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Daily Market Report Archive

Grain & Soybean Date: February 28, 2013

Soybeans

Local Elevators:
(Feb) EAST AR:  1457 to 1494
(NC) Summ. 1230 to 1260
River Elevators:
(Feb) MISS: 1485 to 1503 ; AR & White 1442 to 1478
(NC) Summ. 1232 to 1285
Ark. Processor Bids: (Feb) 1484 to 1504  (NC) 1250 to 1255
Memphis:  (Feb) 1499 1/4 to 1500 1/4 (NC)  1284 1/2 to - - -
Riceland Foods:  (Feb) Stuttgart 1484 ; Pendleton 1494 
 (NC) Stuttgart 1250 ; Pendleton 1260 

Chicago Futures: March up 16 3/4 at  1474 1/4
  May  up  12 3/4  at  1452 1/4
  July up 9 1/4  at  1435 1/4
  Aug up 10  at  1391 3/4
  Sept up 7 1/2  at  1316 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybean gains were trimmed in late session selloff, but still closed higher for the day. Front end contracts help double digit gains while new crop was only 2 to 3 cents higher at best. Strong export sales to China provided the fuel to keep the market firm, as transportation problems in Brazil continues to limit their availability. New Crop November briefly fell below $12.50, but has recovered to close above that level both yesterday and today. Upside potential is likely limited to last week’s high of $13, while there is lots of room to the downside.

Wheat
Cash bid for February at Memphis  737 3/4 to - - -;

Bids to farmers at Local Elevators 677-687;
River Elevators 673-717;

Chicago Futures: March up  3 1/2  at  707 3/4 
  May up 2 1/2  at  714 1/2 
  July up  1 1/2  at  716 1/2 
  Sept up  at  725 1/4 
  Dec up  3/4  at  739 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1231 to - - -;

Bids to farmers at River Elevators 1106-1196;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for February at Memphis   739 1/2 to 743 1/2;
  New Crop at Memphis   552 3/4 to 562 3/4;
Bids to farmers at River Elevators  709 to 740

Chicago Futures: March up  10  at  719 1/2 
  May up  8 1/4  at  703 1/2 
  July up  at  684 3/4 
  Sept up  at  582 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted small gains today. July is holding above support at $7 for the time being. The improved moisture situation in the plains is limiting the upside.

Corn continued to retrace recent declines with old crop contracts holding the biggest gains. With May set to become the bad contract support is seen around $6.80 with resistance being $7.47 which was the February 1 high. Demand remains the key to price direction as the tight stocks situation is well known. Exports are over 50% behind year ago levels and will struggle to reach the USDA projection. December dipped below 5.50 on Tuesday, but firmed from that point the last two days.



Cotton & Rice  Date: February 28, 2013


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 141 at  8079
  Greenwood up  141 at 8079

New York Futures: March up  83  at  8356 
  May up  91  at  8529 
 July up  114  at  8594 
 Oct up  21  at  8558 
 Dec up  51  at  8521 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton continues to rally with new crop December edging above 85 cents. This appears to be a concern about projected 2013 plantings. The National Cotton Council survey pegged acreage at just over 9 million while USDA used 10 million acres in their outlook sessions last week. Mid-south acreage is expected to be cut drastically as producers move to corn and beans. Many have suggested it will take as much as a dollar per pound to pull cotton into the mix. Some gins may be ready to offer substantial rebates to get cotton moving through their facilities.

Rice

Long Grain Cash Bid for  Feb 1448/cwt  to  - - -
  NC 1476/cwt  to  - - -

Chicago Futures: March up  2 1/2  at  1550 
 May up  at  1578 
 July up  1/2  at  1606 1/2 
 Sept down  1/2  at  1556 1/2 
 Nov down  1/2  at  1556 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were narrowly mixed as the market has failed to generate any upward momentum after declining sharply late last week. This doesn’t necessarily reflect the true market situation, as overall movement remains good. Mills appear to be scheduled up for the next couple of months. At the same time big Thai stocks continue to be a source of concern.



Cattle & Hogs  Date: February 28, 2013

Cattle
As reported by Federal-State Market News, receipts were 200 head at sales in Ratcliff.  Compared with last week, feeder steers - - - .

Steers:
 Medium & Large Frame 1   350 to 400 lbs. 194.00 to - - -
  450 to 500 lbs. 172.00 to - - -
  550 to 600 lbs. 166.00 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 164.00 to - - -

Heifers:
 Medium & Large Frame 1   450 to 500 lbs. 157.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 144.00 to - - -

Slaughter Cows, Boners 83.00   to   87.50
Light Weight - - - to - - -
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   97.00   to   - - -
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
Heifers - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -

Chicago Futures:
Live Cattle: Feb down 55 at 12800
  Apr down 2 at 12985
Feeders: March up 55 at 14200
  April up 55 at 14492

Cattle Comment
Cattle futures turned higher today. Winter weather will hamper performance and limit marketings. April pushed back above $130, but have resistance at $130.62.

Hogs
Peoria: were     steady   at   - - -   to   - - -

Chicago Futures: April steady - - - at 8100
  May up 10 at 8930

Hogs Comment
Hog futures mostly higher. June has found support at $90.27 ½. The market is oversold and due for a correction.



Poultry  Date: February 28, 2013

Eggs

New York:  Ex. Lg. 110-114; Lg. 108-112; Med. 93-97;
Chicago:  Ex. Lg. 100-108; Lg. 98-106; Med. 80-88;

National Turkeys
Hens: 8-16 lbs 92.65
Toms: 16-24 lbs 92.75
 

Delmarva Broilers
U.S. Grade A
N/A