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Daily Market Report Archive

Grain & Soybean Date: May 02, 2013

Soybeans

Local Elevators:
(May) EAST AR:  1375 to 1428
(NC) Summ. 1174 to 1210
River Elevators:
(May) MISS: 1448 to 1468 ; AR & White 1377 to 1422
(NC) Summ. 1177 to 1223
Ark. Processor Bids: (May) 1407 to 1451  (NC) 1194 to 1199
Memphis:  (May) 1392 1/4 to 1461 (NC)  1224 to - - -
Riceland Foods:  (May) Stuttgart 1407 ; Pendleton 1412 
 (NC) Stuttgart 1194 ; Pendleton 1210 

Chicago Futures: May up 3 1/2 at  1441
  July  down  3/4  at  1372 1/4
  Aug down at  1318 1/4
  Sept down 2 1/2  at  1247 1/2
  Nov down 5 1/4  at  1204
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were mixed with expiring May little higher on tightening stocks. New Crop contracts slipped lower as continuing weather concerns increase the probability of acreage moving from corn to soybeans. November held above $12 again today, but the likelihood of a test of support at last week’s low of $11.86 is high. From there the market could move to the June 1, 2012 low of $11.40. Obviously, it will depend on weather and whether corn gets planted.

Wheat
Cash bid for May at Memphis  741 /2 to 743 1/2;

Bids to farmers at Local Elevators 699-709;
River Elevators 705-745;

Chicago Futures: May up  8 1/4  at  718 3/4 
  July up 7 1/2  at  728 1/2 
  Sept up  7 1/2  at  738 
  Dec up  7 1/4  at  752 1/4 
  March up  7 1/4  at  765 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for May at Memphis  1111 to 1182;

Bids to farmers at River Elevators 1030-1066;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for May at Memphis   672 to 712 1/2;
  New Crop at Memphis   563 3/4 to - - -;
Bids to farmers at River Elevators  669 to 713

Chicago Futures: May up  15 3/4  at  697 1/2 
  July up  15 1/4  at  662 
  Sept up  10 3/4  at  583 3/4 
  Dec up  8 1/2  at  559 
  Today's Arkansas LDP rate for corn is:

Grain Comment
The weekly export report was well above last week’s report and well above expectations. Old crop sales were 219,200 metric tons and new crop sales were 497,000 metric tons. Winter weather is likely causing further deterioration in the winter wheat crop. July has resistance at $7.36, and a close above that level is needed to suggest an additional leg up.

Corn closed higher across the board with biggest gains in old crop. July moved back near Tuesday’s high and could close the late March chart gap that occurred following the quarterly stocks report. Resistance around $7.18 becomes a likely target if the weather situation extends into next week. New Crop contracts firmed and could challenge resistance between $5.70 and $5.74. Stronger resistance near $6 becomes a possibility on a weekly close above $5.74.



Cotton & Rice  Date: May 02, 2013


Cotton

Spot Price, Grade 41 Staple 34: Memphis  - - - at  - - -
  Greenwood   - - - at - - -

New York Futures: May up  174  at  8383 
  July up  181  at  8568 
 Oct up  142  at  8454 
 Dec up  143  at  8447 
 March up  120  at  8453 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton bounced back from yesterday’s late over reaction and retraced a large part of the declines at one point in the session. The market lost a portion of the gains in later trading. Importantly December help support near 83 cents and could show further gains ahead. December will need to close above this week’s high of 86.5 cents to extend the market through overhead trendline resistance near 87 cents.

Rice

Long Grain Cash Bid for  May - - -  to  - - -
  NC 1430/cwt  to  - - -

Chicago Futures: May up  1/2  at  1502 1/2 
 July down  at  1525 
 Sept down  at  1509 1/2 
 Nov down  at  1525 
 Jan down  at  1543 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was narrowly mixed as the market failed to follow through on strength in corn and wheat. Traders are looking at conflicting fundamentals – tightening U.S. stocks and good export demand versus large world and Thai stocks which could be a factor at some point down the line.



Cattle & Hogs  Date: May 02, 2013

Cattle
As reported by Federal-State Market News, receipts were 1342 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold steady to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 171.50 to - - -
  500 to 550 lbs. 151.50 to - - -
  600 to 650 lbs. 142.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 157.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 141.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 139.00 to - - -

Slaughter Cows, Boners 71.00   to   79.00
Light Weight 57.00 to 65.00
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   85.00   to   95.00
Midwest Steers   were   at   129.00   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 400 to 450 lbs. 176.00 to 186.00
  500 to 600 lbs. 161.00 to 172.00
Heifers 450 to 500 lbs. 151.00 to 155.00
  500 to 600 lbs. 141.00 to 148.00

Chicago Futures:
Live Cattle: June up 117 at 12365
  Aug up 77 at 12387
Feeders: May up 110 at 14060
  Aug up 92 at 14965

Cattle Comment
Cattle futures turned higher today. Improving cutout values are resulting in better packer margins. Margins are still in the red, but have improved significantly this week. Seasonal demand should be supportive when warmer weather is finally here to stay, and the lowest unemployment rate is 5 years is also seen as a positive factor.

Hogs
Peoria: were     steady   at   54.00   to   56.00

Chicago Futures: May up 40 at 9130
  June down 12 at 9282

Hogs Comment
Hogs were mostly lower due to their premium to cash prices and weak packer margins. The charts are looking stronger, though, with June challenging resistance at $93, the 50% retracement level of the selloff that occurred in February and March.



Poultry  Date: May 02, 2013

Eggs

New York:  Ex. Lg. 106-110; Lg. 104-108; Med. 95-99;
Chicago:  Ex. Lg. 85-93; Lg. 83-91; Med. 80-88;

National Turkeys
Hens: 8-16 lbs 98.48
Toms: 16-24 lbs 98.49
 

Delmarva Broilers
U.S. Grade A
N/A