Grain & Soybean Date: December 05, 2012

Soybeans

Local Elevators:
(Dec) EAST AR:  1452 to 1494
(NC) Summ. 1494 to - - -
River Elevators:
(Dec) MISS: 1507 to 1529 ; AR & White 1454 to 1509
(NC) Summ. 1474 to 1529
Ark. Processor Bids: (Dec) 1479 to 1499  (NC) 1499 to - - -
Memphis:  (Dec) 1521 1/4 to 1531 1/4 (NC)  1322 to - - -
Riceland Foods:  (Dec) Stuttgart 1479 ; Pendleton 1491 
 (NC) Stuttgart 1302 ; Pendleton 1307 

Chicago Futures:	Jan	up	23 3/4	at	1479 1/4
	March	up	23 1/2	at	1473 3/4
	May	up	22 3/4	at	1450 3/4
	July	up	22 3/4	at	1439 1/2
	Aug	up	21	at	1412 3/4
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans continued to edge higher today with a technical assist as January moved above recent resistance near $14.60. Reports out of Brazil have lowered the soybean crop estimate there, while wet conditions are delaying planting in Argentina. It didn’t hurt that China is buying beans to be shipped out of the Pacific Northwest. Technically the market has some resistance beginning near $14.85 and then $15. Long term, the market has a 38% retracement objective of $15.30, and a 50% at $15.78.

Wheat
Cash bid for December at Memphis  867 to 872;

Bids to farmers at Local Elevators	830-845;
River Elevators	835-855;

Chicago Futures:	Dec	up	3 3/4	at	842 1/4
	March	up	3 1/2	at	860
	May	up	3 1/4	at	868 1/2
	July	up	3 1/4	at	869 1/2
	Sept	up	3	at	877 3/4
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for December at Memphis  1237 to 1246;

Bids to farmers at River Elevators	1175-1219;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	December at Memphis   769 3/4 to 777 3/4;
	New Crop at Memphis   627 to 635;
Bids to farmers at River Elevators	769 to 788

Chicago Futures:	Dec	up	6 3/4	at	753 1/4
	March	up	5 3/4	at	757 3/4
	May	up	5 1/2	at	758 1/2
	July	up	4 1/2	at	752 3/4
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat futures were higher today. Continuing dry conditions across the plains remain a supportive factor. Current price levels are less than competitive which is limiting export sales.

Corn closed higher, remaining near the top of sideways trading ranges. Concern about the drought conditions continues as a noted meteorologist indicated that precipitation is often below normal following a major drought. Moisture levels are expected to improve but not totally recharge sub-soil needs. Further suggesting less than trend line yields for corn in 2013.

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Cotton & Rice  Date: December 05, 2012

Cotton

Spot Price, Grade 41 Staple 34:	Memphis up 13 at  7004
	Greenwood up  13 at 7004

New York Futures:	Dec	up	13	at	7204
	March	up	13	at	7304
	May	up	14	at	7401
	July	up	27	at	7500
	Oct	up	21	at	7668
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton closed a few points higher, but hasn’t been able to establish a strong upward mode. Building back lost demand takes time, as does reversing significant world stocks. Look for smaller world plantings in 2013. Certainly, a smaller acreage is anticipated in the U.S. as higher prices for corn and soybeans pull acreage from cotton.

Rice

Long Grain Cash Bid for	Dec	1436/cwt	to	- - -
	NC	1464/cwt	to	- - -

Chicago Futures:	Jan	up	14 1/2	at	1555 1/2
	March	up	14 1/2	at	1587
	May	up	18 1/2	at	1620
	July	up	14	at	1635
	Sept	up	9	at	1564
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice futures moved back to resistance at $15.55, closing at or slightly above that level today. January is less than a nickel away from the 50% retracement objective of $15.59. The 62% objective is $15.82. Mills appear to be scheduled fulltime into the first of the year.

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Cattle & Hogs  Date: December 05, 2012

Cattle
As reported by Federal-State Market News, receipts were 344 head at sales in Conway.  Compared with last week, feeder steers sold near steady .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	167.00	to	- - -
	500	to	550 lbs.	147.00	to	- - -
	600	to	650 lbs.	138.00	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	144.00	to	- - -
Heifers:
Medium & Large Frame 1	500	to	550 lbs.	130.00	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	- - -	to	- - -

Slaughter Cows, Boners 67.00   to   75.00
Light Weight 55.00 to 62.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   80.00   to   85.00
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	550 lbs.	135.00	to	145.00

Chicago Futures:

Live Cattle:	Dec	up	2	at	12615
	Feb	up	37	at	13052
Feeders:	Jan	up	82	at	14640
	March	up	77	at	14905

Cattle Comment
Cattle were mostly higher. However, large market ready cattle supplies will likely limit the upside as packers will take the opportunity to lower bids to improve margins.

Hogs
Peoria: were $2 lower to $3     higher   at   53.00   to   56.00

Chicago Futures:	Dec	up	55	at	8500
	Feb	up	12	at	8565

Hogs Comment
Hogs were higher today, but the chart picture looks worrisome. Lower slaughter weights are a positive but rapidly declining packer margins could begin to weigh on the cash market.

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Poultry  Date: December 05, 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 mid-week business. Market activity is moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.