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Arkansas Farm Bureau
Grain & Soybean Date: October 11, 2012

Soybeans

Local Elevators:
(Oct) EAST AR:  1509 to 1548
(NC) Summ. 1515 to 1553
River Elevators:
(Oct) MISS: 1557 to 1564 ; AR & White 1515 to 1549
(NC) Summ. 1520 to 1585
Ark. Processor Bids: (Oct) 1544 to 1535  (NC) 1540 to 1561
Memphis:  (Oct) 1563 1/2 to - - - (NC)  - - - to - - -
Riceland Foods:  (Oct) Stuttgart 1535 ; Pendleton 1548 
 (NC) Stuttgart 1324 ; Pendleton 1329 

Chicago Futures: Nov up 25 1/4 at  1548 1/2
  Jan  up  24 3/4  at  2548 1/2
  March up 33 1/2  at  1520 3/4
  May up 38 3/4  at  1478 1/4
  July up 38 3/4  at  1467 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
USDA raised soybean production 226 million bushels to 2.86 billion stocks that allowed USDA to adjust use upward. The domestic crush rose to 1.54 billion bushels while 210 million bushels increase in exports put that number at 1.265 billion bushels. Ending stocks rose slightly but are still projected to be a very tight 130 million bushels. November futures quickly responded closing right at $15.50 other contracts rose as much as 39 cents while November 2013 closed above $14.50 and could push toward resistance just above $14.

Wheat
Cash bid for October at Memphis  833 to 851;
Bids to farmers at Local Elevators 817-827;
River Elevators 827-847;

Chicago Futures: Dec up  16 1/4  at  886 
  March up 16  at  897 
  May up  16 1/4  at  897 3/4 
  July up  15 1/4  at  861 1/2 
  Sept up  15  at  864 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for October at Memphis  1202 to - - -;
Bids to farmers at River Elevators 1122-1193;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for October at Memphis   693 1/4 to 768 1/4;
  New Crop at Memphis   645 1/2 to 650 1/2;
Bids to farmers at River Elevators  728 to 763

Chicago Futures: Dec up  36 1/2  at  773 1/4 
  March up  35 1/2  at  773 1/4 
  May up  35 1/4  at  767 3/4 
  July up  33 3/4  at  760 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat continued to be the follower in this market with only minor adjustments in the supply demand report. U.S. wheat continues a little pricey for most of the importer but that could change as other origins become scarcer. 2013 July should test resistance around $8.75 and a move to the recent high of $8.95 is possible.

Corn was the biggest mover despite a smaller than expected cut in production. Yield was trimmed .8 bushel per acre but harvested acres rose by 300,000 when most thought they would decline. A big downward adjustment of 193 million bushels in the beginning stocks number was the factor that moved the market higher. 2012 December closed above recent resistance and has upside objectives at $7.78 and $7.95. 2013 December could move toward the recent high of $6.65.



Cotton & Rice  Date: October 11, 2012


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 139 at  6646
  Greenwood down  139 at 6646

New York Futures: Dec down  139  at  7071 
  March down  162  at  7140 
 May down  157  at  7248 
 July down  167  at  7326 
 Oct down  159  at  7438 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton took another bug lick in today’s report as world production was increased by 2.3 million bales, pushing projected world stocks to 79.1 million bales. Adjustments in U.S. numbers were relatively small with production up 180,000 bales, projected exports down 200,000 bales and projected ending stocks up 300,000 to 5.6 million bales. That triggered selling pressure which left December futures down 139 points to 70.41 cents.

Rice
Long Grain Cash Bid for  Oct 1373/cwt  to  - - -
  NC 1464/cwt  to  - - -

Chicago Futures: Nov down  at  1497 1/2 
 Jan down  at  1530 
 March down  at  1558 
 May down  5 1/2  at  1580 
 July down  3 1/2  at  1603 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were slightly lower as USDA increased the production estimate by 2.6 million cwt. A slight increase in use put projected stocks at 32.4 million cwt. Long grain production rose 1.8 million cwt, as the Arkansas yield was boosted by 100 pounds per acre. The dip carried November futures below $15. The next chart support is $14.84.



Cattle & Hogs  Date: October 11, 2012

Cattle
As reported by Federal-State Market News, receipts were 2451 head at sales in Charlotte, Ratcliff, & Green Forest.  Compared with last week, feeder steers sold mostly firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 174.50 to - - -
  500 to 550 lbs. 153.50 to - - -
  600 to 650 lbs. 141.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 151.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 139.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 136.00 to - - -

Slaughter Cows, Boners 69.00   to   76.00
Light Weight 59.00 to 67.00
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   83.00   to   92.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
Heifers - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -

Chicago Futures:
Live Cattle: Oct down 32 at 12460
  Dec down 65 at 12592
Feeders: Oct down 197 at 14275
  Nov down 290 at 14380

Cattle Comment
Cattle futures reversed early gains to close mostly lower. Gains were prompted by a lower USDA beef output. Profit taking erased the gains later in the session. The strong reversal gives the market a bearish look for the short term.

Hogs
Peoria: were     steady   at   52.00   to   54.00

Chicago Futures: Oct down 25 at 8232
  Dec down 60 at 7750

Hogs Comment
Hog futures were mixed with front end contracts slightly lower. Market conjecture leans toward decreasing pork demand in the near future. Hog supplies remain large with this week’s slaughter up almost 2% from the same time last year.



Poultry  Date: October 11, 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 approaching the weekend. Market activity is moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.

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