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 |
9 |
at |
1533 1/2 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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: |
0¢ |
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 |
4 |
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 |
0¢ |
| medium grain rice is |
0¢ |
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 APrices 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.