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Arkansas Farm Bureau
Grain & Soybean Date: December 10, 2012

REMINDER: December Supply/Demand Report Webinar tomorrow (Tues., Dec 11, 2012) at 8:30 a.m. To participate in the Webinar click on the link and follow the instructions: www.tinyurl.com/arfbwebex For more information call Matt King 501-519-4297

Soybeans

Local Elevators:
(Dec) EAST AR:  1448 to 1487
(NC) Summ. 1485 to - - -
River Elevators:
(Dec) MISS: 1495 to 1525 ; AR & White 1449 to 1493
(NC) Summ. 1470 to 1526
Ark. Processor Bids: (Dec) 1475 to 1495  (NC) 1495 to - - -
Memphis:  (Dec) 1512 3/4 to 1519 3/4 (NC)  1324 1/2 to - - -
Riceland Foods:  (Dec) Stuttgart - - - ; Pendleton - - - 
 (NC) Stuttgart - - - ; Pendleton - - - 

Chicago Futures: Jan up 2 1/2 at  1474 3/4
  March  up  3 1/2  at  1475 1/2
  May up 9 1/2  at  1462 3/4
  July up 10  at  1451 1/2
  Aug up 10 3/4  at  1424 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans retraced early losses to close with gains. The rebound was spurred by strong Chinese demand and a positive export report. Initial weakness came from improving South American weather and economic concerns including the fiscal cliff situation in Washington. This has created a negative situation which led to technical selling by funds and other investors. Soybeans ended the day on a strong note while corn and wheat were lower. Old crop January found support just above $14.50, and area that was resistance early last week.

Wheat
Cash bid for December at Memphis  843 3/4 to - - -;
Bids to farmers at Local Elevators 827-842;
River Elevators 824-852;

Chicago Futures: Dec down  11 1/2  at  832 3/4 
  March down 12 1/4  at  848 3/4 
  May down  10  at  860 1/4 
  July down  at  866 3/4 
  Sept down  6 1/4  at  876 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for December at Memphis  1173 to 1182;
Bids to farmers at River Elevators 1119-1164;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for December at Memphis   730 3/4 to 734 3/4;
  New Crop at Memphis   615 1/2 to 625 1/2;
Bids to farmers at River Elevators  718 to 742

Chicago Futures: Dec down  6   at  726 3/4 
  March down  7 1/4  at  730 
  May down  7   at  732 1/4 
  July down  4 1/2  at  731 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat closed lower despite weekend reports of Saudi Arabia making purchases from several sources including the U.S. Worsening crop conditions in the Plains also failed to stimulate the market. It appears wheat will need to see substantially more export demand to sustain current price levels.

Corn export inspections were below last week, and lower than anticipated. Coupled with technical selling it pushed old crop contracts toward recent support, between $7.08 and $7.15. A close below this area would signal additional downside pressure.



Cotton & Rice  Date: December 10, 2012


Cotton
Spot Price, Grade 41 Staple 34: Memphis unchanged - - - at  7015
  Greenwood unchanged  - - - at 7015

New York Futures: March down  39  at  7340 
  May down  35  at  7435 
 July down  26  at  7526 
 Oct down  45  at  7624 
 Dec down  34  at  7727 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton couldn’t sustain upward momentum of last week and closed slightly lower for the day. The long term outlook for cotton remains somewhat grim with huge world stocks and poor demand weighing on the market.

Rice
Long Grain Cash Bid for  Dec - - -  to  - - -
  NC - - -  to  - - -

Chicago Futures: Jan up  18 1/2  at  1545 
 March up  18 1/2  at  1576 1/2 
 May up  18 1/2  at  1609 1/2 
 July up  18 1/2  at  1625 
 Sept up  16  at  1566 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures made a strong rebound after taking a dive late last week. Resistance near $15.60 could give way to a move toward the 62% retracement objective of $15.82. River conditions have raised concern about potential rough rice exports and the possible market impact. Reports out of South America suggest acreage cuts are only about half earlier estimates of 10 to 15%.



Cattle & Hogs  Date: December 10, 2012

Cattle
As reported by Federal-State Market News, receipts were 1066 head at sales in Springdale & Ola.  Compared with last week, feeder steers sold firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 190.00 to - - -
  500 to 550 lbs. 163.00 to - - -
  600 to 650 lbs. 142.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 173.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 133.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 136.00 to - - -

Slaughter Cows, Boners 68.00   to   74.00
Light Weight 57.00 to 65.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   83.00   to   90.50
Midwest Steers   were   at   123.00   to   125.00
Panhandle Steers   were   at   124.00   to   124.00

Oklahoma City Feeders
Steers 450 to 500 lbs. 160.00 to 169.00
  500 to 550 lbs. 159.00 to 164.00
Heifers 450 to 500 lbs. 142.00 to 154.00
  500 to 600 lbs. 134.00 to 141.50

Chicago Futures:
Live Cattle: Dec down 27 at 12560
  Feb down 12 at 13027
Feeders: Jan up 100 at 14977
  Nov up 105 at 15220

Cattle Comment
Cattle futures were mixed with feeders drawing substantial buying support, from tightening supplies and potentially lower corn futures. Further weakness in wholesale beef weighed on live cattle as did negative packer margins. Russia’s decision to require pork and beef imports be certified free of ractopamine residues. Since the U.S. has not testing program this will shut off exports to Russia.

Hogs
Peoria: were     steady   at   52.00   to   54.00

Chicago Futures: Dec down 15 at 8215
  Feb up 45 at 8392

Hogs Comment
Hog futures were mostly higher as trader’s pattern of rising values. However, negative operating margins limited upside potential, as did more than adequate supplies or market ready animals.



Poultry  Date: December 10, 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 99.97
Toms: 16-24 lbs 99.98
 

Delmarva Broilers
U.S. Grade A
Whole broiler/fryers prices are steady to weak. Offerings of all sizes are readily available for current trade needs. Demand into retail and food service channels is light to moderate. Market activity is slow to moderate. In production areas, live supplies are moderate at mostly desirable weights.

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