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Daily Market Report Archive

Grain & Soybean Date: March 22, 2013

Soybeans

Local Elevators:
(March) EAST AR:  1424 to 1461
(NC) Summ. 1234 to 1264
River Elevators:
(March) MISS: 1471 to 1476 ; AR & White 1426 to - - -
(NC) Summ. 1234 to 1289
Ark. Processor Bids: (March) 1451 to - - -  (NC) 1254 to 1259
Memphis:  (March) 1467 1/2 to 1470 1/2 (NC)  1285 3/4 to 1288 3/4
Riceland Foods:  (March) Stuttgart 1456 ; Pendleton 1461 
 (NC) Stuttgart 1254 ; Pendleton 1264 

Chicago Futures: May down 8 1/2 at  1440 1/2
  July  down  7 1/2  at  1418
  Aug down 8 1/4  at  1373
  Sept down 11 1/4  at  1301 1/4
  Nov down 11 1/2  at  1263 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed lower as traders took profits and evened positions ahead of next week’s planting intentions report. Big plantings are expected but it will be some time before those crop prospects are fully known. For now the market must deal with the ongoing harvest in South America which is large, but has been a logistical nightmare. U.S. export sales have been pursued longer than expected and just 7 months into the marketing year or just short of the annual projection of USDA. Continued logistical problems in South America could give the market new life, if planting problems arise here this spring.

Wheat
Cash bid for March at Memphis  749 3/4 to - - -;

Bids to farmers at Local Elevators 689-709;
River Elevators 698-736;

Chicago Futures: May up  at  729 3/4 
  July up 1 3/4  at  729 1/4 
  Sept up  2 1/4  at  735 
  Dec up  at  746 1/4 
  March up  at  758 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1234  to 1252;

Bids to farmers at River Elevators 1118-1154;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   748 1/4 to 750 1/4;
  New Crop at Memphis   576 3/4 to - - -;
Bids to farmers at River Elevators  715 to 761

Chicago Futures: May down  6 3/4  at  726 1/4 
  July down  8 3/4  at  708 1/2 
  Sept down  1 1/2  at  596 3/4 
  July down  3 1/4  at  565 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat wound up about a penny higher after posting losses early in the day. July has resistance between $7.50 and $7.55, and then the 38% retracement level of $7.68. Traders are watching the weather carefully. Improving conditions for wheat in the U.S. are being offset some by excessive moisture in key wheat growing regions in Canada that could delay planting there.

Corn closed lower despite forecasts of a slow start to this year’s Midwest planting season. Even a lower planting projection by Informa, 97.8 million acres versus 99.3 million acres earlier, didn’t hold the market going into the weekend. December continues to hold above key support at 5.50.



Cotton & Rice  Date: March 22, 2013


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 91 at  8379
  Greenwood down  91 at 8379

New York Futures: May down  91  at  8729 
  July down  88  at  8827 
 Oct down  88  at  8701 
 Dec down  127  at  8655 
 March down  127  at  8600 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton is retracing recent gains on the heels of reports that China and India will be selling some of their stocks. China has indicated their sells will be internal and shouldn’t impact the market. However, anything that lessens demand will weigh on price. December has support near 85 cents, but it may not keep the market from moving toward the 38% retracement objective of 83.6 cents.

Rice

Long Grain Cash Bid for  March 1410/cwt  to  - - -
  NC 1421/cwt  to  - - -

Chicago Futures: May up  11 1/2  at  1490 
 July up  11 1/2  at  1518 1/2 
 Sept up  13  at  1501 
 Nov up  15  at  1520 
 Jan up  15  at  1526 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures continued a retracement of recent declines. Resistance near $15.25 lies between today’s close and the 38% retracement objective of $15.33. Cash bids have remained steady to firm despite the nearby $2 per cwt. slide in futures that has occurred since the May contract high of $16.60 on February 7. Traders are looking at other factors including the move of investment funds from commodities and the huge intervention stocks held by Thailand.



Cattle & Hogs  Date: March 22, 2013

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

Steers:
 Medium & Large Frame 1   - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
 Medium & Large Frame 2   - - - to - - - lbs. - - - to - - -

Heifers:
 Medium & Large Frame 1   - - - to - - - lbs. - - - to - - -
 Medium & Large Frame 2   - - - to - - - lbs. - - - to - - -

Slaughter Cows, Boners - - -   to   - - -
Light Weight - - - to - - -
Bulls, Yield Grade   - - -   - - -   to   - - - lbs.   - - -   to   - - -
Midwest Steers   were   at   125.00   to   - - -
Panhandle Steers   were   at   125.00   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 155.00 to 199.00
  500 to 550 lbs. 148.00 to 187.00
Heifers 450 to 500 lbs. 132.50 to 171.50
  500 to 550 lbs. 135.00 to 159.00

Chicago Futures:
Live Cattle: April down 22 at 12620
  June down 82 at 12117
Feeders: March down 50 at 13465
  April down 25 at 13805

Cattle Comment
Cattle futures were lower across the board. June is still in a steep down-trend, but could be showing signs of bottoming. Feeders set new life of contract lows again this week, and are having trouble generating any upward momentum.

Hogs
Peoria: were     steady   at   47.00   to   49.00

Chicago Futures: April down 30 at 7805
  May down 10 at 8820

Hogs Comment
Hogs were mostly lower as well. Pork values are expected to be bottoming in expectation for increased demand this spring/summer. Packers are actively bidding for supplies for next week, when the Good Friday holiday will reduce plant time.



Poultry  Date: March 22, 2013

Eggs

New York:  Ex. Lg. 148-152; Lg. 146-150; Med. 120-124;
Chicago:  Ex. Lg. 124-132; Lg. 122-130; Med. 102-110;

National Turkeys
Hens: 8-16 lbs 95.50
Toms: 16-24 lbs 94.50
 

Delmarva Broilers
U.S. Grade A
Prices are steady to instances weak for all reported areas. Offerings are light to moderate. Demand into retail and food service channels is light to moderate, fast food moderate. Floor stocks are balanced to short. Market activity is moderate to active.