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Daily Market Report Archive

Grain & Soybean Date: January 25, 2013

Soybeans

Local Elevators:
(Jan) EAST AR:  1434 to 1473
(NC) Summ. 1263 to 1298
River Elevators:
(Jan) MISS: 1499 to 1514 ; AR & White 1428 to 1469
(NC) Summ. 1272 to 1325
Ark. Processor Bids: (Jan) 1461 to 1471  (NC) 1288 to 1298
Memphis:  (Jan) 1501 to 1506 (NC)  1328 to - - -
Riceland Foods:  (Jan) Stuttgart 1461 ; Pendleton 1473 
 (NC) Stuttgart 1288 ; Pendleton 1298 

Chicago Futures: March up 5 3/4 at  1441
  May  up  2 1/4  at  1426
  July up 1/4  at  1417 3/4
  Aug down 1 1/2  at  1391
  Sept down 3 1/2  at  1342 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed mixed with good exports slowing a mid-day downturn. With a huge South American crop on the horizon not exports for the week were better than expected. Total exports to date are up over 25% from the same time last year. USDA has forecast a slight decline on an annual basis, so the market is preparing for a shift to South America. Old crop March futures have layered resistance starting at this week’s high of $14.60, then $15.00, $15.45 and finally $15.70. Support starts near $13.60. For New Crop November resistance starts at this week’s high of $13.18, then $13.40 to $13.50. Support is just over $12.55.

Wheat
Cash bid for January at Memphis  811 1/2 to - - -;

Bids to farmers at Local Elevators 749-759;
River Elevators 745-780;

Chicago Futures: March up  at  776 1/2 
  May up 7 3/4  at  784 3/4 
  July up  6 1/4  at  788 1/2 
  Sept up  4 3/4  at  797 1/4 
  Dec up  4 1/4  at  811 
  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 738 3/4;
  New Crop at Memphis   572 1/4 to 587 1/4;
Bids to farmers at River Elevators  727 to 741

Chicago Futures: March down  3 1/2  at  720 3/4 
  May down  2 3/4  at  721 1/2 
  July down  2 1/2  at  712 3/4 
  Sept down  at  607 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures posted solid gains on stronger than expected export sales. Old crop sales came in at 21 million bushels and new crop sales totaled 2.5 million bushels. Exports are now 3% behind last year’s pace. It now appears that USDA’s export estimate is within reach with foreign supplies dwindling and U.S. prices more competitive.

Corn was lower on poor demand. Ethanol production was up just slightly from last week’s two and a half year low. Use will need to average 4 to 5% more than this week to make the USDA yearly projection of 4.5 billion bushels of corn. Export demand was also weak. These factors are expected to limit upside potential with a big crop being harvested in South America. New Crop December is struggling to hold above $5.80 with expectations of a huge planted acreage in the U.S. this year.



Cotton & Rice  Date: January 25, 2013


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 237 at  76.52
  Greenwood down  237 at 76.52

New York Futures: March down  237  at  8052 
  May down  172  at  8048 
 July down  64  at  8040 
 Oct up  27  at  7972 
 Dec down  at  7970 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton made a huge move lower as recent gains of over 10 cents prompted profit taking. The trade appears to be reacting to the fact that China is holding, or is expected to hold, over 50% of this year’s ending stocks. Concern about the availability of stocks led to the dramatic increase which swept the March contract to a 7 month high. At the same time new crop December couldn’t move about 80 cents. Given that prices versus corn and soybeans, U.S. plantings are expected to fall below 10 million acres in 2013.

Rice

Long Grain Cash Bid for  Jan 1423/CWT  to  - - -
  NC 1466/CWT  to  - - -

Chicago Futures: March up  19 1/2  at  1548 
 May up  18 1/2  at  1579 
 July up  17 1/2  at  1605 
 Sept up  10 1/2  at  1566 
 Nov up  10 1/2  at  1567 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were higher as the market continued a two week upturn that left March just under $13.50. March has a series of resistance levels beginning at $15.67, and extending to $15.90. Mills appear to have good business booked through March. There are indications Iran might buy more U.S. rice and Iraq is expected to tender at some point.



Cattle & Hogs  Date: January 25, 2013

Cattle
As reported by Federal-State Market News, receipts were 7210 head at sales in Arkansas this week.  Compared with last week, feeder steers sold unevenly .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 189.00 to - - -
  500 to 550 lbs. 162.00 to - - -
  600 to 650 lbs. 143.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 171.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 146.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 150.00 to - - -

Slaughter Cows, Boners 72.00   to   79.00
Light Weight 58.00 to 66.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   86.00   to   96.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 186.00 to 205.00
  500 to 550 lbs. 164.00 to 173.00
Heifers 450 to 500 lbs. 154.00 to 158.50
  500 to 550 lbs. 142.50 to 153.50

Chicago Futures:
Live Cattle: Feb up 42 at 12630
  Apr up 40 at 13075
Feeders: Jan up 10 at 14470
  March steady - - - at 14795

Cattle Comment
Cattle futures ended mixed. Trading was slow ahead of the Cattle on Feed report, which was to be released today after the close. The report is expected to show a total on feed inventory 4-5% below this time last year.

Hogs
Peoria: were     steady   at   56.00   to   58.00

Chicago Futures: Feb down 22 at 8682
  April down 75 at 8892

Hogs Comment
Hogs were lower today, unable to build any momentum on Thursday’s stronger close. Demand concerns and negative packer margins are keeping a lid on the upside potential of the market.



Poultry  Date: January 25, 2013

Eggs

New York:  Ex. Lg. 144-148; Lg. 142-146; Med. 118-122;
Chicago:  Ex. Lg. 119-127; Lg. 117-125; Med. 95-103;

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

Delmarva Broilers
U.S. Grade A
Prices continue to move sharply lower for all prices in all regions when compared to the previous week. The undertone is steady to weak. Spot offerings of all sizes are moderate to heavy. Demand into retail and food service channels is light to moderate at best. Floor stocks are moderate. Market activity is light.