is probably time to consider making some significant sales. An August close below $16 is needed to confirm a top.
Wheat
Cash bid for July at Memphis 842 3/4 to 867 3/4;
| Bids to farmers at Local Elevators |
853-883; |
| River Elevators |
834-868; |
| Chicago Futures: |
Sept |
down |
30 1/2 |
at |
912 3/4 |
| |
Dec |
down |
26 1/4 |
at |
919 |
| |
March |
down |
15 |
at |
910 |
| |
May |
down |
4 1/2 |
at |
891 |
| |
July |
down |
9 |
at |
810 1/2 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for July at Memphis 1224 to 1251;
| Bids to farmers at River Elevators |
1198-1225; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
July at Memphis
804 to 809; |
| |
New Crop at Memphis
784 to 791; |
| Bids to farmers at River Elevators |
773 to 784 |
| Chicago Futures: |
Sept |
down |
10 1/2 |
at |
814 |
| |
Dec |
down |
10 1/4 |
at |
785 1/2 |
| |
March |
down |
4 3/4 |
at |
776 1/2 |
| |
May |
down |
5 |
at |
772 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat was hit hard in today’s trade with favorable European weather contributing to the downturn. Technically, new crop July registered a key reversal top last Thursday and action since then hasn’t negated that signal. A closed below $8 would signal further downside potential.
Corn made a significant recovery of early losses before noon. The market traded up and down from that point before closing mixed. December futures finally hit $8 in the overnight trade which resulted in another key reversal. As indicated earlier this month this is generally a topping signal. However, market action later in the session again make this a questionable signal. Market performance wasn’t too bad considering the move in soybeans and the negative impact of outside markets.
Cotton & Rice Date: July 23, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 71 at
6810 |
| |
Greenwood down
71 at 6810 |
| New York Futures: |
Oct |
down |
71 |
at |
7135 |
| |
Dec |
down |
75 |
at |
7219 |
| | March |
down |
84 |
at |
7263 |
| | May |
down |
82 |
at |
7335 |
| | July |
down |
65 |
at |
7427 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton was mostly lower as world economic conditions weighed on today’s trade. Losses weren’t terrible and December managed to hold above 72 cents. Today’s trading was within the recent range of 73.5 to 71.5 cents.
Rice
| Long Grain Cash Bid for |
July |
1545/cwt |
to |
- - - |
| |
NC |
1435/cwt |
to |
- - - |
| Chicago Futures: |
Sept |
down |
8 1/2 |
at |
1545 |
| | Nov |
down |
8 |
at |
1571 1/2 |
| | Jan |
down |
8 |
at |
1599 |
| | March |
down |
6 |
at |
1624 |
| | May |
down |
6 |
at |
1646 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice futures were a little lower pressured by outside markets and weakness in grains and soybeans. Sharply lower crude oil and equities coupled with a strong dollar to weight on the market. Fundamentals remain unchanged with little fresh news to give the market direction.
Cattle & Hogs Date: July 23, 2012
Cattle
As reported by Federal-State Market News, receipts were - - - head
at sales in - - -.
Compared with last week, feeder steers - - - .
| Steers: |
| Medium & Large Frame 1 |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
|
| |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
|
| |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
|
| Medium & Large Frame 2 |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
|
| Medium & Large Frame 2 |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
Slaughter Cows, Boners - - - to - - -
Light Weight - - - to - - -
Bulls, Yield Grade - - -
- - - to - - - lbs. - - -
to - - -
Midwest Steers were at 112.00
to 113.00
Panhandle Steers were at 113.00
to 113.00
Oklahoma City Feeders
|
| Steers |
400 |
to |
500 lbs. |
149.00 |
to |
159.00 |
| |
550 |
to |
600 lbs. |
131.00 |
to |
136.00 |
| Heifers |
450 |
to |
500 lbs. |
133.00 |
to |
138.00 |
| |
500 |
to |
600 lbs. |
124.50 |
to |
135.00 |
Chicago Futures:
| Live Cattle: |
Aug |
up |
65 |
at |
11860 |
| |
Oct |
up |
40 |
at |
12350 |
| Feeders: |
Aug |
down |
45 |
at |
13565 |
| |
Sept |
down |
80 |
at |
13772 |
Cattle Comment
Cattle futures closed mixed with live cattle higher despite last Friday’s cold storage report. Beef stocks were down from May, but still 9% above last year. At the same time cattle on feed were 3% higher than a year ago. However, the mid-year inventory report was down 2% at 97.8 million head. Beef cow replacements were unchanged from last year at 4.2 million head.
Hogs
Peoria: were steady
at 55.00 to 57.00
| Chicago Futures: |
Aug |
down |
37 |
at |
9332 |
| |
Oct |
down |
95 |
at |
7885 |
Hogs Comment
Hog futures were all lower. This is no surprise after Friday’s cold storage report, which indicated record stocks for the end of June. Stocks were 20% more than last year at the same time. October futures could test support at the recent low just above $77.
Poultry Date: July 23, 2012
Eggs
| New York: |
Ex. Lg. 139-143; Lg. 137-141; Med. 107-111; |
| Chicago: |
Ex. Lg. 125-133; Lg. 123-131; Med. 94-102; |
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.