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Daily Market Report Archive

Grain & Soybean Date: July 24, 2012

Soybeans

Local Elevators:
(July) EAST AR:  1608 to 1659
(NC) Summ. 1548 to 1579
River Elevators:
(July) MISS: 1585 to 1682 ; AR & White 1617 to 1670
(NC) Summ. 1564 to 1593
Ark. Processor Bids: (July) 1634 to 1669  (NC) 1574 to 1575
Memphis:  (July) 1654 1/4 to 1689 1/4 (NC)  1583 1/2 to 1585 1/2
Riceland Foods:  (July) Stuttgart 1634 ; Pendleton 1636 
 (NC) Stuttgart 1574 ; Pendleton 1579 

Chicago Futures: Aug down 49 1/4 at  1649 1/4
  Sept  down  52 1/4  at  1595 1/2
  Nov down 52 3/4  at  1569 1/2
  Jan down 51 3/4  at  1550 1/2
  March down 43 1/2  at  1434 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans traded down the 70 cents limit at one point today, before retracing a portion of that decline. The market has declined well over a dollar the last two sessions with forecasts of rain and negative outside markets provided the downward impetus. Rain could help some beans, but the crop condition continues to deteriorate with the good – excellent category down another 3% to 31% in this week’s report. The big question is whether the market has topped; November would need to close below trend line support around $15.30 for confirmation.

Wheat
Cash bid for July at Memphis  808 3/4 to 833 3/4;

Bids to farmers at Local Elevators 819-849;
River Elevators 800-839;

Chicago Futures: Sept down  34   at  878 3/4 
  Dec down 30 3/4  at  888 1/4 
  March down  24 3/4   at  885 1/4 
  May down  22 1/2  at  868 1/2 
  July down  11 3/4   at  798 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for July at Memphis  1211 to 1238;

Bids to farmers at River Elevators 1184-1211;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for July at Memphis   780 to 783;
  New Crop at Memphis   760 to 765;
Bids to farmers at River Elevators  749 to 760

Chicago Futures: Sept down  24   at  790 
  Dec down  7 1/4  at  778 1/4 
  March down  at  771 1/2 
  May down  at  767 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was sharply lower as nearby September partially filled the gap that was left early last week. This market definitely looks toppy with July 2013 falling below recent support near $8 before retracing to close right on that support. Better crop weather in Europe is a factor in the downturn, as are the negative outside markets.

Corn closed lower across the board but all contracts except nearby September managed to retrace much of today’s early decline. Down the limit at one point December retraced over 30 cents to close just 7 cents lower. Crop conditions fell another 5% in yesterday’s report with big declines in Iowa. December futures firmed after hitting trendline support and will need to close below 7.45 to confirm yesterday’s key reversal topping signal. Rain isn’t likely to help corn as much as beans, if forecasts prove to be correct.



Cotton & Rice  Date: July 24, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 106 at  6704
  Greenwood down  106 at 6704

New York Futures: Oct down  106  at  7029 
  Dec down  116  at  7103 
 March down  103  at  7160 
 May down  96  at  7239 
 July down  97  at  7330 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was lower for the day but remained in the recent tight trading range. Poor world economic performance doesn’t bode well for cotton. China had built huge stocks which will be a factor in price movement.

Rice

Long Grain Cash Bid for  July - - -  to  - - -
  NC 1408/cwt  to  - - -

Chicago Futures: Sept down  27  at  1518 
 Nov down  26 1/2  at  1545 
 Jan down  26 1/2  at  1572 1/2 
 March down  27  at  1597 
 May down  29 1/2  at  1616 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures hit trendline support just above $15 and then firm slightly before the close. Fundamentals are unchanged with big world stocks and slow U.S. milled export weighing on the market.



Cattle & Hogs  Date: July 24, 2012

Cattle
As reported by Federal-State Market News, receipts were 696 head at sales in Heber Springs.  Compared with last week, feeder steers sold $3 to $6 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 142.00 to - - -
  500 to 550 lbs. - - - to - - -
  600 to 650 lbs. 120.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 122.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 124.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 117.50 to - - -

Slaughter Cows, Boners 68.00   to   76.00
Light Weight 45.00 to 55.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   88.50   to   95.50
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 400 to 500 lbs. 147.50 to 159.00
  550 to 600 lbs. 131.00 to 136.00
Heifers 500 to 550 lbs. 125.00 to 129.00
  550 to 600 lbs. 116.00 to 125.00

Chicago Futures:
Live Cattle: Aug up 20 at 11880
  Oct down 17 at 12332
Feeders: Aug up 202 at 13767
  Sept up 262 at 14035

Cattle Comment
Cattle futures were mixed with feeders sharply higher. Pressure on corn proved to be positive for feeders, while herd liquidation weighed on live cattle. Weak wholesale beef and tight packer margins are likely to limit demand for cattle.

Hogs
Peoria: were     steady   at   55.00   to   57.00

Chicago Futures: Aug down 40 at 9292
  Oct down 82 at 7802

Hogs Comment
Hog futures were lower as negative packer margins weighed on the market. But it appears packers have orders to fill as Monday’s kill approached 400,000 head, up 20,000 or so from last week. Upside potential appears to be limit because of big cold storage stocks.



Poultry  Date: July 24, 2012

Eggs

New York:  Ex. Lg. 144-148; Lg. 142-146; Med. 109-113;
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 remain steady. Offerings of all sizes are moderate for trade needs. Retail and distributive demand is light to moderate for early week trading. Market activity is slow to moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.