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Arkansas Farm Bureau
Grain & Soybean Date: September 28, 2012

Soybeans

Local Elevators:
(Sept) EAST AR:  - - - to - - -
(NC) Summ. 1554 to 1586
River Elevators:
(Sept) MISS: 1591 to 1605 ; AR & White 1564 to 1595
(NC) Summ. 1562 to 1603
Ark. Processor Bids: (Sept) 1584 to - - -  (NC) 1579 to 1584
Memphis:  (Sept) 1598 to 1606 (NC)  1598 to 1606
Riceland Foods:  (Sept) Stuttgart 1579 ; Pendleton 1586 
 (NC) Stuttgart 1293 ; Pendleton 1298 

Chicago Futures: Nov up 30 1/4 at  1601
  Jan  up  31 1/2  at  1602 3/4
  March up 40 1/4  at  1564 1/4
  May up 42 1/2  at  1521 1/2
  July up 36 3/4  at  1496 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybean stocks were reported at 38 million bushels on September 1, 29% above industry expectations. That didn’t stop prices from following corn and wheat higher, however. Cash prices are being supported by steady export sales, mostly to China. Today’s rally allowed November to regain most of what was lost the past two days. The market is building support in the $15.55 to $15.65 area.

Wheat
Cash bid for September at Memphis  834 1/2 to - - -;
Bids to farmers at Local Elevators 822-832;
River Elevators 832-847;

Chicago Futures: Dec up  47  at  902 1/2 
  March up 44  at  912 1/4 
  May up  36  at  906 1/4 
  July up  31 1/4  at  867 
  Sept up  30 3/4  at  868 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for September at Memphis  1127 to - - -;
Bids to farmers at River Elevators 1065-1127;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for September at Memphis   661 1/4 to 731 1/4;
  New Crop at Memphis   602 to 614;
Bids to farmers at River Elevators  693 to 716

Chicago Futures: Dec up  40  at  756 1/4 
  March up  40  at  759 1/2 
  May up  39 1/2  at  756 1/2 
  July up  38  at  749 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat stocks were 8% lower than the trade expected today, and as such, the market rallied strongly. July will have resistance between $8.70 and $8.80.

Corn futures were up the 40 cent limit today as the USDA turned the market upside down with the September 1 stocks report. Corn stocks were below 1 billion bushels for the first time in 8 years. December charted a huge bullish reversal today, but the daily limit stopped the market before the recent downtrend could be broken. That resistance is near $7.60.



Cotton & Rice  Date: September 28, 2012


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 88 at  6640
  Greenwood down  88 at 6640

New York Futures: Oct down  88  at  6915 
  Dec down  88  at  7065 
 March down  81  at  7168 
 May down  75  at  7276 
 July down  68  at  7391 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton futures fell to a two month low today. However, lackluster international demand will likely continue to limit upside possibilities. Today’s weakness was spurred by news of large cancellations of cotton commitments from several countries totaling over 4 million bales and over $1 billion.

Rice
Long Grain Cash Bid for  Sept 1423/cwt  to  - - -
  NC 1504/cwt  to  - - -

Chicago Futures: Nov up  31  at  1547 1/2 
 Jan up  30 1/2  at  1579 
 March up  30 1/2  at  1607 
 May up  33  at  1628 1/2 
 July up  33 1/2  at  1651 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice continued to rebound today. New estimates suggest Brazil will cut rice production by 10% in 2013 in favor of more profitable soybeans and corn. That could create more market opportunities for rice in the next marketing year. Ample world supplies and continued slow export demand will limit upside movement for the time being, however. November moved to its highest level all month in today’s trade.



Cattle & Hogs  Date: September 28, 2012

Cattle
As reported by Federal-State Market News, receipts were 11,105 head at sales in Arkansas this week.  Compared with last week, feeder steers sold unevenly, averaging near steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 169.00 to - - -
  500 to 550 lbs. 152.00 to - - -
  600 to 650 lbs. 137.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 147.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 135.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 135.00 to - - -

Slaughter Cows, Boners 69.00   to   77.00
Light Weight 52.00 to 60.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   82.00   to   92.50
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 144.00 to 184.50
  500 to 550 lbs. 138.00 to 165.00
Heifers 450 to 500 lbs. 131.00 to 150.50
  500 to 550 lbs. 127.00 to 145.00

Chicago Futures:
Live Cattle: Oct down 37 at 12207
  Dec down 47 at 12470
Feeders: Sept down 242 at 14380
  Oct down 297 at 14435

Cattle Comment
Cattle futures were lower across the board. The shocking corn stocks report crushed the feeder cattle market as corn prices soared to the daily limit. Falling wholesale beef prices and technical selling pressured live cattle futures. October live futures look likely to retest support around $119.

Hogs
Peoria: were $2.50 lower to $1.50     higher   at   47.50   to   49.50

Chicago Futures: Oct down 5 at 7717
  Dec up 15 at 7375

Hogs Comment
Hog futures ended mixed. Deferred contracts were supported by ideas that higher feed costs will result in smaller numbers next year.



Poultry  Date: September 28, 2012

Eggs
New York:  Ex. Lg. 138-142; Lg. 136-140; Med. 109-113;
Chicago:  Ex. Lg. 142-150; Lg. 140-148; Med. 116-124;

National Turkeys
Hens: 8-16 lbs 110.86
Toms: 16-24 lbs 112.56
 

Delmarva Broilers
U.S. Grade A
Prices are holding steady for whole broiler/fryers. Offerings of all sizes are sufficient for current trade needs. Demand into retail and food service channels is moderate for late week business. Market activity is light to moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.

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