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Daily Market Report Archive

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:

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  at  810 1/2 
  Today's Arkansas LDP rate for wheat is:

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:

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  at  772 
  Today's Arkansas LDP rate for corn is:

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  at  1571 1/2 
 Jan down  at  1599 
 March down  at  1624 
 May down  at  1646 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
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 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.