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Arkansas Farm Bureau
Grain & Soybean Date: November 20, 2012

Soybeans

Local Elevators:
(Nov) EAST AR:  1386 to 1425
(NC) Summ. 1420 to - - -
River Elevators:
(Nov) MISS: 1446 to 1460 ; AR & White 1383 to 1432
(NC) Summ. 1413 to 1460
Ark. Processor Bids: (Nov) 1413 to 1433  (NC) 1433 to - - -
Memphis:  (Nov) 1455 3/4 to - - - (NC)  1281 3/4 to - - -
Riceland Foods:  (Nov) Stuttgart 1413 ; Pendleton 1425 
 (NC) Stuttgart 1262 ; Pendleton 1267 

Chicago Futures: Jan up 18 at  1412 3/4
  March  up  14 1/4  at  1396 1/4
  May up 13 1/4  at  1379
  July up 13 1/2  at  1372 1/4
  Aug up 13 1/4  at  1349 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans retraced early declines to close with solid gains despite negative outside markets. January closed above $14 which is a positive, but last week’s high just below $14.50 is the next key. A slight reduction in the South American crop was released by Oil World. They projected production of 135 mmt in Brazil and Argentina. While this was a decrease from earlier projection, it is an increase of over 25% from last year. November 2013 closed just below $13 and needs to move above last week’s breakout point near $13.25 to suggest a change in trend direction.

Wheat
Cash bid for November at Memphis  865 to 866;
Bids to farmers at Local Elevators 813-828;
River Elevators 818-838;

Chicago Futures: Dec up  3 1/4  at  845 
  March up 2 3/4  at  860 1/2 
  May up  2 1/4  at  866 1/4 
  July up  1 1/2  at  852 3/4 
  Sept up  at  859 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for November at Memphis  1202 to 1220;
Bids to farmers at River Elevators 1131-1202;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for November at Memphis   774 1/4 to 778 1/4;
  New Crop at Memphis   613 to 618;
Bids to farmers at River Elevators  743 to 773

Chicago Futures: Dec up  4 1/2  at  743 1/4 
  March up  4 3/4  at  747 1/4 
  May up  5 1/4  at  743 
  July up  5 1/2  at  732 1/4 
  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. There is no meaningful rain in the forecast for the next 10 days, either. If July doesn’t hold support at Friday’s low, it will create the possibility of a retest of support near $8.25.

Corn firmed as December moved closer to $7.50. Trading remains in the long term land between $7.04 and $7.75. Producers should view as a pricing opportunity for remaining 2012 production. December 2013 continues to rebound off support near $600. Resistance is seen from $6.40 to the recent high of $6.65. A move above this resistance will be difficult.



Cotton & Rice  Date: November 20, 2012


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 43 at  6949
  Greenwood down  43 at 6949

New York Futures: Dec up  45  at  7250 
  March up  43  at  7249 
 May up  34   at  7334 
 July up  39  at  7431 
 Oct up  49  at  7599 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed higher today, but as indicated previously there isn’t any reason to suggest this market will show significant improvement. Demand continues weak and world stocks are projected to top 80 million bales. Until stocks are at a more workable level upside movement will be a challenge.

Rice
Long Grain Cash Bid for  Nov 1353/cwt  to  - - -
  NC 1417/cwt  to  - - -

Chicago Futures: Jan up  at  1492 1/2 
 March up  at  1524 
 May up  at  1552 1/2 
 July up  at  1567 1/2 
 Sept up  at  1517 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures firmed slightly in sympathy with other grains. While the 2012 crop is moving at a good pace there doesn’t appear to be any substantial upward trend developing. That could happen if there is a substantial movement of acreage to soybeans and corn next spring.



Cattle & Hogs  Date: November 20, 2012

Cattle
As reported by Federal-State Market News, receipts were 541 head at sales in Ft. Smith.  Compared with last week, feeder steers solde unevenly, near steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 172.50 to - - -
  500 to 550 lbs. 152.00 to - - -
  600 to 650 lbs. 138.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 166.25 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 134.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 130.25 to - - -

Slaughter Cows, Boners 71.00   to   75.50
Light Weight 51.00 to 55.50
Bulls, Yield Grade   1   1000   to   2100 lbs.   88.50   to   92.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 172.00 to 181.00
  500 to 550 lbs. 161.00 to 170.00
Heifers 450 to 500 lbs. 141.00 to 148.50
  500 to 550 lbs. 137.00 to 146.00

Chicago Futures:
Live Cattle: Dec up 45 at 12705
  Feb up 37 at 13052
Feeders: Jan up 5 at 14605
  March up 7 at 14847

Cattle Comment
Cattle futures ended higher. USDA’s cattle on feed report confirmed shrinking supplies. Cattle producers are likely to be cautious until the corn crop is in the ground in the spring and acreage is confirmed. 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 $1 lower to $2     higher   at   49.00   to   49.50

Chicago Futures: Dec up 20 at 8165
  Feb up 27 at 8770

Hogs Comment
Hog futures were also higher on good economic news today. A weaker dollar is good news for pork exporters. Cash hog markets are weak, as packers needs are lighter due to the holiday.



Poultry  Date: November 20, 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
Whole broiler/fryers are trending higher. Offerings are light. Demand is moderate to good approaching the Thanksgiving holiday. Market activity is active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.

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