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Arkansas Farm Bureau
Grain & Soybean Date: November 09, 2012

Soybeans

Local Elevators:
(Nov) EAST AR:  1414 to 1453
(NC) Summ. 1419 to 1458
River Elevators:
(Nov) MISS: 1466 to 1486 ; AR & White 1416 to 1459
(NC) Summ. 1421 to 1491
Ark. Processor Bids: (Nov) 1441 to 1461  (NC) 1446 to 1463
Memphis:  (Nov) 1477 1/4 to 1489 1/4 (NC)  - - - to - - -
Riceland Foods:  (Nov) Stuttgart 1441 ; Pendleton 1453 
 (NC) Stuttgart 1290 ; Pendleton 1295 

Chicago Futures: Nov down 47 1/4 at  1452
  Jan  down  44 1/2  at  1451 1/4
  March down 40  at  1436 1/2
  May down 36 3/4  at  1419 1/4
  July down 33 1/2  at  1408
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were sharply lower as recent downward movement accelerated after this morning’s report. USDA raised the soybean yield 1.5 bushels per acre which added 111 million bushels to production. It was also a little more than was anticipated. January fell through key support at $14.84, then $14.74, and closed near the 62% retracement objective. Technically, the close near the bottom of today’s trading range suggests further declines are probable. Support at $13.90 and then at the summer low of $13.20 become potential targets. Traders have the weekend to think about it, and bargain hunting might reverse the downturn.

Wheat
Cash bid for November at Memphis  845 1/2 to 896 1/2;
Bids to farmers at Local Elevators 844-864;
River Elevators 854-879;

Chicago Futures: Dec down  16  at  886 1/2 
  March down 15  at  901 1/2 
  May down  14 1/2  at  908 
  July down  at  888 1/2 
  Sept down  6 1/2  at  897 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for November at Memphis  1194 to 1212;
Bids to farmers at River Elevators 1087-1194;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for November at Memphis   748 3/4 to 758 3/4;
  New Crop at Memphis   621 3/4 to - - -;
Bids to farmers at River Elevators  719 to 754

Chicago Futures: Dec down  2 1/2  at  738 3/4 
  March down  1 1/4  at  742 
  May down  14 1/2  at  738 3/4 
  July down  3 1/4  at  729 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Today’s report contained bearish news for the wheat market. USDA raised its carryout estimate to 704 million bushels, up 50 million from the October estimate and well above trade expectations. The good news is, though, that USDA did not lower its projected on-farm average price. The report pushed futures lower today, but poor crop conditions could limit losses.

Corn settled slightly lower, but did amazingly well considering the weakness in soybeans. USDA made minor adjustments in corn raising production 10 million bushels and increasing projected imports 25 million bushels. Ending stocks rose slightly to 647 million bushels, still an abnormally tight situation. At one point trading was well above the day’s close as the market moved almost the breadth of the recent trading range. Support at $7.30 remains in place.



Cotton & Rice  Date: November 09, 2012


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 32 at  6608
  Greenwood up  32 at 6608

New York Futures: Dec up  32  at  6958 
  March up  10  at  7044 
 May up  14  at  7172 
 July up  29  at  7281 
 Oct up  38  at  7452 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed a little higher despite what has to be considered more negative news. Yield gains in Alabama, Georgia, Louisiana and Arkansas overshadowed declines in Texas and Oklahoma. China’s use declined 500,000 bales to 35.5 million bales, while projected world ending stocks topped 80 million bales. That is a stocks to use ratio of over 75%. Upside potential will be limited until demand erodes some of these stocks.

Rice
Long Grain Cash Bid for  Nov 1383/cwt  to  - - -
  NC 1449/cwt  to  - - -

Chicago Futures: Nov up  17  at  1494 
 Jan up  16 1/2  at  1522 1/2 
 March up  16  at  1553 1/2 
 May up  16  at  1582 
 July up  15 1/2  at  1599 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures firmed on a fairly positive USDA report. Production was lowered a small amount, but the big change was in exports with long grain increasing 4 million cwt. This in turn dropped ending stocks to a fairly tight 15.1 million cwts. for long grain. Couple this with potentially smaller U.S. plantings in 2013 and we could see the market move higher. Support at $15 is holding. Resistance is layered between $15.50 and $15.80.



Cattle & Hogs  Date: November 09, 2012

Cattle
As reported by Federal-State Market News, receipts were - - - head at sales in - - -.  Compared with last week, feeder steers - - - .

Steers:
 Medium & Large Frame 1   - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
 Medium & Large Frame 2   - - - to - - - lbs. - - - to - - -

Heifers:
 Medium & Large Frame 1   - - - to - - - lbs. - - - to - - -
 Medium & Large Frame 2   - - - to - - - lbs. - - - to - - -

Slaughter Cows, Boners - - -   to   - - -
Light Weight - - - to - - -
Bulls, Yield Grade   - - -   - - -   to   - - - lbs.   - - -   to   - - -
Midwest Steers   were   at   125.00   to   - - -
Panhandle Steers   were   at   126.00   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 157.00 to 187.00
  500 to 550 lbs. 143.00 to 174.00
Heifers 450 to 500 lbs. 135.22 to 156.50
  500 to 550 lbs. 128.00 to 150.00

Chicago Futures:
Live Cattle: Dec up 32 at 12575
  Feb steady - - - at 12935
Feeders: Nov down 30 at 14420
  Jan down 27 at 14560

Cattle Comment
Cattle futures were mixed. The supply/demand balance sheet forecast lower production in 2013 by 110 million pounds. Negative packer margins will continue to limit the upside potential of the market.

Hogs
Peoria: were     steady   at   50.00   to   52.00

Chicago Futures: Dec up 55 at 8075
  Feb up 32 at 8632

Hogs Comment
Hog futures were mostly higher on improving fundamentals. Packer margins continue to improve and that should bode well for cash prices which are showing indications of stabilizing.



Poultry  Date: November 09, 2012

Eggs
New York:  Ex. Lg. 134-138; Lg. 132-136; Med. 113-117;
Chicago:  Ex. Lg. 125-133; Lg. 123-131; Med. 108-116;

National Turkeys
Hens: 8-16 lbs 110.04
Toms: 16-24 lbs 111.37
 

Delmarva Broilers
U.S. Grade A
Prices are trending firm to higher for whole broiler/fryers. Offerings are light and clearing well for current trade needs. Demand into retail and food service channels is moderate to good entering the holiday weekend. Market activity is moderate to active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.

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