Grain & Soybean Date: December 20, 2012

Soybeans

Local Elevators:
(Dec) EAST AR:  1381 to 1420
(NC) Summ. 1418 to - - -
River Elevators:
(Dec) MISS: 1448 to 1473 ; AR & White 1383 to 1438
(NC) Summ. 1417 to 1473
Ark. Processor Bids: (Dec) 1408 to 1428  (NC) 1428 to - - -
Memphis:  (Dec) 1458 3/4 to 1473 3/4 (NC)  1282 3/4 to 1287 3/4
Riceland Foods:  (Dec) Stuttgart 1409 ; Pendleton 1421 
 (NC) Stuttgart 1263 ; Pendleton 1271 

Chicago Futures:	Jan	down	28 1/4	at	1408 3/4
	March	down	26 1/4	at	1404 3/4
	May	down	24 3/4	at	1394 3/4
	July	down	23 1/2	at	1390 1/2
	Aug	down	22 3/4	at	1363 1/2
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans continued this week’s nosedive. Another round of export cancellations by China contributed to the accelerated downturn. No doubt, China hedged against possible crop problems in South America, and with improved conditions they are opting to cancel U.S. purchases and go for lower price commodities. January futures are now within 30 cents of the mid-November low of $13.78. November 2013 fell below $13 and could test support at the recent low of $12.55.

Wheat
Cash bid for December at Memphis  804 1/2 to 805 1/2;

Bids to farmers at Local Elevators	767-782;
River Elevators	764-787;

Chicago Futures:	March	down	15 1/4	at	790 1/2
	May	down	15 1/4	at	802
	July	down	15 1/4	at	807 3/4
	Sept	down	15 1/2	at	818 1/2
	Dec '13	down	14 3/4	at	830 1/2
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for December at Memphis  1128 to 1137;

Bids to farmers at River Elevators	1064-1109;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	December at Memphis   696 1/2 to 705 1/2;
	New Crop at Memphis   582 3/4 to 597 3/4;
Bids to farmers at River Elevators	696 to 719

Chicago Futures:	March	down	6 1/2	at	696 1/2
	May	down	7 1/4	at	699 3/4
	July	down	8 1/2	at	697 1/4
	Sept	down	9 1/4	at	622 3/4
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat fell to the lowest level since late July. Heavy snows in the Plains is expected to help relieve the lingering drought. The market appears to be looking at this more than the recent improvement in export sales. Overall export sales are over 100% above year ago levels.

Corn retraced a portion of early losses but still ended the day lower. Nearby March came within a nickel of the 50% retracement objective of $6.83 and of closing the summer breakaway gap. The market remains weak technically as we approach Christmas and New Year’s holidays. Poor export demand, sales are down 48% from year ago levels, is a big factor in the price slide.

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Cotton & Rice  Date: December 20, 2012

Cotton

Spot Price, Grade 41 Staple 34:	Memphis down 6 at  7258
	Greenwood down  6 at 7258

New York Futures:	March	down	6	at	7583
	May	down	14	at	7648
	July	down	9	at	7704
	Oct	up	4	at	7789
	Dec	down	2	at	7823
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton was slightly lower as the market is maintaining a form undertone following recent gains. World production is expected to decline as much as 15% in 2013, while use rises less than 5%. Rebuilding demand and reducing the huge stockpile of cotton will be the key to market potential. New Crop December has resistance at 79.25 and then 81.3 cents.

Rice

Long Grain Cash Bid for	Dec	1408/cwt	to	- - -
	NC	1461/cwt	to

Chicago Futures:	Jan	up	8	at	1527 1/2
	March	up	8	at	1558
	May	up	8	at	1589 1/2
	July	up	8	at	1608
	Sept	up	11	at	1560 1/2
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice was able to post modest gains after the market worked near the recent low just below $15.10. Trading will be variable as we head toward the New Year, when things should settle into a more normal pattern.

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Cattle & Hogs  Date: December 20, 2012

Cattle
As reported by Federal-State Market News, receipts were 671 head at sales in Ratcliff and Green Forest.  Compared with last week, feeder steers were mostly steady to $4 higher .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	178.50	to	- - -
	500	to	550 lbs.	160.50	to	- - -
	600	to	650 lbs.	152	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	- - -	to	- - -
Heifers:
Medium & Large Frame 1	500	to	550 lbs.	146	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	140	to	- - -

Slaughter Cows, Boners 70   to   76.50
Light Weight 60.50 to 67.50
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   87   to   90
Midwest Steers   were   at   126   to   - --
Panhandle Steers   were   at   126   to   - --

Oklahoma City Feeders
Steers	- - -	to	- - - lbs.	- - -	to	- - -
	- - -	to	- - - lbs.	- - -	to	- - -
Heifers	- - -	to	- - - lbs.	- - -	to	- - -
	- - -	to	- - - lbs.	- - -	to	- - -

Chicago Futures:

Live Cattle:	Dec	down	52	at	12895
	Feb	down	85	at	13350
Feeders:	Jan	down	120	at	15227
	March	down	90	at	15485

Cattle Comment
Live cattle futures were pressured by the huge premium to cash that was built up in anticipation of the current bad weather in the Plains. Traders were also evening positions ahead of tomorrow’s cattle on feed report. Packer bids are around $123, about $5 below feedlot asking prices.

Hogs
Peoria: were     steady   at   50.50   to   52.50

Chicago Futures:	Feb	down	12	at	8645
	April	down	27	at	9117

Hogs Comment
Hog futures declined on further weakening of pork cutout values. Cash trade was limited by blizzard like weather conditions. Delivery of previously sold hogs could present a problem for packers.

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Poultry  Date: December 20, 2012

Eggs

New York:	Ex. Lg. 130-134; Lg. 128-132; Med. 109-113;
Chicago:	Ex. Lg. 126-134; Lg. 124-132; Med. 104-112;

National Turkeys

Hens:	8-16 lbs.	95.50
Toms:	16-24 lbs.	97.33

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