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Daily Market Report Archive

Grain & Soybean Date: February 22, 2013

Soybeans

Local Elevators:
(Feb) EAST AR:  1444 to 1481
(NC) Summ. 1235 to 1265
River Elevators:
(Feb) MISS: 1481 to 1501 ; AR & White 1438 to 1474
(NC) Summ. 1239 to 1290
Ark. Processor Bids: (Feb) 1471 to 1491  (NC) 1255 to 1260
Memphis:  (Feb) 1501 1/4 to - - - (NC)  1290 to - - -
Riceland Foods:  (Feb) Stuttgart 1471 ; Pendleton 1481 
 (NC) Stuttgart 1255 ; Pendleton 1265 

Chicago Futures: March down 26 1/2 at  1461 1/4
  May  down  26 3/4  at  1443 3/4
  July down 28  at  1426 1/2
  Aug down 26 1/2  at  1387 1/2
  Sept down 18 3/4  at  1316 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans registered a key reversal in old crop March following an overnight move above $15. It looked as though the market might be headed to the next layer of resistance at $15.50, when it made an abrupt about face and ended the day sharply erasing a good portion of the week’s gains. November was also down and ended the day just a dime above recent support at $12.56. This was an unexpected move, although export sales were below expectations. Other factors including outside markets were positive. Biggest negative remains USDA projected plantings of 77 million acres.

Wheat
Cash bid for February at Memphis  745 to 750;

Bids to farmers at Local Elevators 684-694;
River Elevators 680-724;

Chicago Futures: March down  6 1/4  at  715 
  May down 5 1/4  at  718 3/4 
  July down  4 1/2  at  723 1/2 
  Sept down  at  732 1/2 
  Dec down  3 1/2  at  746 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1179 to - - -;

Bids to farmers at River Elevators 1054-1179;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for February at Memphis   715 1/4 to - - -;
  New Crop at Memphis   543 to 553;
Bids to farmers at River Elevators  679 to 715

Chicago Futures: March down  1/2  at  690 1/4 
  May down  1 1/4  at  684 1/4 
  July down  1 1/2  at  671 3/4 
  Sept down  at  573 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was under pressure despite an exceptional export report. USDA says that 755,900 metric tons were sold for export last week. That was well above trade expectations of 400,000 to 600,000. Snow and increasing moisture in the plains, however, contributed to the negative undertone.

Corn was slightly lower for the day with good export sales and this week’s USDA projected plantings number of just over 96 million acres. Basis levels remain firm to higher which was supportive for old crop. New Crop December continues to find support just above $5.50. A decline below that level will likely see a move to $5.11 or lower.



Cotton & Rice  Date: February 22, 2013


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 9 at  7814
  Greenwood down  9 at 7814

New York Futures: March up  at  8139 
  May down  at  8314 
 July down  17  at  8401 
 Oct up  36  at  8456 
 Dec up  at  8364 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was narrowly mixed despite USDAs projection of sharply lower Chinese imports next year. With big stocks in hand they are expected to import just 8 million bales or its lowest number in 5 years. USDA projected world production at 115.5 million bales, which would accord their estimates increase world stocks to 88.4 million bales. Not a pretty outlook for cotton.

Rice

Long Grain Cash Bid for  Feb 1449/cwt  to  - - -
  NC 1479/cwt  to  - - -

Chicago Futures: March down  25  at  1558 1/2 
 May down  25  at  1589 
 July down  25 1/2  at  1618 
 Sept down  8 1/2  at  1559 
 Nov down  8 1/2  at  1556 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures took another big hit with March dropping to a 3 week low which appears to put the market back into a down trend. There doesn’t appear to be in substantial change in fundamentals that would warrant this type of downward correction, other than a generally weaker market undertone.



Cattle & Hogs  Date: February 22, 2013

Cattle
As reported by Federal-State Market News, receipts were 2897 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 178.00 to - - -
  500 to 550 lbs. 165.00 to - - -
  600 to 650 lbs. 154.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 160.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 151.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 150.00 to - - -

Slaughter Cows, Boners 75.00   to   80.00
Light Weight - - - to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   87.50   to   96.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 169.00 to 192.00
  500 to 550 lbs. 164.00 to 186.50
Heifers 450 to 500 lbs. 154.00 to 175.00
  500 to 550 lbs. 148.00 to 168.00

Chicago Futures:
Live Cattle: Feb up 105 at 12635
  Apr up 40 at 12822
Feeders: March up 55 at 14125
  April up 60 at 14377

Cattle Comment
Cattle futures ended the day on a positive note. Overall tight supplies should limit the downside risk. However, negative cutout margins remaining a major factor in the current weakness. June is building on support at the recent low of $123.47.

Hogs
Peoria: were     steady   at   52.00   to   - - -

Chicago Futures: Feb down 72 at 8165
  April steady - - - at 8990

Hogs Comment
Hogs continue to track lower. Poor wholesale prices and very weak packer margins are keeping the market under pressure, despite the fact that the market is oversold.



Poultry  Date: February 22, 2013

Eggs

New York:  Ex. Lg. 109-113; Lg. 107-111; Med. 92-96;
Chicago:  Ex. Lg. 100-108; Lg. 98-106; Med. 80-88;

National Turkeys
Hens: 8-16 lbs 92.65
Toms: 16-24 lbs 92.752897
 

Delmarva Broilers
U.S. Grade A
Prices are steady in the Eastern region and steady to firm in the Central and Western regions when compared to the previous week. Offerings are light to moderate. Demand into retail and food service channels is light to moderate going into the weekend. Floor stocks are closely balanced to light as buyers continue purchase hand to mouth. Market activity is slow to moderate.