Print this page

Daily Market Report Archive

Grain & Soybean Date: April 10, 2013

Soybeans

Local Elevators:
(April) EAST AR:  1366 to 1403
(NC) Summ. 1208 to 1244
River Elevators:
(April) MISS: 1419 to 1428 ; AR & White 1368 to 1408
(NC) Summ. 1210 to 1262
Ark. Processor Bids: (April) 1398 to 1403  (NC) 1228 to 1233
Memphis:  (April) 1414 3/4 to 1429 3/4 (NC)  1262 1/2 to 1264 1/2
Riceland Foods:  (April) Stuttgart - - - ; Pendleton - - - 
 (NC) Stuttgart - - - ; Pendleton - - - 

Chicago Futures: May down 2 3/4 at  1392 3/4
  July  down  3 3/4  at  1367 1/2
  Aug down 3 1/2  at  1336
  Sept down at  1276 1/2
  Nov down 4 1/4  at  1237 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
USDA’s monthly supply/demand report for soybeans presented several adjustments following the higher than anticipated quarterly stocks two weeks ago. Crush was increased 20 million bushels to 1.635 billion bushels, while exports were increased just 5 million bushels. Residual was reduced 25 million bushels. Those adjustments left ending stocks unchanged at 125 million bushels. Initial market reaction was negative. Old crop May reversed after moving above $14 to close lower. New crop November hit resistance at $12.50, setting up potential retest of support around $12.20 to $12.25. From a technical perspective, there is substantial down potential.

Wheat
Cash bid for April at Memphis  701 3/4 to 706 3/4;

Bids to farmers at Local Elevators 673-683;
River Elevators 677-713;

Chicago Futures: May down  12  at  696 3/4 
  July down 11  at  703 
  Sept down  9 1/2  at  711 3/4 
  Dec down  8 1/4  at  726 1/4 
  March '14 down  at  740 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for April at Memphis  1096 to 1114;

Bids to farmers at River Elevators 980-1016;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for April at Memphis   664 to - - -;
  New Crop at Memphis   542 3/4 to - - -;
Bids to farmers at River Elevators  631 to 664

Chicago Futures: May up  4 3/4  at  649 
  July up  at  632 1/2 
  Sept up  4 1/2  at  566 3/4 
  Dec up  2 3/4  at  543 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were lower in reaction to the supply/demand report. U.S. ending stocks of 731 million bushels and world ending stocks of 182.3 million metric tons were both above the average of expectations. However, cold weather continues in the southwestern plains, likely causing further damage to the winter crop. July has support at the recent low of $6.64.

Corn numbers were adjusted in today’s report, but only a portion of the “bigger than expected stocks” showed up in projected ending stocks. Feed use was cut 150 million bushels, while ethanol use rose 50 million bushels reflecting a slight upward creep in weekly use numbers. All in all, ending stocks were projected to be 125 million bushels higher, or a total of 757 million bushels. Market reaction was mixed following the report. At the end of the day, the market ended mostly higher. The possibility of the market moving the stocks gap to $6.80 does not seem very promising, but it does exist. New crop December moved above resistance around $5.40, but remains in a long term downtrend.



Cotton & Rice  Date: April 10, 2013


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 73 at  8212
  Greenwood up  73 at 8212

New York Futures: May up  73  at  8537 
  July up  87  at  8748 
 Oct up  87  at  8696 
 Dec up  78  at  8657 
 March '14 up  70  at  8660 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton shrugged off the upward adjustment in yield and production for 2012. An increase of 14 pounds in yield led to a 280,000 bale increase in production, which was largely offset by a quarter million bale increase in exports. That left projected ending stocks unchanged at 4.2 million bales. World ending stocks moved back above 82.4 million bales, largely the result of adjusted beginning stocks in India. China is projected to hold 45.6 million bales of stocks, or 55% of the total. Their projected imports for the year increased by 1.5 million bales, accounting for a higher U.S. export projection. Cotton futures moved higher but will find recent highs to be stiff resistance.

Rice

Long Grain Cash Bid for  April - - -  to  - - -
  NC - - -  to  - - -

Chicago Futures: May down  at  1567 1/2 
 July down  at  1596 1/2 
 Sept down  4 1/2  at  1542 
 Nov down  4 1/2  at  1558 1/2 
 Jan '14 down  4 1/2  at  1569 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was slightly weaker following the April report. USDA lowered domestic use 5 million cwt with 4 million cwt coming from long grain. Projected ending stocks were increased a like amount. Overall demand for U.S. rice remains good. The question hanging over the Asian market is what Thailand is going to do with their huge stocks and how that will impact trade.



Cattle & Hogs  Date: April 10, 2013

Cattle
As reported by Federal-State Market News, receipts were 752 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers mostly steady to $5 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 166 to - - -
  500 to 550 lbs. 155.25 to - - -
  600 to 650 lbs. 144 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 157.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 137.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 135.25 to - - -

Slaughter Cows, Boners 74   to   81
Light Weight 62 to 65
Bulls, Yield Grade   1   1000   to   2000 lbs.   87.50   to   86
Midwest Steers   were   at   127   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 166 to 175.50
  550 to 600 lbs. 161 to 167
Heifers 500 to 550 lbs. 147.50 to 152.50
  550 to 600 lbs. 142 to 147

Chicago Futures:
Live Cattle: April down 145 at 12527
  June down 170 at 12000
Feeders: April down 212 at 14050
  May down 242 at 14232

Cattle Comment
Cattle futures sold off hard today, with live contracts setting new life of contract lows. Weak beef prices and negative packer margins continue to weigh on the market and traders are uncertain that demand will improve.

Hogs
Peoria: were steady to 50¢     higher   at   52.50   to   - - -

Chicago Futures: April up 50 at 8122
  May up 25 at 8755

Hogs Comment
Hogs were mixed. The fundamental situation for hogs is not great. Cash markets are lackluster at best with packer margins in the red and product values disappointing. May hogs are holding just above support at $86.50.



Poultry  Date: April 10, 2013

Eggs

New York:  Ex. Lg. 99-103; Lg. 97-101; Med. 92-96;
Chicago:  Ex. Lg. 107-115; Lg. 105-113; Med. 81-89;

National Turkeys
Hens: 8-16 lbs. 97
Toms: 16-24 lbs. 95.92
 

Delmarva Broilers
U.S. Grade A
n/a