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Arkansas Farm Bureau
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:

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:

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:

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:

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.



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  at  1502 1/2 
 Jan up  at  1535 
 March up  at  1567 
 May up  10  at  1590 
 July up  17 1/2  at  1621 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
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.



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.



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.

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