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Daily Market Report Archive

Grain & Soybean Date: July 30, 2012

Soybeans

Local Elevators:
(July) EAST AR:  1685 to 1721
(NC) Summ. 1622 to 1653
River Elevators:
(July) MISS: 1659 to 1731 ; AR & White 1694 to - - -
(NC) Summ. 1638 to 1665
Ark. Processor Bids: (July) 1711 to 1746  (NC) 1648 to 1649
Memphis:  (July) 1730 3/4 to 1745 3/4 (NC)  1657 1/2 to 1661 1/2
Riceland Foods:  (July) Stuttgart 1711 ; Pendleton 1713 
 (NC) Stuttgart 1648 ; Pendleton 1653 

Chicago Futures: Aug up 41 1/2 at  1725 3/4
  Sept  up  39 1/2  at  1667 1/4
  Nov up 41 3/4  at  1643 1/2
  Jan up 41 1/4  at  1632 1/2
  Mar up 45 1/2  at  1524 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans moved sharply higher in the overnight trade and maintained the gains until this afternoon’s close. November gapped higher but is still almost 50 cents below last week’s high of $16.91. With little rain projected over the next week to 10 days, the crop is expected to show further deterioration. Rain, at this point, would still help most of the Midwest soybeans. But, obviously, the sooner the better. Resistance at $16.91 and $17 could be penetrated this week.

Wheat
Cash bid for July at Memphis  844 1/2 to 869 1/2;

Bids to farmers at Local Elevators 845-885;
River Elevators 836-875;

Chicago Futures: Sept up  16 1/2  at  914 1/2 
  Dec up 16  at  927 1/4 
  Mar up  13 1/2  at  926 1/2 
  May up  at  902 3/4 
  July '13 up  1 1/2  at  831 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for July at Memphis  1239 to 1275;

Bids to farmers at River Elevators 1239-1266;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for July at Memphis   790 to 802;
  New Crop at Memphis   790 to 797;
Bids to farmers at River Elevators  778 to 789

Chicago Futures: Sept up  21 1/2  at  820 
  Dec up  20 3/4  at  814 
  Mar up  19  at  806 1/2 
  May up  16 1/4  at  797 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were higher today. This market is mostly following corn, as we have been saying for weeks now. Expectations for yield forecasts to be decreased pushed corn and soybeans higher today. September topped out last week at $9.47 and will need to break through that resistance to suggest further gains are possible.

December corn moved to a new contract high as it made a solid close above $8. The talk is centered on two factors now, yield and harvested acres. Most of the yield talk is in the 120 to 130 bushels per acre, while harvested acreage may be 10 million or more off planted acreage. Some corn will be abandoned and some will be cut for silage. In any respect, production is now approaching the 11 billion bushels number or perhaps lower. The move above $8 projects another leg higher, with the gap objective of $8.55 looming just above the current trade.



Cotton & Rice  Date: July 30, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 11 at  6737
  Greenwood down  11 at 6737

New York Futures: Oct down  11  at  7062 
  Dec down  32  at  7113 
 Mar down  27  at  7188 
 May down  21  at  7264 
 July '13 down  11  at  7354 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton ended lower as the market cannot develop any consistent traction. The U.S. crop appears to be fairly good in much of the Mid-South and Southeast growing regions. However, the Texas crop is still struggling. World stocks of 72 million plus bales will limit gains for the time being.

Rice

Long Grain Cash Bid for  July - - -  to  - - -
  NC 1474/cwt  to  - - -

Chicago Futures: Sept up  23 1/2  at  1583 1/2 
 Nov up  24  at  1611 
 Jan up  24  at  1638 
 Mar up  23 1/2  at  1663 
 May up  23 1/2  at  1682 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures firmed as the market followed grains and bean higher. September closed at the highest level since mid-May. Resistance is located around $16.20. Above that, long term charts indicate resistance around $17.25 and then a dollar higher. However, a move to those levels will be difficult considering world stocks and demand for U.S. milled rice exports.



Cattle & Hogs  Date: July 30, 2012

Cattle
As reported by Federal-State Market News, receipts were 2,543 head at sales in Ash Flat and Springdale.  Compared with last week, feeder steers under 400 lbs. sold mostly steady to $2 higher, over 400 lbs. sold unevenly, near steady. Feeder heifers sold mostly steady to $4 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 150.75 to - - -
  500 to 550 lbs. 139.50 to - - -
  600 to 650 lbs. 125 to - - -
 Medium & Large Frame 2   400 to 50 lbs. 140.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 126.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 123.50 to - - -

Slaughter Cows, Boners 66   to   67
Light Weight 57 to 65
Bulls, Yield Grade   1   1000   to   2100 lbs.   88   to   98
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 144 to 149
  500 to 600 lbs. 140 to 150
Heifers 400 to 500 lbs. 134.50 to 140
  500 to 600 lbs. 127 to 136.50

Chicago Futures:
Live Cattle: Aug up 5 at 11965
  Oct up 55 at 12582
Feeders: Aug up 50 at 13825
  Sept down 32 at 14007

Cattle Comment
Cattle futures ended mixed. October futures moved to their highest level in two months. Resistance at the May high of $127 must be broken in order to suggest another leg up. October already holds a wide premium to cash prices, however, and that could limit upside potential.

Hogs
Peoria: were     steady   at   55   to   57

Chicago Futures: Aug down 65 at 9455
  Oct up 65 at 8197

Hogs Comment
Hog futures were mostly higher today. October has bounced back from recent lows, and despite flat cash prices and pressure from the likelihood of increased pork stocks in the fall as producers liquidate their herds because of high feed prices, the market has upside potential to $84-$85.



Poultry  Date: July 30, 2012

Eggs

New York:  Ex. Lg. 154-158; Lg. 152-156; Med. 113-117;
Chicago:  Ex. Lg. 147-155; Lg. 145-153; Med. 106-114;

National Turkeys
Hens: 8-16 lbs. 107-50
Toms: 16-24 lbs. 106.34
 

Delmarva Broilers
U.S. Grade A
Prices for whole broiler/fryers are steady to weak. Offerings of all sizes are moderate to heavy for trade needs. Retail and distributive demand is light following the weekend. Market activity is mostly slow. In production areas, live supplies are moderate at mixed but mostly desirable weights.