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Daily Market Report Archive

Grain & Soybean Date: January 02, 2013

Soybeans

Local Elevators:
(Jan) EAST AR:  1379 to 1418
(NC) Summ. 1254 to 1277
River Elevators:
(Jan) MISS: 1426 to 1466 ; AR & White 1381 to 1438
(NC) Summ. 1259 to 1294
Ark. Processor Bids: (Jan) 1406 to 1436  (NC) 1269 to 1274
Memphis:  (Jan) 1457 1/2 to 1465 1/2 (NC)  1294 to - - -
Riceland Foods:  (Jan) Stuttgart 1406 ; Pendleton 1418 
 (NC) Stuttgart 1269 ; Pendleton 1277 

Chicago Futures: Jan down 13 1/4 at  1405 1/2
  March  down  17 1/4  at  1392 1/4
  May down 15  at  1384 1/4
  July down 13 1/4  at  1382
  Aug down 12 3/4  at  1360 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans continued under pressure despite a positive undertone in equities and crude oil. A stronger dollar did provide some negative impetus. Technical selling remains a part of the market situation as funds and other reduce long positions. Concerns about large movement on the Mississippi will be a factor as we head into the first quarter of the year. Soon to be lead contract, March, has support between $13.56 to $13.45. Below that there isn’t much support for another $1.25 lower.

Wheat
Cash bid for January at Memphis  780 1/4 to 790 1/4;

Bids to farmers at Local Elevators 733-748;
River Elevators 730-753;

Chicago Futures: March down  22 3/4  at  755 1/4 
  May down 21 3/4  at  766 
  July down  20 3/4  at  773 
  Sept down  19 3/4  at  787 1/4 
  Dec down  19 1/2  at  801 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1162 to - - -;

Bids to farmers at River Elevators 1055-1100;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for January at Memphis   706 3/4 to 712 3/4;
  New Crop at Memphis   575 1/2 to 595 1/2;
Bids to farmers at River Elevators  691 to 714

Chicago Futures: March down  7 1/2  at  690 3/4 
  May down  6 3/4  at  693 1/2 
  July down  6 1/2  at  690 3/4 
  Sept down  5 3/4  at  615 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat registered a huge reversal down after starting off on the positive side. The next support for July is around $7.54 which was the higher back in May 2012. Improving crop conditions seem to be offsetting the assumed increase in export demand from lower price levels.

Corn lost ground today with March closing just above the 50% retracement objective at $6.83. A close below that would bring a possible test of the 62% retracement objective at $5.45. Congress included a one year extension of the farm bill which means producers have one more year of direct payments.



Cotton & Rice  Date: January 02, 2013


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 22 at  7211
  Greenwood up  22 at 7211

New York Futures: March up  22  at  7536 
  May up  37  at  7623 
 July up  44  at  7731 
 Oct up  31  at  7886 
 Dec up  92  at  7966 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton managed to mark a slightly higher close. China had a positive consumer index number which should be a good indicator of improving product demand. Cotton will continue to struggle under the burden of heavy stocks and poor demand. New Crop December futures are struggling toward September resistance just above 81 cents.

Rice

Long Grain Cash Bid for  Jan 1370/cwt  to  - - -
  NC 1431/cwt  to  - - -

Chicago Futures: Jan down  10 1/2  at  1475 1/2 
 March down  13  at  1504 1/2 
 May down  12 1/2  at  1536 
 July down  12 1/2  at  1562 
 Sept down  10  at  1530 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were not very active, while continuing to trade lower. The March contract has support around $14.91. Beyond that the long term charts offer support just above $14.60. There has been little fresh fundamental news to give the market direction. Perhaps the next few days will see that situation change.



Cattle & Hogs  Date: January 02, 2013

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   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
Heifers - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -

Chicago Futures:
Live Cattle: Feb up 7 at 13237
  Apr down 20 at 13617
Feeders: Jan down 20 at 15120
  March down 37 at 15390

Cattle Comment
Cattle futures closed mostly higher with feeders ending the session mixed. While congress completed a fiscal cliff package it didn’t extend the payroll tax cut which means wage earners will see a 2% increase their tax bill. That could inhibit demand for beef. Not much activity is expected in the cash market until later in the week.

Hogs
Peoria: were $1 lower to $1.50     higher   at   51.50   to   53.50

Chicago Futures: Feb up 45 at 8617
  April up 52 at 8925

Hogs Comment
Hog futures were a little higher as the market retraced a portion of Monday’s decline. Last Friday’s hogs and pigs report was negative in that breeding numbers rose instead of declining. Weak packer margins are also a negative.



Poultry  Date: January 02, 2013

Eggs

New York:  Ex. Lg. 113-121; Lg. 111-119; Med. 90-98;
Chicago:  Ex. Lg. 120-124; Lg. 118-122; Med. 103-107;

National Turkeys
Hens: 8-16 lbs 97.50
Toms: 16-24 lbs 99.50
 

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