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Arkansas Farm Bureau
Grain & Soybean Date: December 04, 2012

Soybeans

Local Elevators:
(Dec) EAST AR:  1429 to 1471
(NC) Summ. 1471 to - - -
River Elevators:
(Dec) MISS: 1484 to 1506 ; AR & White 1431 to 1486
(NC) Summ. 1456 to 1506
Ark. Processor Bids: (Dec) 1456 to 1476  (NC) 1476 to - - -
Memphis:  (Dec) 1505 1/2 to 1506 1/2 (NC)  1304 1/4 to - - -
Riceland Foods:  (Dec) Stuttgart 1455 ; Pendleton 1467 
 (NC) Stuttgart 1284 ; Pendleton 1289 

Chicago Futures: Jan up 1 3/4 at  1455 1/2
  March  up  at  1450 1/4
  May up at  1428
  July unchanged - - -  at  1416 3/4
  Aug down at  1391 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans rallied late to close narrowly mixed. Mostly negative outside markets, the ongoing “fiscal cliff” fiasco and a heightening river traffic situation weighed on the market. But strong export demand and a tightening vegetable oil situation provided underlying support. These factors look to be part of an ongoing process that could get more intense in the days ahead. Weather delays in corn planting in Argentina may push some acreage to soybeans. Right not the soybean/corn price ratio is 2.05 and continues to favor corn.

Wheat
Cash bid for December at Memphis  867 1/2 to 868 1/2;
Bids to farmers at Local Elevators 826-841;
River Elevators 831-851;

Chicago Futures: Dec down  3 1/2  at  838 1/2 
  March down 4 1/4  at  856 1/2 
  May down  at  865 1/4 
  July down  2 1/2  at  866 1/4 
  Sept down  1 3/4  at  874 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for December at Memphis  1226 to 1227;
Bids to farmers at River Elevators 1164-1209;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for December at Memphis   772 1/2 to 775;
  New Crop at Memphis   631 3/4 to 633 3/4;
Bids to farmers at River Elevators  758 to 785

Chicago Futures: Dec down  2 1/2  at  746 1/2 
  March down  2 3/4  at  752 
  May down  1 1/4  at  753 
  July up  1 1/4  at  748 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was lower with a softer export market pressuring the trade. Continuing dry conditions across the plains was supportive and limited the overall decline. Current price levels are less than competitive which is limiting export sales.

Corn also rallied to close mixed with distant contracts higher. Continued slow export movement weighed on the market as did reports that Brazil is still active and competitive in that market. Delayed planting in Argentina was a factor in the late turn around. March futures remain a sideward trading band with resistance between $7.65 and $7.75 and support around $7.15.



Cotton & Rice  Date: December 04, 2012


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 107 at  6991
  Greenwood down  107 at 6991

New York Futures: Dec down  102  at  7191 
  March down  107  at  7291 
 May down  87  at  7387 
 July down  45  at  7473 
 Oct down  20  at  7647 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was sharply lower as values rose to a level that buyers consider overpriced. With huge stocks available buyers are going to be circumspect about making purchases above 72 cents. So look for the market to jockey back and forth between the recent low of 70 cents and recent high just over 74 cents.

Rice
Long Grain Cash Bid for  Dec 1431/cwt  to  - - -
  NC 1455/cwt  to  - - -

Chicago Futures: Jan up  3 1/2  at  1541 
 March up  3 1/2  at  1572 1/2 
 May up  at  1601 1/2 
 July up  2 1/2  at  1621 
 Sept up  - - -  at  1555 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were mixed with January closing well off the overnight high. January came within a nickel of the 50% retracement objective of $15.59. If the market moves through this level the 62% retracement objective is $15.82. There appears to be ongoing negotiations between China and Thailand for substantial rice sales over a period of 2 to 3 years.



Cattle & Hogs  Date: December 04, 2012

Cattle
As reported by Federal-State Market News, receipts were 1075 head at sales in Ft. Smith & Heber Springs.  Compared with last week, feeder steers - - - .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 167.00 to - - -
  500 to 550 lbs. 147.00 to - - -
  600 to 650 lbs. 137.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 150.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 137.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 139.00 to - - -

Slaughter Cows, Boners 68.00   to   76.00
Light Weight 54.00 to 58.50
Bulls, Yield Grade   1   1000   to   2100 lbs.   81.50   to   94.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 160.00 to 165.00
  500 to 550 lbs. 152.50 to 166.00
Heifers 450 to 500 lbs. 140.00 to 153.00
  500 to 600 lbs. 135.00 to 148.50

Chicago Futures:
Live Cattle: Dec down 87 at 12612
  Feb down 62 at 13015
Feeders: Jan down 2 at 14557
  March up 5 at 14827

Cattle Comment
Cattle were mixed with feeders ending the session slightly higher. Available supplies of market ready animals were sharply higher with show lists indicating over 40,000 more animals than last week. Packets will use this as an opportunity to reduce bids and help their negative cutout margins.

Hogs
Peoria: were     steady   at   53.00   to   55.00

Chicago Futures: Dec up 52 at 8445
  Feb down 15 at 8552

Hogs Comment
Hogs were mixed with the front end contracts higher and April forward lower. Lower slaughter weights is a positive but a rapidly declining packer margins could begin to weigh on the cash market.



Poultry  Date: December 04, 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 108.34
Toms: 16-24 lbs 109.80
 

Delmarva Broilers
U.S. Grade A
Whole broiler/fryers are steady. Offerings of all sizes are adequate for current trade needs. Demand is moderate for early week trading with trading usually limited to regular commitments. Market activity is moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.

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