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Arkansas Farm Bureau
Grain & Soybean Date: November 19, 2012

Soybeans

Local Elevators:
(Nov) EAST AR:  1368 to 1407
(NC) Summ. 1402 to - - -
River Elevators:
(Nov) MISS: 1428 to 1442 ; AR & White 1365 to 1414
(NC) Summ. 1395 to 1440
Ark. Processor Bids: (Nov) 1395 to 1415  (NC) 1415 to - - -
Memphis:  (Nov) 1437 3/4 to 1441 3/4 (NC)  1266 3/4 to - - -
Riceland Foods:  (Nov) Stuttgart 1395 ; Pendleton 1407 
 (NC) Stuttgart 1247 ; Pendleton 1252 

Chicago Futures: Jan up 11 1/2 at  1394 3/4
  March  up  14  at  1382
  May up 14 1/4  at  1365 3/4
  July up 15 1/4  at  1358 3/4
  Aug up 16  at  1336 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans got a good boost from outside markets as the investment dollars reacted to favorable reports out of Europe. Positive housing data was also a factor. Old crop soybeans wavered around $14 and will need to see additional export demand. The market will have to close substantially higher to reverse the current downtrend. While the market appears to be oversold, it won’t take much to correct that. New crop November will need to close above the downside breakout point around $13.25.

Wheat
Cash bid for November at Memphis  862 3/4 to 866 3/4;
Bids to farmers at Local Elevators 811-826;
River Elevators 816-841;

Chicago Futures: Dec up  3 3/4  at  841 3/4 
  March up at  857 3/4 
  May up  3 3/4  at  864 
  July up  5 1/2  at  851 1/4 
  Sept up  at  858 1/4 
  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 1123-1132;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for November at Memphis   766 3/4 to 773 3/4;
  New Crop at Memphis   608 to 613;
Bids to farmers at River Elevators  732 to 769

Chicago Futures: Dec up  11 3/4  at  738 3/4 
  March up  11 1/2  at  742 1/2 
  May up  11  at  737 3/4 
  July up  11 1/2  at  726 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted across the board gains today. The crop has gotten off to the worst start since USDA began releasing crop condition reports. This week’s report is not expected to show any improvement. If July doesn’t hold support at Friday’s low, it will create the possibility of a retest of support near $8.25.

Corn was stronger than beans as the early rally was maintained into the close. December honored support at $7.05 and is trading back toward resistance at $7.55 to $7.75. Producers should use this rebound to add to 2012 crop sales. 2013 December has resistance at around $6.40 and then $6.65. There does not appear to be a strong chance of the market making new highs without fresh fundamentals.



Cotton & Rice  Date: November 19, 2012


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 67 at  6906
  Greenwood down  67 at 6906

New York Futures: Dec down  68  at  7205 
  March down  58  at  7206 
 May down  54  at  7300 
 July down  61  at  7392 
 Oct down  75  at  7550 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed lower again today despite technical support from outside markets. There is just too much cotton available to meet weak demand. Less acreage in 2013 will just be a start toward getting a more equitable balance established.

Rice
Long Grain Cash Bid for  Nov 1345/cwt  to  - - -
  NC 1412/cwt  to  - - -

Chicago Futures: Jan unchanged    at  1484 1/2 
 March unchanged    at  1516 
 May up  1/2  at  1544 1/2 
 July unchanged    at  1562 1/2 
 Sept unchanged    at  1512 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were basically unchanged after the market bounced off support at $14.60 late last week. Movement continues good and U.S. long grain stocks are projected to be fairly tight by the end of the marketing year. The question is whether rice will work to hold acreage against beans and corn. Budgets suggest both hold a profit potential advantage.



Cattle & Hogs  Date: November 19, 2012

Cattle
As reported by Federal-State Market News, receipts were 2,130 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold mostly steady to $5 higher, heifers generally $2 - $7 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 179 to - - -
  500 to 550 lbs. 152.25 to - - - -
  600 to 650 lbs. 135.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 166 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 134.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 139.75 to - - -

Slaughter Cows, Boners 66   to   74
Light Weight 64 to 67.50
Bulls, Yield Grade   1   1000   to   2100 lbs.   84   to   92.50
Midwest Steers   were steady   at   125   to   - - -
Panhandle Steers   were steady   at   126   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 173.50 to 174.75
  550 to 600 lbs. 149.75 to 157.00
Heifers 500 to 550 lbs. 137.50 to 143.50
  550 to 600 lbs. 137.25 to 141.75

Chicago Futures:
Live Cattle: Dec up 45 at 12660
  Feb up 12 at 13015
Feeders: Jan up 40 at 14600
  March up 27 at 14840

Cattle Comment
Cattle futures ended higher. USDA’s cattle on feed report confirmed shrinking supplies. The market is looking forward to improving demand as we move through Thanksgiving and into the Christmas season, when retailers feature premium beef.

Hogs
Peoria: were 50¢ lower to $2     higher   at   50.50   to   51

Chicago Futures: Dec up 112 at 8145
  Feb up 97 at 8742

Hogs Comment
Hog futures were also higher on good economic news today. Supplies remain higher than expected, but lighter carcass weights are helping keep a lid on supplies. Cash hog markets are weak, as packers needs are lighter due to the holiday.



Poultry  Date: November 19, 2012

Eggs
New York:  Ex. Lg. 138-142; Lg. 136-140; Med. 111-115;
Chicago:  Ex. Lg. 131-139; Lg. 129-137; Med. 104-112;

National Turkeys
Hens: 8-16 lbs. 107.07
Toms: 16-24 lbs. 112.92
 

Delmarva Broilers
U.S. Grade A
Prices are trending 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 Thanksgiving holiday week. Market activity is active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.

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