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Daily Market Report Archive

Grain & Soybean Date: March 11, 2013

Soybeans

Local Elevators:
(March) EAST AR:  1463 to 1500
(NC) Summ. 1240 to 1270
River Elevators:
(March) MISS: 1520 to 1525 ; AR & White 1465 to - - -
(NC) Summ. 1245 to 1295
Ark. Processor Bids: (March) 1490 to - - -  (NC) 1260 to 1265
Memphis:  (March) 1524 1/2 to 1529 1/2 (NC)  1295 to - - -
Riceland Foods:  (March) Stuttgart 1490 ; Pendleton 1500 
 (NC) Stuttgart 1260 ; Pendleton 1270 

Chicago Futures: March up 6 1/4 at  1514 3/4
  May  up  8 1/2  at  1479 1/2
  July up 7 1/2  at  1454 3/4
  Aug up 3 1/4  at  1407 1/4
  Sept up 1/4  at  1322 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were steady to slightly higher throughout today’s session. Tight farmer holding added strength to the nearby contracts, while firmer corn values stimulated gains across the board. The soybean/corn price ratio stands at 2.3 and has moved toward soybeans until late last week. Shorter than expected export inspections limited upside movement as some traders look for a possible sales cancellation. The market was supported by continued slow movement of Brazilian beans and renewed strength in Malaysian palm oil.

Wheat
Cash bid for March at Memphis  725 to - - -;

Bids to farmers at Local Elevators 662-672;
River Elevators 658-702;

Chicago Futures: March up  at  694 
  May up at  700 
  July up  at  701 3/4 
  Sept up  at  708 1/4 
  Dec up  3 1/4  at  721 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1208  to 1243;

Bids to farmers at River Elevators 1092-1127;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   745 1/4 to 749 1/4;
  New Crop at Memphis   548 3/4 to 558 3/4;
Bids to farmers at River Elevators  700 to 746

Chicago Futures: March up  9 1/4  at  734 1/2 
  May up  7 3/4  at  711 1/4 
  July up  10 1/4  at  690 3/4 
  Sept up  7 1/2  at  578 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat ended higher. Weekly export inspections of 27.8 million bushels were supportive. July is trying to build on support at last week’s low of $6.86, which is a potential double bottom.

Corn maintained the firm undertone that developed following Friday’s report with May futures testing recent resistance just above $7.10. A close above this level would open the market for a run at $7.47 which was February 1 high. Prospects of a big 2013 planting will limit upside potential for December which has climbed back above $5.50. December has substantial resistance around $5.70. Any further movement toward that level should be viewed as a pricing opportunity.



Cotton & Rice  Date: March 11, 2013


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 16 at  8297
  Greenwood down  16 at 8297

New York Futures: May down  16  at  8672 
  July down  at  8749 
 Oct up  37  at  8694 
 Dec up  29  at  8668 
 March '14 up  at  8610 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was steady to slightly firmer as this market continues to react to the stocks situation. While world stocks are huge, projected to be almost 82 million bales, over 44 million bales will be held in China. That leaves less than 38 million bales available to the rest of the world. Unless, or until, China releases stocks, the market can work higher. There is a lot of chart resistance around 88 to 89 cents.

Rice

Long Grain Cash Bid for  March 1414/cwt  to  - - -
  NC 1436/cwt  to  - - -

Chicago Futures: March down  12 1/2  at  1500 
 May down  12 1/2  at  1524 
 July down  12 1/2  at  1553 
 Sept down  at  1515 1/2 
 Nov down  5 1/2  at  1530 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures declined again with May dropping to the recent contract low of $15.23. Last week’s report, which featured generally positive news, has not evoked positive price movement. While U.S. export movement continues good, big Thai stocks are a long term cloud over the market. Questions about when and how Thailand will deal with the problem remain a factor in the market.



Cattle & Hogs  Date: March 11, 2013

Cattle
As reported by Federal-State Market News, receipts were 2,444 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold unevenly, mostly firm to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 190 to - - -
  500 to 550 lbs. 164 to - - -
  600 to 650 lbs. 154.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 172 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 142 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 151 to - - -

Slaughter Cows, Boners 78   to   85
Light Weight 67 to 74
Bulls, Yield Grade   1   1000   to   2100 lbs.   92   to   99
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 174 to - - -
  550 to 600 lbs. 162.50 to - - -
Heifers 500 to 550 lbs. 153.50 to - - -
  550 to 600 lbs. 141 to 146

Chicago Futures:
Live Cattle: April up 57 at 12812
  June up 5 at 12342
Feeders: March down 77 at 13820
  April up 2 at 14137

Cattle Comment
Cattle were mixed, with live contracts higher. Feeders were mostly lower on gains in corn. Shrinking cattle supplies are a positive for live contracts, but demand concerns could keep a lid on prices.

Hogs
Peoria: were $1 to $5     lower   at   44   to   46

Chicago Futures: April down 87 at 8115
  May down 62 at 8950

Hogs Comment
Hogs were mostly higher again today and look likely they are confirming a bottom. The market was technically oversold and due a rebound. April is building on support at the recent low of $78.27 ½.



Poultry  Date: March 11, 2013

Eggs

New York:  Ex. Lg. 126-130; Lg. 124-128; Med. 109-113;
Chicago:  Ex. Lg. 112-120; Lg. 110-118; Med. 93-101;

National Turkeys
Hens: 8-16 lbs. 96.31
Toms: 16-24 lbs. 98.14
 

Delmarva Broilers
U.S. Grade A
n/a