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Daily Market Report Archive

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:

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:

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:

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:

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 
medium grain rice is 
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 A
Prices 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.