Grain & Soybean Date: October 12, 2012

Soybeans

Local Elevators:
(Oct) EAST AR:  1483 to 1522
(NC) Summ. 1488 to 1526
River Elevators:
(Oct) MISS: 1532 to 1538 ; AR & White 1489 to 1523
(NC) Summ. 1493 to 1558
Ark. Processor Bids: (Oct) 1509 to 1518  (NC) 1513 to 1534
Memphis:  (Oct) 1537 1/2 to 1539 1/2 (NC)  - - - to - - -
Riceland Foods:  (Oct) Stuttgart - - - ; Pendleton - - - 
 (NC) Stuttgart - - - ; Pendleton - - - 

Chicago Futures:	Nov	down	26	at	1522 1/2
	Jan	down	26 1/2	at	1522
	March	down	28 3/4	at	1492
	May	down	28 1/2	at	1449 3/4
	July	down	27	at	1440 1/4
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans closed sharply lower, reversing yesterday’s gains. November held above $15 and retraced a portion of the decline before the close. A poor export report combined with yesterday’s report and prospects of big plantings in South America contributed to the quick turnaround. November support at the recent low of $15.05 remains a key point. A close below this level brings objective at $14.78 and $14.57 into play.

Wheat
Cash bid for October at Memphis  803 3/4 to 821 3/4;

Bids to farmers at Local Elevators	796-806;
River Elevators	806-826;

Chicago Futures:	Dec	down	29 1/4	at	856 3/4
	March	down	27 3/4	at	869 1/4
	May	down	25	at	872 3/4
	July	down	20 1/4	at	841 1/4
	Sept	down	19 1/2	at	844 3/4
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for October at Memphis  1166 to - - -;

Bids to farmers at River Elevators	1094-1157;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	October at Memphis   742 3/4 to 747 3/4;
	New Crop at Memphis   632 1/2 to 637 1/2;
Bids to farmers at River Elevators	713 to 743

Chicago Futures:	Dec	down	22 1/2	at	750 3/4
	March	down	22 1/2	at	750 3/4
	May	down	22 1/2	at	745 1/4
	July	down	22	at	738 1/2
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat continues to follow corn and that meant lower price levels today. Export movement declined for the third week in a row, adding to the selling pressure. U.S. price levels are generally not competitive with other available origins. New crop July dropped to the bottom of a 2 month trading range closing near $8.40.

Corn reversed yesterday’s upturn and closed lower near the low for the session. December has key support at the recent low near $7.05. A close below this would be bearish. Yesterday’s upturn completed a 50% retracement of the August/September decline. It may be tough to move to the next objective at $7.94.

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Cotton & Rice  Date: October 12, 2012

Cotton

Spot Price, Grade 41 Staple 34:	Memphis up 65 at  6711
	Greenwood up  65 at 6711

New York Futures:	Dec	up	65	at	7136
	March	up	51	at	7191
	May	up	37	at	7285
	July	up	35	at	7361
	Oct	up	36	at	7474
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton firmed slightly with December futures just above 71 cents. Yesterday’s report indicated increased world resulting in projected stocks rising to over 79 million bales. China’s import needs for 2012-13 will decline and that doesn’t bode well for U.S. cotton.

Rice

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

Chicago Futures:	Nov	up	5	at	1502 1/2
	Jan	up	5	at	1535
	March	up	9	at	1567
	May	up	10	at	1590
	July	up	17 1/2	at	1621
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice futures firmed late to pull November back above $15. A larger than expected production number and slightly larger stocks will limit upside potential. Export demand remains the key to market improvement.

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Cattle & Hogs  Date: October 12, 2012

Cattle
As reported by Federal-State Market News, receipts were 10,300 head at sales in Arkansas this week.  Compared with last week, feeder steers sold unevenly, mostly firm to $4 higher .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	176.00	to	- - -
	500	to	550 lbs.	156.00	to	- - -
	600	to	650 lbs.	135.00	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	156.00	to	- - -
Heifers:
Medium & Large Frame 1	500	to	550 lbs.	133.00	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	137.00	to	- - -

Slaughter Cows, Boners 67.00   to   75.00
Light Weight 52.00 to 60.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   83.00   to   93.00
Midwest Steers   were   at   125.00   to   - - -
Panhandle Steers   were   at   125.00   to   - - -

Oklahoma City Feeders
Steers	450	to	500 lbs.	156.00	to	189.00
	500	to	550 lbs.	147.00	to	174.00
Heifers	450	to	500 lbs.	132.00	to	162.00
	500	to	550 lbs.	125.00	to	155.00

Chicago Futures:

Live Cattle:	Oct	down	70	at	12390
	Dec	down	42	at	12550
Feeders:	Oct	up	35	at	14310
	Nov	up	42	at	14422

Cattle Comment
Cattle futures were mixed with feeders firming on declining corn vales. Feedlots are resisting current Packer bids of $124. With packer margins holding on the negative side there is little chance they will up the ante. Wholesale beef is firm but will have to improve to lower negative margins.

Hogs
Peoria: were     steady   at   52.00   to   54.00

Chicago Futures:	Oct	up	42	at	8275
	Dec	up	87	at	7837

Hogs Comment
Hog futures were mixed with front end contracts a little higher. Strong pork demand has pushed cutout values up almost $3.50 this week, and that is with an increasing slaughter.

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Poultry  Date: October 12, 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	111.13
Toms:	16-24 lbs	113.17

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