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Daily Market Report Archive

Grain & Soybean Date: April 08, 2013

Soybeans

Local Elevators:
(April) EAST AR:  1361 to 1398
(NC) Summ. 1202 to 1238
River Elevators:
(April) MISS: 1404 to 1413 ; AR & White 1362 to 1393
(NC) Summ. 1202 to 1254
Ark. Processor Bids: (April) 1388 to - - -  (NC) 1222 to 1227
Memphis:  (April) 1403 to 1418 (NC)  1257 1/4 to 1260 1/4
Riceland Foods:  (April) Stuttgart 1393 ; Pendleton 1398 
 (NC) Stuttgart 1215 ; Pendleton 1231 

Chicago Futures: May up 16 1/4 at  1378
  July  up  14 1/4  at  1358
  Aug up 12  at  1329 1/4
  Sept up 5 1/2  at  1270 1/2
  Nov up 4 1/4  at  1232 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans showed a positive rebound to start the week. Old crop contracts registered double digit gains after holding above chart support around $13.50. The market appears to be less concerned about the “bird fly” outbreak in China and its impact on soybean and soybean meal demand. Long term where this market heads will depend on the crop in South America, bird flu in China, economic policies in Europe and Japan, weather and planting in the U.S. Obviously, weather here will impact potential movement of corn to soybeans, that is likely already happening in the Southern regions of the country as the corn planting window is narrowing. November futures are continuing to hold support around $12.25.

Wheat
Cash bid for April at Memphis  717 1/2 to 722 1/2;

Bids to farmers at Local Elevators 688-698;
River Elevators 687-732;

Chicago Futures: May up  13 1/2  at  712 1/2 
  March up 13 1/4  at  717 1/2 
  Sept up  13  at  725 1/4 
  Dec up  13  at  738 
  March up  11 3/4  at  750 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for April at Memphis  1069 to 1087;

Bids to farmers at River Elevators 953-988;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for April at Memphis   648 1/2 to - - -;
  New Crop at Memphis   527 1/4 to 531 1/4;
Bids to farmers at River Elevators  616 to 649

Chicago Futures: May up  4 1/2  at  633 1/2 
  July up  1 3/4  at  619 1/2 
  Sept down  3/4  at  551 1/4 
  Dec down  at  532 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted strong gains today. A confirmed purchase of 1 million metric tons of U.S. soft red winter wheat by China was the impetus for the move. Weather concerns are also supportive. Weekly crop ratings for last week showed only 34% of the U.S. crop rated good to excellent, and cold weather could be causing further deterioration. Rumors of China buying wheat were also a plus, but there has been no confirmation yet. July will have tough resistance near $7.40 on a rebound.

Corn was narrowly mixed with the front two contracts higher. New crop was generally 3 to 4 cents lower, but December continues to hold above last week’s low near $5.25. The next chart support is still $5.11. This week’s supply demand report will see adjustments in most categories as a result of the almost 400 million bushel higher stocks last week. Obviously, higher price levels did the job of rationing the smaller and that lead to a dollar or more downward adjustment in old crop price levels.



Cotton & Rice  Date: April 08, 2013


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 141 at  81.88
  Greenwood down  141 at 81.88

New York Futures: May down  141  at  8538 
  July down  131  at  8726 
 Oct down  137  at  8656 
 Dec down  90  at  8581 
 March down  81  at  8582 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was sharply lower with both old and new crop contracts declining to new recent lows. May futures closed at the lowest level in a month, while December recovered enough to close above the recent low. It appears weather may be pushing some acres back toward cotton in the southern production regions.

Rice

Long Grain Cash Bid for  April - - -  to  - - -
  NC 1455/cwt  to  - - -

Chicago Futures: May up  8 1/2  at  1558  
 July up  8 1/2  at  1586 
 Sept up  12 1/2  at  1535 
 Nov up  13  at  1551 1/2 
 Jan up  13  at  1562 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures reversed early declines to close a little higher for the day. May reversed a few cents short of a 50% retracement of recent gains. Slow planting conditions in the upper mid-south growing area could become a problem if periodic rain events coupled with colder temperatures continue for much longer. However, it doesn’t take long to catch up, but you do need good conditions at some point.



Cattle & Hogs  Date: April 08, 2013

Cattle
As reported by Federal-State Market News, receipts were 2057 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers sold steady to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 188.00 to - - -
  500 to 550 lbs. 168.00 to - - -
  600 to 650 lbs. 149.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 178.25 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 146.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 140.50 to - - -

Slaughter Cows, Boners 76.00   to   84.00
Light Weight 64.00 to 70.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   90.00   to   100.00
Midwest Steers   were   at   128.00   to   128.50
Panhandle Steers   were   at   128.00   to   128.50

Oklahoma City Feeders
Steers 500 to 550 lbs. 168.00 to 175.50
  550 to 600 lbs. 146.00 to 157.50
Heifers 450 to 500 lbs. 151.00 to - - -
  500 to 550 lbs. 136.00 to 147.00

Chicago Futures:
Live Cattle: April up 22 at 12625
  June up 50 at 12200
Feeders: April up 17 at 14275
  May up 45 at 14475

Cattle Comment
Cattle were higher across the board. Friday’s losses were thought to be overdone in light of stronger cash values this morning and some recovery in the stock market.

Hogs
Peoria: were     steady   at   51.50   to  

Chicago Futures: April up 57 at 8060
  May up 45 at 8735

Hogs Comment
Hogs were a bit higher, but still traded well within Friday’s big range. May hogs are holding just above support at $86.50.



Poultry  Date: April 08, 2013

Eggs

New York:  Ex. Lg. 112-116; Lg. 110-114; Med. 96-100;
Chicago:  Ex. Lg. 107-115; Lg. 105-113; Med. 81-89;

National Turkeys
Hens: 8-16 lbs 97.00
Toms: 16-24 lbs 95.92
 

Delmarva Broilers
U.S. Grade A
N/A