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Daily Market Report Archive

Grain & Soybean Date: January 23, 2013

Soybeans

Local Elevators:
(Jan) EAST AR:  1430 to 1469
(NC) Summ. 1265 to 1300
River Elevators:
(Jan) MISS: 1495 to 1500 ; AR & White 1424 to 1465
(NC) Summ. 1274 to 1320
Ark. Processor Bids: (Jan) 1457 to 1467  (NC) 1290 to 1297
Memphis:  (Jan) 1495 to 1497 (NC)  1319 1/2 to 1323 1/2
Riceland Foods:  (Jan) Stuttgart 1457 ; Pendleton 1469 
 (NC) Stuttgart 1290 ; Pendleton 1300 

Chicago Futures: March down 14 3/4 at  1437
  May  down  12 1/2  at  1426 3/4
  July down 11  at  1419 3/4
  Aug down 10 1/4  at  1394 1/2
  Sept down at  1347
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were pressured by profit taking following recent gains. After a brief move above $14.50, the lead month of March retraced a portion of recent gains. A break in the dry weather pattern in Argentina and weaker Midwest basis levels added to the downside pressure. However, most farmers remain reluctant sellers at least for the time being. Crop prospects in South America remain excellent and export demand in the U.S. is expected to decline as purchasers move their business south. March will need to close above yesterday’s high of $14.60 to extend this upturn.

Wheat
Cash bid for January at Memphis  801 3/4 to 804 3/4;

Bids to farmers at Local Elevators 749-759;
River Elevators 745-779;

Chicago Futures: March down  4 1/2  at  774 3/4 
  May down 4 3/4  at  783 3/4 
  July down  4 1/2  at  788 3/4 
  Sept down  3 1/2  at  800 
  Dec down  3 1/2  at  814 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for January at Memphis  1216 to - - -;

Bids to farmers at River Elevators 1108-1198;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for January at Memphis   735 3/4 to 736 3/4;
  New Crop at Memphis   577 to 592;
Bids to farmers at River Elevators  727 to 741

Chicago Futures: March down  7 3/4  at  720 3/4 
  May down  7 1/2  at  722 3/4 
  July down  5 1/4  at  717 
  Sept down  3/4  at  612 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were lower again today, but losses were limited by drought concerns. In Australia, wheat prices continue to climb in reaction to ongoing drought. US prices at the Gulf are now some of the lowest in the world, making wheat a more viable option for feeding.

Corn declined, but March remained in a narrow trading range just below the recent high of $7.35. Weak demand from Midwest ethanol plants contributed to a weaker undertone in the corn market. Producers will be making last minute decisions on what to plant and for most corn continues to hold an edge on soybeans. Of course, rotation decisions may alter decisions, but for most corn still holds an advantage. The release of USDA planting intentions data is just over 2 months away.



Cotton & Rice  Date: January 23, 2013


Cotton

Spot Price, Grade 41 Staple 34: Memphis  - - - at  - - -
  Greenwood   - - - at - - -

New York Futures: March up  55  at  8048 
  May up  59  at  8067 
 July up  24  at  8044 
 Oct down  16  at  7979 
 Dec down  15  at  7977 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was mixed with front end contracts continuing to firm after March closed above the Mid-October high of 79.19 cents. Good export demand has extended recent gains moving trading above the long term range that had contain the market for some time. For now Chinese mills see U.S. supplies as a better deal than stocks in their own country. That could change at any time. The next upside objective is the 38% retracement level of 80.66 cents. New Crop December continues to hold just under 80 cents.

Rice

Long Grain Cash Bid for  Jan 1406/cwt  to  - - -
  NC 1455/cwt  to  - - -

Chicago Futures: March down  9 1/2  at  1530 1/2 
 May down  8 1/2  at  1562 1/2 
 July down  at  1589 
 Sept down  at  1555 
 Nov down  at  1556 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures retracing a portion of yesterday’s gains, as the market failed to follow through today. Big world supplies remain an obstacle, although there seems to be little overlap with the Asian markets at this time. The U.S. is looking at potentially more sales to Iran, and Iraq is expected to tender at any time. The Memorandum of Understanding between Haiti and Vietnam remains a possible setback, and could limit upside potential.



Cattle & Hogs  Date: January 23, 2013

Cattle
As reported by Federal-State Market News, receipts were 437 head at sales in Conway.  Compared with last week, feeder steers - - - .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 178.00 to - - -
  500 to 550 lbs. 162.00 to - - -
  600 to 650 lbs. 145.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 161.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 142.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 135.00 to - - -

Slaughter Cows, Boners 72.00   to   81.00
Light Weight 58.00 to 64.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   82.50   to   90.00
Midwest Steers   were   at   122.00   to   - - -
Panhandle Steers   were   at   122.00   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 180.00 to 190.00
  500 to 550 lbs. 170.00 to 184.00
Heifers 450 to 500 lbs. 153.00 to 164.50
  500 to 550 lbs. 150.00 to 157.25

Chicago Futures:
Live Cattle: Feb up 5 at 12577
  Apr down 2 at 13045
Feeders: Jan down 20 at 14420
  March up 17 at 14715

Cattle Comment
Cattle futures were mixed. February was lower, but holding above support at Friday’s low of $124.80. Even after recent weakness, the market is still trading at a premium to cash prices, so the upside will likely be limited.

Hogs
Peoria: were     steady   at   55.00   to   57.00

Chicago Futures: Feb up 27 at 8597
  April down 27 at 8800

Hogs Comment
Hog futures were under pressure today after the release of the cold storage report. Ham stocks were down 16% from the previous report, but up 47% from a year ago, raising questions about pork demand. Already negative packer margins have fallen further into the red, which will limit the upside.



Poultry  Date: January 23, 2013

Eggs

New York:  Ex. Lg. 138-142; Lg. 136-140; Med. 111-115;
Chicago:  Ex. Lg. 119-127; Lg. 117-125; Med. 95-103;

National Turkeys
Hens: 8-16 lbs 98.00
Toms: 16-24 lbs 95.50
 

Delmarva Broilers
U.S. Grade A
N/A