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Arkansas Farm Bureau
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:

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:

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:

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:

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.



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  at  7583 
  May down  14  at  7648 
 July down  at  7704 
 Oct up  at  7789 
 Dec down  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  at  1527 1/2 
 March up  at  1558 
 May up  at  1589 1/2 
 July up  at  1608 
 Sept up  11  at  1560 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
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.



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.



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.

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