Grain & Soybean Date: July 25, 2012
Soybeans
Local Elevators:
(July) EAST AR: 1653 to 1704
(NC) Summ. 1594 to 1625
River Elevators:
(July) MISS: 1631 to 1725 ; AR & White 1662
to 1715
(NC) Summ. 1610 to 1639
Ark. Processor Bids: (July) 1679 to 1714
(NC) 1620 to 1621
Memphis:
(July) 1699 1/4 to 1734 1/4 (NC)
1629 1/2 to 1632 1/2
Riceland Foods:
(July) Stuttgart 1679 ; Pendleton
1681
(NC) Stuttgart 1620 ; Pendleton
1625
| Chicago Futures: |
Aug |
up |
45 |
at |
1694 1/4 |
| |
Sept |
up |
45 |
at |
1640 1/2 |
| |
Nov |
up |
46 |
at |
1615 1/2 |
| |
Jan |
up |
48 |
at |
1598 1/2 |
| |
March |
up |
39 3/4 |
at |
1474 1/4 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans made a strong retracement of declines of the last two days. Rains and forecasts of rain are expected to be of minimal benefit, since they will fall in areas where the crop is in pretty good shape. Given that November beans bounced off trendline support in the overnight trade and continued to firm throughout today’s session. November will have to close above the contract high of $16.91 to extend the upturn. The gap objective of $17.25 remains viable.
Wheat
Cash bid for July at Memphis 833 1/4 to 858 1/4;
| Bids to farmers at Local Elevators |
843-873; |
| River Elevators |
824-863; |
| Chicago Futures: |
Sept |
up |
24 1/2 |
at |
903 1/4 |
| |
Dec |
up |
26 3/4 |
at |
915 |
| |
March |
up |
24 3/4 |
at |
910 |
| |
May |
up |
22 |
at |
890 1/2 |
| |
July |
up |
14 |
at |
812 3/4 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for July at Memphis 1229 to 1255;
| Bids to farmers at River Elevators |
1202-1229; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
July at Memphis
779 1/2 to - - -; |
| |
New Crop at Memphis
764 1/2 to 769 1/2; |
| Bids to farmers at River Elevators |
754 to 764 |
| Chicago Futures: |
Sept |
up |
4 1/2 |
at |
794 1/2 |
| |
Dec |
up |
9 3/4 |
at |
788 |
| |
March |
up |
11 |
at |
782 1/2 |
| |
May |
up |
9 1/2 |
at |
776 1/2 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat futures recovered most of what was lost yesterday. However, the market still looks toppy. Rains this week mostly were in areas that weren’t in such bad shape to start with, and did not turn out to be a drought-breaker. Commodities were mostly higher, and wheat does continue to track closely with corn.
Corn firmed today after erasing much of Tuesday’s early decline before yesterdays close. Improving outside markets was also supportive. December made a run at the contract high of $8. It will take a close above this level to extend the uptrend and move toward the gap objective of $8.55 plus. The latest survey of Midwest market analysts has the projected corn yield down to 131 or a crop of about 11.65 billion bushels. That is 1.3 billion bushels below the July supply demand projection.
Cotton & Rice Date: July 25, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 119 at
6585 |
| |
Greenwood down
119 at 6585 |
| New York Futures: |
Oct |
down |
119 |
at |
6910 |
| |
Dec |
down |
152 |
at |
6951 |
| | March |
down |
120 |
at |
7040 |
| | May |
down |
109 |
at |
7130 |
| | July |
down |
107 |
at |
7223 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton dipped lower with December closing near the bottom of the trading range that has contained the market since late June. Overall the mid-south and southeast crop looks pretty good. A good portion of the Texas crop is in a major drought for the second year in a row. Abandonment will be high, but probably less than last year. The World economic situation continues to impact cotton demand as cotton attempts to gain market share back from manmade fibers.
Rice
| Long Grain Cash Bid for |
July |
- - - |
to |
- - - |
| |
NC |
1447/cwt |
to |
- - - |
| Chicago Futures: |
Sept |
up |
38 1/2 |
at |
1556 1/2 |
| | Nov |
up |
38 1/2 |
at |
1583 1/2 |
| | Jan |
up |
38 1/2 |
at |
1611 |
| | March |
up |
39 |
at |
1636 |
| | May |
up |
38 1/2 |
at |
1655 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice retraced yesterday’s decline to close on a firm note. September futures bounced off trendline support yesterday and remain in a shallow uptrend. High temperatures are pushing the crop toward an early harvest and could impact quality. The international market has under some pressure with Thai price levels have declined $15-20 per mt over the last month. Intervention stocks remain a problem and Thai exports are below 4 mmt for the year, and could end the year down as much as 3 mmt from the 3 year average of 9.5 mmt. At some point Thailand will have to deal with their stocks situation.
Cattle & Hogs Date: July 25, 2012
Cattle
As reported by Federal-State Market News, receipts were 1042 head
at sales in Conway & Pocahontas.
Compared with last week, feeder steers sold unevenly .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
139.75 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
125.25 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
121.50 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
126.00 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
122.75 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
118.00 |
to |
- - - |
Slaughter Cows, Boners 62.00 to 72.00
Light Weight 50.00 to 58.00
Bulls, Yield Grade 1
1000 to 2000 lbs. 83.00
to 87.50
Midwest Steers were at - - -
to - - -
Panhandle Steers were at - - -
to - - -
Oklahoma City Feeders
|
| Steers |
450 |
to |
500 lbs. |
147.50 |
to |
150.00 |
| |
550 |
to |
600 lbs. |
131.00 |
to |
135.50 |
| Heifers |
400 |
to |
500 lbs. |
133.00 |
to |
138.00 |
| |
500 |
to |
550 lbs. |
131.50 |
to |
138.00 |
Chicago Futures:
| Live Cattle: |
Aug |
down |
85 |
at |
11795 |
| |
Oct |
down |
40 |
at |
12292 |
| Feeders: |
Aug |
down |
300 |
at |
13467 |
| |
Sept |
down |
297 |
at |
13737 |
Cattle Comment
Cattle futures were lower across the board, pressured by today’s improvement in corn. Herd liquidation due to drought and higher corn prices 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 |
up |
162 |
at |
9455 |
| |
Oct |
up |
217 |
at |
8020 |
Hogs Comment
Hog futures posted gains today. Packer buying for next week’s kill supported prices today. Upside potential appears to be limit because of big cold storage stocks, however.
Poultry Date: July 25, 2012
Eggs
| New York: |
Ex. Lg. 149-153; Lg. 147-151; Med. 111-115; |
| 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 steady to weak. Offerings are mostly moderate for trade needs. Retail and distributive demand is light to moderate for mid-week business. Market activity is slow to moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.