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Daily Market Report Archive

Grain & Soybean Date: January 07, 2013

Soybeans

Local Elevators:
(Jan) EAST AR:  1372 to 1411
(NC) Summ. 1245 to 1268
River Elevators:
(Jan) MISS: 1449 to 1461 ; AR & White 1374 to 1419
(NC) Summ. 1251 to 1285
Ark. Processor Bids: (Jan) 1399 to 1419  (NC) 1260 to 1265
Memphis:  (Jan) 1458 1/2 to 1463 1/2 (NC)  1284 3/4 to - - -
Riceland Foods:  (Jan) Stuttgart 1399 ; Pendleton 1411 
 (NC) Stuttgart 1260 ; Pendleton 1268 

Chicago Futures: Jan up 21 3/4 at  1410 3/4
  March  up  21 1/4  at  1388 1/2
  May up 19 1/4  at  1377 3/4
  July up 18 1/2  at  1373 1/2
  Aug up 15 1/2  at  1352 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soon to be lead contract March Soybeans held key support at $13.56 and made a strong rebound today. This becomes a potential double bottom in a market that was approaching the oversold level prior to the rebound. Gains were limited by a sharp downturn into the palm oil market, continued good weather in South American, and declining Chinese demand. Continued weakening of the dollar was positive factor in today’s trade. Of immediate concern is the need for re balancing of positions by some of the index funds. It appears Goldman Sachs will need to sell a large number of soybean contracts in the next week or so.

Wheat
Cash bid for January at Memphis  786 1/4 to 791 1/4;

Bids to farmers at Local Elevators 728-738;
River Elevators 722-748;

Chicago Futures: March up  at  751 1/4 
  May up 4 1/4  at  761  
  July up  4 1/2  at  767 3/4 
  Sept up  6 1/4  at  781 
  Dec up  7 1/2  at  795 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1153 to - - -;

Bids to farmers at River Elevators 1046-1090;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for January at Memphis   710 1/2 to - - -;
  New Crop at Memphis   571 3/4 to 576 3/4;
Bids to farmers at River Elevators  692 to 706

Chicago Futures: March up  5 1/4  at  685 1/2 
  May up  4 1/2  at  685 1/4 
  July up  3 3/4  at  678 1/2 
  Sept up  2 1/4  at  596 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat received a plethora of news which resulted in a firm close. Weather is seen as improving in South America, while China is experiencing as extremely cold weather in their wheat region. The U.S. is expected to see more widespread precipitation is Texas, Oklahoma and parts of Kansas. But a larger than normal percentage of the U.S. crop is expected to be abandoned following severe drought conditions. Technically, July appears to be finding support between $7.50 and $7.60.

March Corn hit a new six month low in the overnight trade and then proceeded to firm, closing modestly higher. Improving Midwest cash basis levels and a weaker dollar provided market support. While potential fund rebalancing limited upside potential. A good weekly export helped keep the trade on the positive side. A lower Brazilian consulting firm corn crop projection was also a positive.



Cotton & Rice  Date: January 07, 2013


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 66 at  7246
  Greenwood up  66 at 7246

New York Futures: March up  66  at  7571 
  May up  64  at  7653 
 July up  62  at  7747 
 Oct up  41  at  7858 
 Dec up  31  at  7941 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton futures leveled out and appear to be once again trading in a sideways pattern. Upside potential will be helped by a weaker dollar, but the question is how much cotton China will need this year. Current projections suggest lower use, and a stocks situation that would suggest limited demand.

Rice

Long Grain Cash Bid for  Jan 1396/cwt  to  - - -
  NC 1455/cwt  to  - - -

Chicago Futures: Jan down  5 1/2  at  1497 1/2 
 March down  7 1/2  at  1521 
 May down  5 1/2  at  1555 
 July down  5 1/2  at  1582 1/2 
 Sept down  at  1555 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were lower as the market failed to sustain the rally that began late last week. March futures should have good support around $14.90. It is yet to be determined what impact a potential deal between Haiti and Vietnam will have on U.S. exports. Haiti has been a long time U.S. customer.



Cattle & Hogs  Date: January 07, 2013

Cattle
As reported by Federal-State Market News, receipts were 1176 head at sales in Springdale & Ola.  Compared with last week, feeder steers sold firm to $10 higher, mostly $3 to $7 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 186.00 to - - -
  500 to 550 lbs. 158.00 to - - -
  600 to 650 lbs. 146.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 164.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 145.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 147.00 to - - -

Slaughter Cows, Boners 71.00   to   78.00
Light Weight 50.00 to 55.50
Bulls, Yield Grade   1   1000   to   2100 lbs.   85.00   to   95.300
Midwest Steers   were   at   129.00   to   129.00
Panhandle Steers   were   at   128.00   to   128.00

Oklahoma City Feeders
Steers 450 to 500 lbs. 184.00 to 184.50
  550 to 600 lbs. 161.50 to 165.00
Heifers 500 to 550 lbs. 150.00 to 154.50
  550 to 600 lbs. 148.00 to 151.00

Chicago Futures:
Live Cattle: Feb up 5 at 13300
  Apr down 7 at 13670
Feeders: Jan up 7 at 15325
  March down 22 at 15610

Cattle Comment
Cattle futures were narrowly mixed with little fresh fundamental news to give the market direction. There is growing consumer that beef prices are at levels that will slow consumer buying. Slaughter weights remain high averaging 21lbs above year ago levels. Declining beef cutout values suggest weekend clearance was soft.

Hogs
Peoria: were     steady   at   51.50   to   53.50

Chicago Futures: Feb up 7 at 8630
  April down 30 at 8955

Hogs Comment
Hog futures were mostly lower with packers proceeding with caution due to negative margins.



Poultry  Date: January 07, 2013

Eggs

New York:  Ex. Lg. 109-117; Lg. 107-115; Med. 90-98;
Chicago:  Ex. Lg. 117-121; Lg. 115-119; Med. 103-107;

National Turkeys
Hens: 8-16 lbs 97.00
Toms: 16-24 lbs 99.50
 

Delmarva Broilers
U.S. Grade A
Prices continue higher this week for all reported prices in all regions when compared to the previous week. The undertone is reported as more steady with a few areas reporting it as weak. Spot offering of all sizes are light to moderate. Demand into retail and food service channels is moderate to good with most buyers resistant to the higher prices. Floor stocks are light to at times moderate. Truck availability remains tight. Market activity is moderate.