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Daily Market Report Archive

Grain & Soybean Date: March 27, 2013

Soybeans

Local Elevators:
(March) EAST AR:  1437 to 1464
(NC) Summ. 1248 to 1278
River Elevators:
(March) MISS: 1484 to 1489 ; AR & White 1439 to - - -
(NC) Summ. 1248 to 1300
Ark. Processor Bids: (March) 1464 to - - -  (NC) 1268 to 1273
Memphis:  (March) 1485 3/4 to 1488 3/4 (NC)  1300 1/4 to 1303 1/4
Riceland Foods:  (March) Stuttgart 1469 ; Pendleton 1474 
 (NC) Stuttgart 1268 ; Pendleton 1278 

Chicago Futures: May up 6 at  1453 3/4
  July  up  4 1/2  at  1431
  Aug up 3 1/4  at  1385 1/2
  Sept up 3 1/4  at  1315 1/2
  Nov up 1 3/4  at  1278 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans traded in a narrow range as they eased higher ahead of tomorrow’s reports. Pre-report estimates suggest tight stocks and increased acreage for 2013. A smaller than expected plantings number, or smaller stocks would put additional pep in the market. Conversely larger plantings and/or large stocks will send the market lower.

Wheat
Cash bid for March at Memphis  744 3/4 to 746 3/4;

Bids to farmers at Local Elevators 696-716;
River Elevators 705-750;

Chicago Futures: May up  5 1/4  at  736 3/4 
  July up 3 3/4  at  736 
  Sept up  3 3/4  at  742 1/2 
  Dec up  at  753 1/4 
  March up  2 1/4  at  764 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1250 to 1268;

Bids to farmers at River Elevators 1134-1170;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   760 1/4 to 761 1/4;
  New Crop at Memphis   581 to 583;
Bids to farmers at River Elevators  724 to 770

Chicago Futures: May up  at  735 1/4 
  July up  3 3/4  at  716 
  Sept down  3/4  at  603 
  July unchanged  - - -  at  571 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted across the board gains again today. 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. Cold temperatures in Europe could also be damaging the crop there. However, demand is showing signs that prices are too high. Egypt’s stocks are dwindling but financing is an issue, and tenders are going unfilled because of high prices. July has resistance between $7.50 and $7.55, and then the 38% retracement level of $7.68.

Corn closed narrowly mixed as late trading saw some position evening ahead of the reports. Long term outlook on corn may be more predicated on yield prospects than total plantings. While the Midwest has seen some drought relief the question is whether it is sufficient, and what happens later this year. A much colder March means a possible late start on this year’s crop which could further impact potential yield.



Cotton & Rice  Date: March 27, 2013


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 49 at  85.03
  Greenwood down  49 at 85.03

New York Futures: May up  49  at  8853 
  July up  47  at  8980 
 Oct up  14  at  8780 
 Dec up  at  8725 
 March up  at  8701 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed slightly higher on reports. China will continue to buy cotton while releasing stocks domestically. Much smaller cotton plantings are anticipated in China this year, which suggests they will use stocks and imports to help cover needs. Cotton appears to have a wider range of plantings expectations on a much smaller acreage than either beans or corn. There is a 2 million acre spread on cotton 9-11 million acres and less than a 3 million acre spread of corn and beans. Corn is 95.7 to 98.5 million acres – and soybeans are 77 to 79.7 million acres.

Rice

Long Grain Cash Bid for  March 1453/CWT  to  - - -
  NC 1452/CWT  to  - - -

Chicago Futures: May up  33 1/2  at  1533 
 July up  33  at  1561 1/2 
 Sept up  26  at  1532 
 Nov up  25 1/2  at  1549 1/2 
 Jan up  25 1/2  at  1555 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was sharply higher today as the market continues to retrace recent declines. Today’s big move carried May to the 38% retracement objective of $15.33. The 50% and 62% retracement objectives are $15.59 and $15.85. As indicated often there is a separation of the U.S. and Asian markets. Good demand has tightened U.S. stocks, while Thailand remains awash in intervention stocks.



Cattle & Hogs  Date: March 27, 2013

Cattle
As reported by Federal-State Market News, receipts were 366 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold mostly firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 163.00 to - - -
  500 to 550 lbs. 152.00 to - - -
  600 to 650 lbs. - - - to - - -
 Medium & Large Frame 2   400 to 450 lbs. 149.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 136.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 137.50 to - - -

Slaughter Cows, Boners 75.00   to   82.00
Light Weight 58.00 to 65.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   84.50   to   97.50
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 153.00 to 166.00
  500 to 550 lbs. 153.00 to 165.00
Heifers 450 to 500 lbs. 142.00 to 156.00
  500 to 550 lbs. 143.00 to 156.00

Chicago Futures:
Live Cattle: April up 140 at 12735
  June up 182 at 12297
Feeders: March up 42 at 13527
  April up 180 at 14040

Cattle Comment
Cattle futures were higher across the board today. Product values are declining, and that has made packers cautious bidders. Warmer weather is needed to give demand a boost. Today’s gains saw June break out of the recent consolidation area, and move toward a challenge of trendline resistance near $123.30.

Hogs
Peoria: were     steady   at   46.00   to   48.00

Chicago Futures: April up 57 at 8007
  May down 52 at 8925

Hogs Comment
Hogs were mostly lower with only nearby April ending on the plus side today. Pork values have improved so far this week, as the market expects demand to increase after Easter. The April contract looks to be bottoming, with today wide price swing resulting in a bullish key reversal which could signal another leg up. June has resistance at $91.60 and then $92.10.



Poultry  Date: March 27, 2013

Eggs

New York:  Ex. Lg. 148-152; Lg. 146-150; Med. 117-121;
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