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Arkansas Farm Bureau
Grain & Soybean Date: October 10, 2012

Soybeans

Local Elevators:
(Oct) EAST AR:  1483 to 1522
(NC) Summ. 1489 to 1528
River Elevators:
(Oct) MISS: 1531 to 1535 ; AR & White 1489 to 1523
(NC) Summ. 1495 to 1560
Ark. Processor Bids: (Oct) 1509 to 1518  (NC) 1515 to 1536
Memphis:  (Oct) 1529 1/4 to 1540 1/4 (NC)  - - - to - - -
Riceland Foods:  (Oct) Stuttgart 1509 ; Pendleton 1522 
 (NC) Stuttgart 1305 ; Pendleton 1310 

Chicago Futures: Nov down 26 3/4 at  1523 1/4
  Jan  down  25 1/2  at  1523 3/4
  March down 17  at  1487 1/4
  May down 12  at  1428 1/2
  July down 9 1/4  at  1428 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were hit by heavy selling which pushed front end contracts sharply lower by noon. This was in response to tomorrow’s report which is expected to show a large production number for the U.S. Also, big planting increases are expected in South America. Last week’s low of $15.04 remains critical support. A move below that level would have two potential targets, the breakaway gap of early July at $14.78 or 38% retracement objective at $14.57. A rebound in the market is probably, at some point, with a target of $16 or higher.

Wheat
Cash bid for October at Memphis  816 3/4 to 834 3/4;
Bids to farmers at Local Elevators 801-811;
River Elevators 811-831;

Chicago Futures: Dec up  5 1/2  at  869 3/4 
  March up 5 1/4  at  881 
  May up  at  881 1/2 
  July up  3 1/4  at  846 1/4 
  Sept up  2 1/2  at  849 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for October at Memphis  1137 to - - -;
Bids to farmers at River Elevators 1057-1128;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for October at Memphis   656 3/4 to 731 3/4;
  New Crop at Memphis   598 3/4 to 625 3/4;
Bids to farmers at River Elevators  692 to 722

Chicago Futures: Dec down  5 1/4  at  736 3/4 
  March down  4 1/2  at  737 3/4 
  May down  at  732 1/2 
  July down  3 1/2  at  726 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were higher again today. Tomorrow’s report is expected to be bullish for prices. Expectations are for a lower crop estimate for Russia, Ukraine and Australia, resulting in a lower ending stocks number. However, the lack of export demand for U.S. wheat will continue to limit the upside.

Corn also was pressured in early trading with December holding well above the recent low at $7.05. World financial instability has investors hunting safe havens which means a lot of position evening ahead of tomorrow’s report. While corn yields appear to be improving, the general feeling is harvested acreage will decline lowering the production number by 125 million bushels or so.



Cotton & Rice  Date: October 10, 2012


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 26 at  6785
  Greenwood up  26 at 6785

New York Futures: Dec up  26  at  7210 
  March up  28  at  7302 
 May up  33  at  7405 
 July up  37  at  7493 
 Oct up  37  at  7597 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was narrowly mixed at midday. A slower growth rate for China and huge stocks don’t well for cotton. China has 34 to 35 million bales of cotton stocks and isn’t expected to purchase as much U.S. cotton as they normally do. Producers in the U.S. are expected to decrease plantings in favor of corn & soybeans. Eventually that will help cotton.

Rice
Long Grain Cash Bid for  Oct 1378cwt  to  - - -
  NC 1467/cwt  to  - - -

Chicago Futures: Nov down  20 1/2  at  1502 1/2 
 Jan down  20 1/2  at  1535 
 March down  20 1/2  at  1563 
 May down  20  at  1585 1/2 
 July down  21  at  1607 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
A Rice future continued yesterday’s downturn and was trading just above last week’s low at noon. Production numbers should decline as a result of damage by Hurricane Isaac. This has been cussed and discussed for the last month. Improved export demand will be needed to get the market off dead center. November futures have strong resistance at $15.50.



Cattle & Hogs  Date: October 10, 2012

Cattle
As reported by Federal-State Market News, receipts were 888 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold mostly $2 to $4 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 167.00 to - - -
  500 to 550 lbs. 148.00 to - - -
  600 to 650 lbs. 139.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 137.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 134.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 133.00 to - - -

Slaughter Cows, Boners 68.00   to   75.00
Light Weight 52.00 to 57.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   83.00   to   91.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 156.00 to 169.00
  500 to 550 lbs. 147.00 to 160.00
Heifers 450 to 500 lbs. 132.00 to 145.00
  500 to 550 lbs. 127.00 to 140.00

Chicago Futures:
Live Cattle: Oct up 22 at 12492
  Dec down 15 at 12657
Feeders: Oct up 2 at 14472
  Nov steady - - - at 14670

Cattle Comment
Cattle futures were mixed. Nearby live cattle contracts were supported by expectations for higher cash trade in the $125 area this week.

Hogs
Peoria: were $2 lower to $2     higher   at   52.00   to   54.00

Chicago Futures: Oct up 67 at 8257
  Dec up 130 at 7810

Hogs Comment
Hog futures were mostly higher. December continues to trend higher, but has resistance at $77.75.



Poultry  Date: October 10, 2012

Eggs
New York:  Ex. Lg. 117-121; Lg. 115-119; Med. 94-98;
Chicago:  Ex. Lg. 110-118; Lg. 108-116; Med. 85-93;

National Turkeys
Hens: 8-16 lbs 111.02
Toms: 16-24 lbs 111.61
 

Delmarva Broilers
U.S. Grade A
Prices are holding steady for whole broiler/fryers. Offerings are sufficient for current trade needs. 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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