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Daily Market Report Archive

Grain & Soybean Date: March 26, 2013

Soybeans

Local Elevators:
(March) EAST AR:  1431 to 1468
(NC) Summ. 1247 to 1277
River Elevators:
(March) MISS: 1478 to 1483 ; AR & White 1433 to - - -
(NC) Summ. 1247 to 1299
Ark. Processor Bids: (March) 1458 to - - -  (NC) 1267 to 1272
Memphis:  (March) 1477 3/4 to 1482 3/4 (NC)  1298 1/2 to 1301 1/2
Riceland Foods:  (March) Stuttgart 1463 ; Pendleton 1468 
 (NC) Stuttgart 1267 ; Pendleton 1277 

Chicago Futures: May up 10 1/2 at  1447 3/4
  March  up  at  1426 1/2
  Aug up 9 3/4  at  1382 1/4
  Sept up 9 1/4  at  1312
  Nov up 7 1/2  at  1276 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans firmed into the end of the session posting 7 to 10 cents gains in old crop contracts. A projected tight stocks situation of around 930 million bushels, lowest since 1989, kept the market firm. However, May was unable to move above last week’s high of $14.51. A smaller crop projection for Argentina and Brazil by Oil world added support to the firm undertone. November closed near $12.75, a little below the recent high of $12.82. A close above that level would open the market to the February 22 high of $13.07.

Wheat
Cash bid for March at Memphis  741 1/2 to 751 1/2;

Bids to farmers at Local Elevators 692-712;
River Elevators 701-737;

Chicago Futures: May up  4 1/4  at  731 1/2 
  March up 3 1/4  at  732 1/4 
  July up  3 1/4  at  738 3/4 
  Sept up  2 3/4  at  750 1/4 
  Dec up  2 1/4  at  762 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1242 to 1259;

Bids to farmers at River Elevators 1125-1161;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   755 1/4 to 756 1/4;
  New Crop at Memphis   573 3/4 to 583 3/4;
Bids to farmers at River Elevators  719 to 765

Chicago Futures: May down  at  730 1/4 
  July down  at  712 1/4 
  Sept down  1 1/4  at  603 3/4 
  July down  at  571 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted across the board gains. Traders are becoming concerned that the recent cold snap has damaged the winter wheat crop, which wasn’t in great shape to begin with in many areas. March 1 wheat stocks are projected to be down from last year at 1.177 billion bushels in this week’s report. July has resistance between $7.50 and $7.55, and then the 38% retracement level of $7.68.

Corn was under some selling pressure and closed from 1 to 4 cents lower in most contracts. Corn stocks are expected to be near 5 billion bushels or the lowest level in 15 years. This isn’t news to the market since it has been working off a figure near that level for some time. However, a smaller number would tend to push the market higher.



Cotton & Rice  Date: March 26, 2013


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 45 at  8454
  Greenwood down  45 at 8454

New York Futures: May up  145  at  8804 
  July up  151  at  8933 
 Oct up  140  at  8766 
 Dec up  98  at  8723 
 March up  126  at  8696 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton futures found support and closed higher for the day, but well below the day’s highs. Old Crop May found support at 86 cents which was the top of a breakaway gap that extended gains on to 94 cents. The market retraced over 8 cents before today. December also bounced off 86 cents; however, unlike old crop it couldn’t extend the upturn past 89 cents. Pre-report estimates show an average of just over 10 million acres of cotton in 2012 with a big range of 9 to 11 million acres. Early survey in the year had plantings at the low end of this range. The question is whether the recent price rise brought a million acres of cotton back from corn and beans.

Rice

Long Grain Cash Bid for  March 1419/cwt  to  - - -
  NC 1426/cwt  to  - - -

Chicago Futures: May up  at  1499 1/2 
 July up  6 1/2  at  1528 1/2 
 Sept up  - - -  at  1506 
 Nov up  at  1524 
 Jan up  at  1530 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures closed higher but well off the day’s highs. There is no fresh fundamental news to give the market direction. That won’t change until Thursday’s report. The 3 day holiday weekend will be starting just a couple of hours after the report is released.



Cattle & Hogs  Date: March 26, 2013

Cattle
As reported by Federal-State Market News, receipts were 187 head at sales in Ft. Smith & Heber Springs.  Compared with last week, feeder steers sold mostly weak to $6 lower on a light test .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 163.50 to - - -
  500 to 550 lbs. 149.00 to - - -
  600 to 650 lbs. - - - to - - -
 Medium & Large Frame 2   400 to 450 lbs. - - - to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 138.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. - - - to - - -

Slaughter Cows, Boners 72.00   to   78.00
Light Weight - - - to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   85.00   to   94.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 400 to 450 lbs. 184.00 to 193.00
  500 to 600 lbs. 157.50 to 175.00
Heifers 400 to 500 lbs. 150.00 to 161.50
  500 to 600 lbs. 138.50 to 152.00

Chicago Futures:
Live Cattle: April down 50 at 12595
  June down 32 at 12115
Feeders: March up 12 at 13485
  April up 20 at 13860

Cattle Comment
Cattle futures were mostly lower. Product values are declining, and that has made packers cautious bidders. June live cattle are consolidating above the recent contract low of $120.10, with resistance at $122.70.

Hogs
Peoria: were $1 lower to $3     higher   at   46.00   to   48.00

Chicago Futures: April up 102 at 7950
  May up 107 at 8977

Hogs Comment
Hogs continued higher today. Pork values have improved so far this week, as the market expects demand to increase after Easter. The April contract has posted strong gains so far this week, and could be showing signs of bottoming. Last week’s low of $76.80 is support.



Poultry  Date: March 26, 2013

Eggs

New York:  Ex. Lg. 148-152; Lg. 146-150; Med. 120-124;
Chicago:  Ex. Lg. 137-145; Lg. 135-143; Med. 102-110;

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

Delmarva Broilers
U.S. Grade A
N/A