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:				0¢

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:				0¢

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:	0¢

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:				0¢

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.

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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					0¢
medium grain rice is					0¢

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.

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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.

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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.