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Arkansas Farm Bureau
Grain & Soybean Date: October 03, 2012

Soybeans

Local Elevators:
(Oct) EAST AR:  1485 to 1524
(NC) Summ. 1490 to 1529
River Elevators:
(Oct) MISS: 1532 to 1539 ; AR & White 1490 to 1529
(NC) Summ. 1495 to 1568
Ark. Processor Bids: (Oct) 1510 to 1515  (NC) 1515 to 1544
Memphis:  (Oct) 1531 3/4 to 1538 3/4 (NC)  - - - to - - -
Riceland Foods:  (Oct) Stuttgart - - - ; Pendleton - - - 
 (NC) Stuttgart - - - ; Pendleton - - - 

Chicago Futures: Nov up 1 1/4 at  1531 3/4
  Jan  down  at  1532 1/4
  March down 1/4  at  1501 1/2
  May up 2 3/4  at  1464 1/4
  July up 4 3/4  at  1451 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans traded sharply lower into the late morning with November stopping just above $15. A late session rally allowed most contracts to end the day on a positive note. November completed a 50% retracement of the June to September rally. Whether the market has bottomed is still in question with the gap between $14.78 and $14.93 a potential objective. Better than expected yields in the western Corn Belt have resulted in higher private production forecasts. F.C. Stone forecast a crop of 2.849 billion bushels, or 215 million bushels above the USDA September number. Coupled with big acreages in South America this has been a major factor in the almost $3 per bushel slide in November futures.

Wheat
Cash bid for October at Memphis  804 to 838;
Bids to farmers at Local Elevators 807-817;
River Elevators 817-832;

Chicago Futures: Dec up  1 1/2  at  873 
  March up at  884 
  May unchanged  - - -  at  884 1/2 
  July up  2 3/4  at  851 1/2 
  Sept up  at  855 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for October at Memphis  1164 to - - -;
Bids to farmers at River Elevators 1066-1128;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for October at Memphis   661 3/4 to 736 3/4;
  New Crop at Memphis   614 1/2 to 626 1/2;
Bids to farmers at River Elevators  694 to 737

Chicago Futures: Dec down  1 1/2  at  756 3/4 
  March down  2 1/4  at  757 1/2 
  May down  at  753 
  July down  1 1/2  at  746 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures recovered a bit today, ending a penny or two higher. Export opportunities remain elusive for U.S. wheat. Egypt opted for lower priced wheat from France and Argentina in their weekly tender. The first level of support for July is last week’s low of $8.28.

Corn also firmed in the late trade but ended the session mostly lower. Corn, too, had had better yields which has prompted a slight upward adjustment in private forecasts. Last week’s lower than expected stock report suggests ending stocks of less than 600 million bushels. New Crop 2013 corn appears to be developing good support between $6.00 and $6.25, with strong resistance around $6.50 to $6.60.



Cotton & Rice  Date: October 03, 2012


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 31 at  67.91
  Greenwood up  31 at 67.91

New York Futures: Oct up  24  at  7054 
  Dec up  31  at  7216 
 March up  28  at  7297 
 May up  29  at  7371 
 July up  33  at  7445 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton followed the lead of soybeans and reversed early losses to close with slight gains. There is little to suggest that this market will catch fire in the near future. Poor world economic conditions and a slowing Chinese economy don’t bode well for cotton, especially with huge stocks looming over the market. Support at 70 cents appears solid at this point. Like rice some mid-south cotton acreage will shift to corn and beans in 2013.

Rice
Long Grain Cash Bid for  Oct - - -  to  - - -
  NC - - -  to  - - -

Chicago Futures: Nov down  1/2  at  1532 
 Jan up  13  at  1569 
 March up  13  at  1597 
 May up  12  at  1618 
 July up  12  at  1640 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice moved lower, while continuing to hold in a sideway consolidation pattern. The market remains fairly quiet as the harvest proceeds. Generally speaking it appears yields are down about 10% after Isaac. Quality is a problem in some areas with milling yields below normal. As we look ahead to 2013, some acreage could be lost to beans and corn.



Cattle & Hogs  Date: October 03, 2012

Cattle
As reported by Federal-State Market News, receipts were 800 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to $2 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 156.00 to - - -
  500 to 550 lbs. 143.00 to - - -
  600 to 650 lbs. 134.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 142.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 129.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 124.00 to - - -

Slaughter Cows, Boners 67.00   to   75.00
Light Weight - - - to - - -
Bulls, Yield Grade   1   1000   to   2000 lbs.   84.00   to   90.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 156.00 to 170.00
  500 to 550 lbs. 140.00 to 153.00
Heifers 450 to 500 lbs. 131.00 to 144.00
  500 to 550 lbs. 128.00 to 140.00

Chicago Futures:
Live Cattle: Oct down 20 at 12307
  Dec down 35 at 12602
Feeders: Oct down 7 at 14530
  Nov up 30 at 14680

Cattle Comment
Cattle futures were under pressure today. Nearby contracts are feeling the burden of large fed cattle supplies. Deferred contracts were lower today on demand uncertainty.

Hogs
Peoria: were $2.50 lower to $1.50     higher   at   51.00   to   51.50

Chicago Futures: Oct up 87 at 8002
  Dec down 97 at 7587

Hogs Comment
Hog futures were mostly lower today as traders took profits after the recent rally. Nearby October was supported by Tuesday’s $3 jump in the composite pork cutout.



Poultry  Date: October 03, 2012

Eggs
New York:  Ex. Lg. 120-124; Lg. 118-122; Med. 95-99;
Chicago:  Ex. Lg. 134-142; Lg. 132-140; Med. 105-113;

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

Delmarva Broilers
U.S. Grade A
Whole broiler/fryer prices are holding steady. Offerings are sufficient. Demand is moderate for mid-week business. Market activity is mostly moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.

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