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Daily Market Report Archive

Grain & Soybean Date: July 31, 2012

Soybeans

Local Elevators:
(July) EAST AR:  1680 to 1708
(NC) Summ. 1619 to 1650
River Elevators:
(July) MISS: 1656 to 1731 ; AR & White 1689 to - - -
(NC) Summ. 1638 to 1662
Ark. Processor Bids: (July) 1706 to 1741  (NC) 1645 to 1646
Memphis:  (July) 1727 to 1741 (NC)  1655 to 1657
Riceland Foods:  (July) Stuttgart 1706 ; Pendleton 1708 
 (NC) Stuttgart 1645 ; Pendleton 1650 

Chicago Futures: Aug down 4 3/4 at  1721
  Sept  down  10 1/2  at  1656 3/4
  Nov down 2 1/2  at  1641
  Jan down 1/4  at  1632 1/4
  March up at  1533 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed mixed as the market lost upward momentum. There is little to suggest the long term uptrend is ending. Crop conditions to deteriorate and demand remains fairly substantial. Rain expectations conditions remain uncertain. It is known that yields are declining and that production is less with each day that passes without rain. Price will have to ration a limited supply, one that is now a couple hundred million bushels below the July estimate for use. November will need to close above last week’s high of $16.91 to extend the uptrend.

Wheat
Cash bid for July at Memphis  818 1/4 to 843 1/4;

Bids to farmers at Local Elevators 848-858;
River Elevators 809-848;

Chicago Futures: Sept down  26 1/4  at  888 1/4 
  Dec down 24 3/4  at  902 1/2 
  March down  22 1/4  at  904 1/4 
  May down  6 3/4  at  896 
  July down  1 1/2  at  830 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for July at Memphis  1224 to 1250;

Bids to farmers at River Elevators 1242-1259;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for July at Memphis   776 1/2 to 791 1/2;
  New Crop at Memphis   776 1/2 to 783 1/2;
Bids to farmers at River Elevators  765 to 775

Chicago Futures: Sept down  13 1/2  at  806 1/2 
  Dec down  8 3/4  at  805 1/4 
  March down  5 1/4  at  801 1/4 
  May down  5 1/4  at  792 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures turned mostly lower today. This market is mostly following corn, as we have been saying for weeks now. September topped out last week at $9.47 and will need to break through that resistance to suggest further gains are possible.

Corn came under early selling pressure as the market failed to follow through on yesterday’s move higher. December didn’t crash but did fall back near $8 at one point today. That is now key support and needs to hold if the market is going to make another leg higher. Crop conditions continue to decline with almost half of the U.S. crop rated poor to very poor. How bad is it? Well the Illinois crop has nothing in the excellent category and only 9% with a good rating.



Cotton & Rice  Date: July 31, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 4 at  6733
  Greenwood down  4 at 6733

New York Futures: Oct down  at  7058 
  Dec up  21  at  7134 
 March up  40  at  7228 
 May up  69  at  7333 
 July up  92  at  7446 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was mostly higher with 2012 contracts showing the greatest weakness. Upside potential is going to be related to world economic conditions and the ability to create demand for cotton. The U.S. crop is holdings its own, with the biggest weather impact in Missouri, Alabama, and Texas. A 17 million bale crop appears to be possible. Looking down the road the question is how much acreage will slip from cotton to corn and beans.

Rice

Long Grain Cash Bid for  July - - -  to  - - -
  NC 1452/cwt  to  - - -

Chicago Futures: Sept down  22  at  1561 1/2 
 Nov down  21 1/2  at  1589 1/2 
 Jan down  21 1/2  at  1616 1/2 
 March down  21 1/2  at  1641 1/2 
 May down  21  at  1661 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures failed to follow through on yesterday’s move. September closed at the highest level since mid-May, but that was short lived. Big world stocks and slow export demand don’t bode well for a significant upward move. September resistance starts at yesterday’s high of $15.84, with additional resistance at $16.20.



Cattle & Hogs  Date: July 31, 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 - - -   - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -

Heifers:
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -

Slaughter Cows, Boners - - -   to   - - -
Light Weight - - - to - - -
Bulls, Yield Grade   - - -   - - -   to   - - - lbs.   - - -   to   - - -
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 132.00 to 143.00
  500 to 550 lbs. 133.00 to 138.00
Heifers 450 to 500 lbs. 123.50 to 128.00
  500 to 550 lbs. 115.00 to 127.00

Chicago Futures:
Live Cattle: Aug down 77 at 11887
  Oct down 142 at 12440
Feeders: Aug up 37 at 13862
  Sept up 30 at 14037

Cattle Comment
Live cattle futures were lower across the board, while feeders were higher as corn prices moved into negative territory. October live cattle are consolidating between support at $119 and resistance at $127.

Hogs
Peoria: were     steady   at   55.00   to   57.00

Chicago Futures: Aug down 160 at 9295
  Oct down 167 at 8030

Hogs Comment
Hog futures were sharply lower today as October charted a huge bearish reversal. Sow liquidation has led to declining cash prices and traders are worried the market can’t absorb the extra supply. On a positive note, average weights are down about 5 pounds from a year ago. Today’s move brings the recent low of $77.32 back into play.



Poultry  Date: July 31, 2012

Eggs

New York:  Ex. Lg. 156-160; Lg. 154-158; 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 instances weak. Offerings are moderate to instances heavy for trade needs. Demand is light to moderate. Market activity is slow to moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.