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Daily Market Report Archive

Grain & Soybean Date: December 11, 2012

Soybeans

Local Elevators:
(Dec) EAST AR:  1445 to 1484
(NC) Summ. 1482 to - - -
River Elevators:
(Dec) MISS: 1492 to 1522 ; AR & White 1446 to 1490
(NC) Summ. 1467 to 1502
Ark. Processor Bids: (Dec) 1472 to 1492  (NC) 1492 to - - -
Memphis:  (Dec) 1517 to 1524 (NC)  1311 1/2 to - - -
Riceland Foods:  (Dec) Stuttgart 1472 ; Pendleton 1484 
 (NC) Stuttgart 1297 ; Pendleton 1305 

Chicago Futures: Jan down 2 3/4 at  1472
  March  down  4 1/4  at  1471 1/4
  May down 3 3/4  at  1459
  July down 5 1/2  at  1446
  Aug down 10 3/4  at  1414
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed down slightly despite a 10 million bushel increase in the projected domestic stocks fell the same amount to just 130 million bushels. Even positive outside markets did little but limit downside movement. Soybean futures remain in a short term uptrend with January resistance just above $14.50.

Wheat
Cash bid for December at Memphis  816 1/2 to - - -;

Bids to farmers at Local Elevators 802-817;
River Elevators 799-827;

Chicago Futures: Dec down  27  at  805 3/4 
  March down 27 1/4  at  821 1/2 
  May down  26 1/2  at  833 3/4 
  July down  24 1/2  at  842 1/4 
  Sept down  23 1/4  at  853 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for December at Memphis  1175 to 1184;

Bids to farmers at River Elevators 1121-1166;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for December at Memphis   733 to 742;
  New Crop at Memphis   608 3/4 to 618 3/4;
Bids to farmers at River Elevators  719 to 742

Chicago Futures: Dec down  2 1/2  at  724 1/4 
  March down  at  728 
  May down  1 3/4  at  730 1/2 
  July down  4 3/4  at  726 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures took a beating today after the USDA raised its U.S. carryout estimate by 7% from the November report. World stocks were raised by 1.6%. July found support at $8.37 today, but a move below that level would likely signal a retest of support at $8.25.

Corn traded to both sides of yesterday’s close before ending the day slightly lower. USDA left U.S. corn numbers unchanged, which have the market an early boost. Expectations were for reduced exports and a slight increase in projected stocks. USDA did lower the projected price range by 15 cents on the low end and 25 cents on the high end to $6.80 to $8.00. Expect that range to decline further as we progress through the marketing year. March has support at $7.10.



Cotton & Rice  Date: December 11, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 150 at  7165
  Greenwood up  150 at 7165

New York Futures: March up  150  at  7490 
  May up  144  at  7579 
 July up  137  at  7663 
 Oct up  97  at  7721 
 Dec up  86  at  7813 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton made an unexpectedly big move after the USDA report. Front end contracts closed as much as 150 points higher. USDA reduced the average yield 9 pounds per acre which trimmed production 190,000 bales. U.S. exports were raised 200,000 bales which helped reduced projected ending stocks 400,000 bales to 5.4 million bales, still leaving stocks at 79.64 million bales. Even with today’s gains there is a lot of work to do to get stocks to a more reasonable level. March futures have upside objectives at 76.14 cents then 78.67 cents.

Rice

Long Grain Cash Bid for  Dec 1432/cwt  to  - - -
  NC 1466/cwt  to  - - -

Chicago Futures: Jan up  at  1552 
 March up  at  1583 1/2 
 May up  at  1616 1/2 
 July up  8 1/2  at  1633 1/2 
 Sept unchanged  - - -  at  1566 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Minor adjustments were made in the rice supply/demand numbers. The adjustments were really just shifts from domestic use to exports with ending stocks unchanged. Futures inched higher in late trading with January just 6 cents or so below the 50% retracement objective of $15.59.



Cattle & Hogs  Date: December 11, 2012

Cattle
As reported by Federal-State Market News, receipts were 675 head at sales in Ft. Smith & Heber Springs.  Compared with last week, feeder steers sold firm to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 167.00 to - - -
  500 to 550 lbs. 148.00 to - - -
  600 to 650 lbs. 137.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 155.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 137.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 130.00 to - - -

Slaughter Cows, Boners 67.00   to   75.00
Light Weight 51.00 to 58.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   80.00   to   90.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 159.00 to 167.00
  500 to 550 lbs. 148.00 to 154.00
Heifers 450 to 500 lbs. 142.00 to 153.00
  500 to 550 lbs. 137.50 to 145.00

Chicago Futures:
Live Cattle: Dec up 95 at 12655
  Feb up 167 at 13195
Feeders: Jan up 230 at 15207
  March up 217 at 15437

Cattle Comment
Cattle futures were sharply higher today. Technical buying and USDA forecasts for higher cattle prices were supportive. February live cattle contracts are back within range to test resistance just below $133.

Hogs
Peoria: were $4 lower to     steady   at   50.00   to   52.00

Chicago Futures: Dec down 5 at 8210
  Feb up 22 at 8415

Hogs Comment
Hog futures were higher for the second day in a row. However, negative operating margins limited upside potential, as did more than adequate supplies or market ready animals. Support begins at Friday’s low of $83.20.



Poultry  Date: December 11, 2012

Eggs

New York:  Ex. Lg. 135-139; Lg. 133-137; Med. 111-115;
Chicago:  Ex. Lg. 131-139; Lg. 129-137; Med. 104-112;

National Turkeys
Hens: 8-16 lbs 99.97
Toms: 16-24 lbs 99.98
 

Delmarva Broilers
U.S. Grade A
Whole broiler/fryers prices are mostly steady. Offerings of all sizes are moderate for current trade needs. Demand into retail and food service channels is light to moderate. Market activity is slow to moderate. In production areas, live supplies are moderate at mostly desirable weights.