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Daily Market Report Archive

Grain & Soybean Date: February 12, 2013

Soybeans

Local Elevators:
(Feb) EAST AR:  1404 to 1441
(NC) Summ. 1246 to 1276
River Elevators:
(Feb) MISS: 1441 to 1459 ; AR & White 1398 to 1434
(NC) Summ. 1251 to 1301
Ark. Processor Bids: (Feb) 1431 to 1451  (NC) 1266 to 1271
Memphis:  (Feb) 1460 3/4 to 1465 3/4 (NC)  1301 to - - -
Riceland Foods:  (Feb) Stuttgart 1431 ; Pendleton 1441 
 (NC) Stuttgart 1266 ; Pendleton 1276 

Chicago Futures: March down 10 3/4 at  1420 3/4
  May  down  7 3/4  at  1409 1/2
  July down at  1401
  Aug down 2 1/2  at  1366 3/4
  Sept down at  1308 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed mixed with old crop contracts continuing their slide lower. Even positive outside markets – a weaker dollar, stronger crude oil and equities – failed to stem the downturn. Most traders appear to be waiting for tonight’s “state of the union” address to see where to jump. Technically, March futures have minor support just above $14, and stronger support near $13.50. New Crop November firmed just above support at $12.55 to $12.60. Inability to hold this area would suggest a move to $12.25 or lower.

Wheat
Cash bid for February at Memphis  772 to - - -;

Bids to farmers at Local Elevators 701-711;
River Elevators 697-736;

Chicago Futures: March down  9 1/2  at  732 
  May down 9 3/4  at  739 1/2 
  July down  9 1/2  at  741 1/4 
  Sept down  8 1/4  at  750 3/4 
  Dec down  6 1/2  at  765 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1190 to - - -;

Bids to farmers at River Elevators 1065-1172;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for February at Memphis   721 1/4 to - - -;
  New Crop at Memphis   551 1/4 to 561 1/4;
Bids to farmers at River Elevators  685 to 719

Chicago Futures: March down  at  696 1/4 
  May down  at  695 1/2 
  July down  at  687 
  Sept up  3 3/4  at  581 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures continued lower, pressured by the overall negative undertone in commodities today. Beneficial precipitation in key growing regions this week is also a negative factor. However, rapidly fluctuating temperatures have the potential to damage the crop. The chart picture looks weak for July, and today’s weak close could signal a return to the key $7 area.

Corn closed mixed with the first 3 contracts down 5 to 6 cents. March appears headed to the recent low of $6.80, if not lower. New Crop December made a nice reversal after making a new recent low of $5.52. This suggests a possible sideways to higher move near term after the market became oversold. $5.70 is now resistance.



Cotton & Rice  Date: February 12, 2013


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 111 at  7756
  Greenwood down  111 at 7756

New York Futures: March down  111  at  8181 
  May down  82  at  8310 
 July down  78  at  8395 
 Oct down  78  at  8397 
 Dec down  34  at  8350 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton couldn’t maintain upward momentum in the light of negative price action in everything else. March futures again failed short of 84 cents, as has December. The National Cotton Council planting intentions showed just over 9 million acres in expectations for the U.S. in 2013. Huge cuts were noted in the mid-south with less than 50% of 2012 plantings expected in 2013. Cuts in other areas were down 18 to 25%. That will put U.S. production in balance with expected use, but world stocks remain huge with China holding over 50%.

Rice

Long Grain Cash Bid for  Feb 1456/cwt  to  - - -
  NC 1478/cwt  to  - - -

Chicago Futures: March down  18 1/2  at  1566 
 May down  20 1/2  at  1596 1/2 
 July down  17 1/2  at  1625 1/2 
 Sept up  3 1/2  at  1557 1/2 
 Nov up  3 1/2  at  1540 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures have unwound last week’s upward surge just as quickly. There is little fresh fundamental news to drive the market. Friday’s report showed a very minor change in the U.S. supply demand report so it appears the market is following beans and corn. Demand is steady with shipments against earlier sales continuing.



Cattle & Hogs  Date: February 12, 2013

Cattle
As reported by Federal-State Market News, receipts were 770 head at sales in Ft. Smith & Heber Springs.  Compared with last week, feeder steers sold mostly steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 183.50 to - - -
  500 to 550 lbs. 173.50 to - - -
  600 to 650 lbs. 158.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 180.00 to - - -

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

Slaughter Cows, Boners 75.00   to   82.00
Light Weight 58.00 to 62.50
Bulls, Yield Grade   1   1000   to   2100 lbs.   92.00   to   98.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 177.00 to 185.00
  550 to 600 lbs. 161.00 to 173.00
Heifers 400 to 500 lbs. 161.00 to 178.00
  500 to 550 lbs. 157.00 to 166.00

Chicago Futures:
Live Cattle: Feb down 82 at 12605
  Apr down 40 at 12995
Feeders: Jan down 155 at 14325
  March down 147 at 14715

Cattle Comment
Cattle futures were sharply lower but ended well off the day’s lows. April could be headed for a retest of support at $127.15. Concerns about demand and weak packer margins are adding pressure.

Hogs
Peoria: were $3 lower to $1 higher       at   54.00   to   56.00

Chicago Futures: Feb up 35 at 8725
  April down 37 at 8600

Hogs Comment
Hog futures were mostly lower. The market moved into oversold territory last week, but that doesn’t guarantee a bottom has been found. The charts have taken on a very negative appearance. June moved to a 6 month low and looks to have broken out of a bear flag formation, setting a downward objective of $93.15. The market is focused on negative packer margins and further declines in product values.



Poultry  Date: February 12, 2013

Eggs

New York:  Ex. Lg. 114-118; Lg. 112-116; Med. 94-98;
Chicago:  Ex. Lg. 116-124; Lg. 114-122; Med. 84-92;

National Turkeys
Hens: 8-16 lbs 95.00
Toms: 16-24 lbs 95.00
 

Delmarva Broilers
U.S. Grade A
N/A