Grain & Soybean Date: November 09, 2012
Soybeans
Local Elevators:
(Nov) EAST AR: 1414 to 1453
(NC) Summ. 1419 to 1458
River Elevators:
(Nov) MISS: 1466 to 1486 ; AR & White 1416
to 1459
(NC) Summ. 1421 to 1491
Ark. Processor Bids: (Nov) 1441 to 1461
(NC) 1446 to 1463
Memphis:
(Nov) 1477 1/4 to 1489 1/4 (NC)
- - - to - - -
Riceland Foods:
(Nov) Stuttgart 1441 ; Pendleton
1453
(NC) Stuttgart 1290 ; Pendleton
1295
| Chicago Futures: |
Nov |
down |
47 1/4 |
at |
1452 |
| |
Jan |
down |
44 1/2 |
at |
1451 1/4 |
| |
March |
down |
40 |
at |
1436 1/2 |
| |
May |
down |
36 3/4 |
at |
1419 1/4 |
| |
July |
down |
33 1/2 |
at |
1408 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans were sharply lower as recent downward movement accelerated after this morning’s report. USDA raised the soybean yield 1.5 bushels per acre which added 111 million bushels to production. It was also a little more than was anticipated. January fell through key support at $14.84, then $14.74, and closed near the 62% retracement objective. Technically, the close near the bottom of today’s trading range suggests further declines are probable. Support at $13.90 and then at the summer low of $13.20 become potential targets. Traders have the weekend to think about it, and bargain hunting might reverse the downturn.
Wheat
Cash bid for November at Memphis 845 1/2 to 896 1/2;
| Bids to farmers at Local Elevators |
844-864; |
| River Elevators |
854-879; |
| Chicago Futures: |
Dec |
down |
16 |
at |
886 1/2 |
| |
March |
down |
15 |
at |
901 1/2 |
| |
May |
down |
14 1/2 |
at |
908 |
| |
July |
down |
7 |
at |
888 1/2 |
| |
Sept |
down |
6 1/2 |
at |
897 1/2 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for November at Memphis 1194 to 1212;
| Bids to farmers at River Elevators |
1087-1194; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
November at Memphis
748 3/4 to 758 3/4; |
| |
New Crop at Memphis
621 3/4 to - - -; |
| Bids to farmers at River Elevators |
719 to 754 |
| Chicago Futures: |
Dec |
down |
2 1/2 |
at |
738 3/4 |
| |
March |
down |
1 1/4 |
at |
742 |
| |
May |
down |
14 1/2 |
at |
738 3/4 |
| |
July |
down |
3 1/4 |
at |
729 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Today’s report contained bearish news for the wheat market. USDA raised its carryout estimate to 704 million bushels, up 50 million from the October estimate and well above trade expectations. The good news is, though, that USDA did not lower its projected on-farm average price. The report pushed futures lower today, but poor crop conditions could limit losses.
Corn settled slightly lower, but did amazingly well considering the weakness in soybeans. USDA made minor adjustments in corn raising production 10 million bushels and increasing projected imports 25 million bushels. Ending stocks rose slightly to 647 million bushels, still an abnormally tight situation. At one point trading was well above the day’s close as the market moved almost the breadth of the recent trading range. Support at $7.30 remains in place.
Cotton & Rice Date: November 09, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis up 32 at
6608 |
| |
Greenwood up
32 at 6608 |
| New York Futures: |
Dec |
up |
32 |
at |
6958 |
| |
March |
up |
10 |
at |
7044 |
| | May |
up |
14 |
at |
7172 |
| | July |
up |
29 |
at |
7281 |
| | Oct |
up |
38 |
at |
7452 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton closed a little higher despite what has to be considered more negative news. Yield gains in Alabama, Georgia, Louisiana and Arkansas overshadowed declines in Texas and Oklahoma. China’s use declined 500,000 bales to 35.5 million bales, while projected world ending stocks topped 80 million bales. That is a stocks to use ratio of over 75%. Upside potential will be limited until demand erodes some of these stocks.
Rice
| Long Grain Cash Bid for |
Nov |
1383/cwt |
to |
- - - |
| |
NC |
1449/cwt |
to |
- - - |
| Chicago Futures: |
Nov |
up |
17 |
at |
1494 |
| | Jan |
up |
16 1/2 |
at |
1522 1/2 |
| | March |
up |
16 |
at |
1553 1/2 |
| | May |
up |
16 |
at |
1582 |
| | July |
up |
15 1/2 |
at |
1599 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice futures firmed on a fairly positive USDA report. Production was lowered a small amount, but the big change was in exports with long grain increasing 4 million cwt. This in turn dropped ending stocks to a fairly tight 15.1 million cwts. for long grain. Couple this with potentially smaller U.S. plantings in 2013 and we could see the market move higher. Support at $15 is holding. Resistance is layered between $15.50 and $15.80.
Cattle & Hogs Date: November 09, 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 1 |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
|
| |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
|
| |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
|
| Medium & Large Frame 2 |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
|
| Medium & Large Frame 2 |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
Slaughter Cows, Boners - - - to - - -
Light Weight - - - to - - -
Bulls, Yield Grade - - -
- - - to - - - lbs. - - -
to - - -
Midwest Steers were at 125.00
to - - -
Panhandle Steers were at 126.00
to - - -
Oklahoma City Feeders
|
| Steers |
450 |
to |
500 lbs. |
157.00 |
to |
187.00 |
| |
500 |
to |
550 lbs. |
143.00 |
to |
174.00 |
| Heifers |
450 |
to |
500 lbs. |
135.22 |
to |
156.50 |
| |
500 |
to |
550 lbs. |
128.00 |
to |
150.00 |
Chicago Futures:
| Live Cattle: |
Dec |
up |
32 |
at |
12575 |
| |
Feb |
steady |
- - - |
at |
12935 |
| Feeders: |
Nov |
down |
30 |
at |
14420 |
| |
Jan |
down |
27 |
at |
14560 |
Cattle Comment
Cattle futures were mixed. The supply/demand balance sheet forecast lower production in 2013 by 110 million pounds. Negative packer margins will continue to limit the upside potential of the market.
Hogs
Peoria: were steady
at 50.00 to 52.00
| Chicago Futures: |
Dec |
up |
55 |
at |
8075 |
| |
Feb |
up |
32 |
at |
8632 |
Hogs Comment
Hog futures were mostly higher on improving fundamentals. Packer margins continue to improve and that should bode well for cash prices which are showing indications of stabilizing.
Poultry Date: November 09, 2012
Eggs
| New York: |
Ex. Lg. 134-138; Lg. 132-136; Med. 113-117; |
| Chicago: |
Ex. Lg. 125-133; Lg. 123-131; Med. 108-116; |
National Turkeys
| Hens: |
8-16 lbs |
110.04 |
| Toms: |
16-24 lbs |
111.37 |
| |
|
|
Delmarva Broilers
U.S. Grade APrices are trending firm to higher for whole broiler/fryers. Offerings are light and clearing well for current trade needs. Demand into retail and food service channels is moderate to good entering the holiday weekend. Market activity is moderate to active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.