Grain & Soybean Date: December 11, 2012

Soybeans

Local Elevators:
(Dec) EAST AR:  1445 to 1484
(NC) Summ. 1482 to - - -
River Elevators:
(Dec) MISS: 1492 to 1522 ; AR & White 1446 to 1490
(NC) Summ. 1467 to 1502
Ark. Processor Bids: (Dec) 1472 to 1492  (NC) 1492 to - - -
Memphis:  (Dec) 1517 to 1524 (NC)  1311 1/2 to - - -
Riceland Foods:  (Dec) Stuttgart 1472 ; Pendleton 1484 
 (NC) Stuttgart 1297 ; Pendleton 1305 

Chicago Futures:	Jan	down	2 3/4	at	1472
	March	down	4 1/4	at	1471 1/4
	May	down	3 3/4	at	1459
	July	down	5 1/2	at	1446
	Aug	down	10 3/4	at	1414
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans closed down slightly despite a 10 million bushel increase in the projected domestic stocks fell the same amount to just 130 million bushels. Even positive outside markets did little but limit downside movement. Soybean futures remain in a short term uptrend with January resistance just above $14.50.

Wheat
Cash bid for December at Memphis  816 1/2 to - - -;

Bids to farmers at Local Elevators	802-817;
River Elevators	799-827;

Chicago Futures:	Dec	down	27	at	805 3/4
	March	down	27 1/4	at	821 1/2
	May	down	26 1/2	at	833 3/4
	July	down	24 1/2	at	842 1/4
	Sept	down	23 1/4	at	853
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for December at Memphis  1175 to 1184;

Bids to farmers at River Elevators	1121-1166;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	December at Memphis   733 to 742;
	New Crop at Memphis   608 3/4 to 618 3/4;
Bids to farmers at River Elevators	719 to 742

Chicago Futures:	Dec	down	2 1/2	at	724 1/4
	March	down	2	at	728
	May	down	1 3/4	at	730 1/2
	July	down	4 3/4	at	726 1/4
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat futures took a beating today after the USDA raised its U.S. carryout estimate by 7% from the November report. World stocks were raised by 1.6%. July found support at $8.37 today, but a move below that level would likely signal a retest of support at $8.25.

Corn traded to both sides of yesterday’s close before ending the day slightly lower. USDA left U.S. corn numbers unchanged, which have the market an early boost. Expectations were for reduced exports and a slight increase in projected stocks. USDA did lower the projected price range by 15 cents on the low end and 25 cents on the high end to $6.80 to $8.00. Expect that range to decline further as we progress through the marketing year. March has support at $7.10.

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Cotton & Rice  Date: December 11, 2012

Cotton

Spot Price, Grade 41 Staple 34:	Memphis up 150 at  7165
	Greenwood up  150 at 7165

New York Futures:	March	up	150	at	7490
	May	up	144	at	7579
	July	up	137	at	7663
	Oct	up	97	at	7721
	Dec	up	86	at	7813
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton made an unexpectedly big move after the USDA report. Front end contracts closed as much as 150 points higher. USDA reduced the average yield 9 pounds per acre which trimmed production 190,000 bales. U.S. exports were raised 200,000 bales which helped reduced projected ending stocks 400,000 bales to 5.4 million bales, still leaving stocks at 79.64 million bales. Even with today’s gains there is a lot of work to do to get stocks to a more reasonable level. March futures have upside objectives at 76.14 cents then 78.67 cents.

Rice

Long Grain Cash Bid for	Dec	1432/cwt	to	- - -
	NC	1466/cwt	to	- - -

Chicago Futures:	Jan	up	7	at	1552
	March	up	7	at	1583 1/2
	May	up	7	at	1616 1/2
	July	up	8 1/2	at	1633 1/2
	Sept	unchanged	- - -	at	1566
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Minor adjustments were made in the rice supply/demand numbers. The adjustments were really just shifts from domestic use to exports with ending stocks unchanged. Futures inched higher in late trading with January just 6 cents or so below the 50% retracement objective of $15.59.

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Cattle & Hogs  Date: December 11, 2012

Cattle
As reported by Federal-State Market News, receipts were 675 head at sales in Ft. Smith & Heber Springs.  Compared with last week, feeder steers sold firm to $3 higher .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	167.00	to	- - -
	500	to	550 lbs.	148.00	to	- - -
	600	to	650 lbs.	137.50	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	155.00	to	- - -
Heifers:
Medium & Large Frame 1	500	to	550 lbs.	137.50	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	130.00	to	- - -

Slaughter Cows, Boners 67.00   to   75.00
Light Weight 51.00 to 58.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   80.00   to   90.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers	450	to	500 lbs.	159.00	to	167.00
	500	to	550 lbs.	148.00	to	154.00
Heifers	450	to	500 lbs.	142.00	to	153.00
	500	to	550 lbs.	137.50	to	145.00

Chicago Futures:

Live Cattle:	Dec	up	95	at	12655
	Feb	up	167	at	13195
Feeders:	Jan	up	230	at	15207
	March	up	217	at	15437

Cattle Comment
Cattle futures were sharply higher today. Technical buying and USDA forecasts for higher cattle prices were supportive. February live cattle contracts are back within range to test resistance just below $133.

Hogs
Peoria: were $4 lower to     steady   at   50.00   to   52.00

Chicago Futures:	Dec	down	5	at	8210
	Feb	up	22	at	8415

Hogs Comment
Hog futures were higher for the second day in a row. However, negative operating margins limited upside potential, as did more than adequate supplies or market ready animals. Support begins at Friday’s low of $83.20.

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Poultry  Date: December 11, 2012

Eggs

New York:	Ex. Lg. 135-139; Lg. 133-137; 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 mostly steady. Offerings of all sizes are moderate 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.