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: |
0¢ |
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 |
4 |
at |
732 1/2 |
| |
Dec |
down |
3 1/2 |
at |
746 1/2 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
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: |
0¢ |
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 |
1 |
at |
573 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
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 |
8 |
at |
8139 |
| |
May |
down |
9 |
at |
8314 |
| | July |
down |
17 |
at |
8401 |
| | Oct |
up |
36 |
at |
8456 |
| | Dec |
up |
2 |
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 |
0¢ |
| medium grain rice is |
0¢ |
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 APrices 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.