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Daily Market Report Archive

Grain & Soybean Date: March 28, 2013

Due to the holiday, our office will be closed tomorrow. Our Market Report will resume April 1, 2013.

Soybeans

Local Elevators:
(March) EAST AR:  1388 to 1425
(NC) Summ. 1222 to 1252
River Elevators:
(March) MISS: 1437 to 1440 ; AR & White 1390 to - - -
(NC) Summ. 1222 to 1274
Ark. Processor Bids: (March) 1415 to - - -  (NC) 1242 to 1247
Memphis:  (March) 1425 3/4 to 1439 3/4 (NC)  1273 1/2 to 1279 1/2
Riceland Foods:  (March) Stuttgart 1420 ; Pendleton 1425 
 (NC) Stuttgart 1239 ; Pendleton 1249 

Chicago Futures: May down 49 at  1404 3/4
  July  down  45 1/2  at  1385 1/2
  Aug down 38 3/4  at  1346 3/4
  Sept down 30 1/4  at  1285
  Nov down 26 3/4  at  1251 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were sharply lower as quarterly stocks of 999 million bushels hit the market hard. This was 64 million bushels over the pre-report estimate. Projected plantings at 77.13 million acres were below expectations and down 72,000 acres from 2012. Arkansas acreage was projected up 2% at 3.25 million acres. The smaller than expected plantings will likely come into play after the 3 day Easter weekend. Old crop futures were pushed back near $14, while November again found support at $12.50.

Wheat
Cash bid for March at Memphis  692 3/4 to 697 3/4;

Bids to farmers at Local Elevators 651-671;
River Elevators 660-705;

Chicago Futures: May down  49  at  687 3/4 
  July down 45  at  691 
  Sept down  43 1/4  at  699 1/4 
  Dec down  40  at  713 1/4 
  March down  37 3/4  at  726 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1179 to 1197;

Bids to farmers at River Elevators 1063-1099;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   713 1/4 to 715 1/4;
  New Crop at Memphis   533 to 541;
Bids to farmers at River Elevators  684 to 730

Chicago Futures: May down  40  at  695 1/4 
  July down  40  at  676 
  Sept down  40  at  563 
  Dec down  32 1/2  at  538 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted huge losses in reaction to the stocks report today. Stocks were estimated at 1.234 billion bushels, 57 million bushels above the average trade guess. Negative reports for both corn and beans were also a factor. The planted acreage report came in as expected at 56.44 million acres for all types of wheat. July fell back to support at $6.86 ¼.

Corn took a real blast from the quarterly stocks report Stocks were put at 5.398 billion bushels up 385 million bushels from the pre-report estimate and well above the high end of estimates. Prospective plantings of 97.28 million acres were right on target. Arkansas is projected to have 1 million acres of corn in 2013. Weather may cut into those plans. Front end contracts went down the limit of 40 cents immediately after reports. December gave back 3 weeks of gains plus some, falling to a new recent low and leaving the market vulnerable to further declines. The next support is $5.11.



Cotton & Rice  Date: March 28, 2013


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 7 at  8496
  Greenwood down  7 at 8496

New York Futures: May down  at  8846 
  July up  at  8981 
 Oct down  at  8773 
 Dec up  12  at  8737 
 March up  17  at  8718 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed narrowly mixed with planting intentions of 10.03 million acres hitting right on expectations. Arkansas’ prospective plantings are down 55% from last year to just 270,000 acres. December futures closed slightly higher.

Rice

Long Grain Cash Bid for  March 1456/cwt  to  - - -
  NC 1452/cwt  to  - - -

Chicago Futures: May up  at  1536 
 July up  3 1/2  at  1565 
 Sept unchanged  - - -  at  1532 
 Nov up  at  1550 1/2 
 Jan up  5 1/2  at  1561 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were mixed with prospective U.S. plantings down 3% at 2.611 million acres. Long grain plantings were projected 3% lower at 1.933 million acres. For Arkansas long grain plantings were 5% lower at 1.12 million acres. Medium grain was down 9% at 105,000 acres. Total Arkansas rice at 1.226 million acres was down 5%. May futures moved to within a nickel of the 50% retracement objective of 15.59 before backing off following the report.



Cattle & Hogs  Date: March 28, 2013

Cattle
As reported by Federal-State Market News, receipts were 1123 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 179.50 to - - -
  500 to 550 lbs. 155.00 to - - -
  600 to 650 lbs. 143.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 156.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 137.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 139.50 to - - -

Slaughter Cows, Boners 75.00   to   82.00
Light Weight 67.00 to 74.00
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   90.00   to   98.50
Midwest Steers   were   at   128.00   to   - - -
Panhandle Steers   were   at   127.00   to   128.00

Oklahoma City Feeders
Steers 450 to 500 lbs. 171.00 to 185.00
  500 to 600 lbs. 157.00 to 169.00
Heifers 450 to 500 lbs. 152.00 to 157.00
  550 to 600 lbs. 141.50 to 145.50

Chicago Futures:
Live Cattle: April up 155 at 12890
  June up 140 at 12437
Feeders: March up 22 at 13552
  April up 300 at 14340

Cattle Comment
Feeder cattle were limit up today in reaction to the much higher than expected corn stocks report and the sharply lower corn prices that resulted. Live futures also were supported by expectations for higher cash prices. June live futures broke out of the downtrend today, and now have an upside of $125.23, the 38% retracement objective.

Hogs
Peoria: were     steady   at   46.00   to   48.00

Chicago Futures: April up 52 at 8060
  May up 30 at 8955

Hogs Comment
Hogs were also higher. The corn stocks report was bullish for hogs as well. Pork values have improved so far this week, as the market expects demand to increase after Easter. The April contract looks to be bottoming, and today showed follow through to yesterday’s key reversal. June has resistance at $91.60 and then $92.10.



Poultry  Date: March 28, 2013

Eggs

New York:  Ex. Lg. 146-150; Lg. 144-148; Med. 114-118;
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