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Arkansas Farm Bureau
Grain & Soybean Date: April 29, 2013

Soybeans

Local Elevators:
(April) EAST AR:  1445 to 1482
(NC) Summ. 1199 to 1235
River Elevators:
(April) MISS: 1498 to 1512 ; AR & White 1447 to 1487
(NC) Summ. 1202 to 1248
Ark. Processor Bids: (April) 1477 to 1482  (NC) 1219 to 1224
Memphis:  (April) 1496 3/4 to 1501 3/4 (NC)  1247 1/4 to 1249 1/4
Riceland Foods:  (April) Stuttgart - - - ; Pendleton - - - 
 (NC) Stuttgart - - - ; Pendleton - - - 

Chicago Futures: May up 41 at  1471 3/4
  July  up  27 3/4  at  1408 3/4
  Aug up 26 1/2  at  1345
  Sept up 22 3/4  at  1270 1/4
  Nov up 19  at  1229 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans made strong gains on the heels of corn today. While continued weather delays in planting corn could move acreage to soybeans the market is looking at the potential for yield decay is producers don’t get started soon. The big move flushed a lot of shorts out of the market and pushed July futures above key resistance at $14. This opens old crop to test resistance at $14.36, $14.63 and $14.83. New crop November retraced from last week’s low below $12 to resistance at $12.29. Follow through would leave the market open to test resistance at $12.50 and then perhaps $12.81.

Wheat
Cash bid for April at Memphis  729 3/4 to - - -;
Bids to farmers at Local Elevators 687-697;
River Elevators 693-733;

Chicago Futures: May up  21  at  709 3/4 
  March up 24  at  716 1/2 
  Sept up  24 1/4  at  725 1/4 
  Dec up  24  at  739 3/4 
  March up  23 3/4  at  752 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for April at Memphis  1150 to 1177;
Bids to farmers at River Elevators - - -;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for April at Memphis   699 to 704;
  New Crop at Memphis   560 3/4 to 562 3/4;
Bids to farmers at River Elevators  699 to - - -

Chicago Futures: May up  40  at  684 
  July up  40  at  659 3/4 
  Sept up  40  at  584 3/4 
  Dec up  35 1/2  at  559 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were up sharply today following corn which led the way with limit gains. July is still consolidating between support at $6.87 and resistance at $7.20, since prices stalled just below that resistance today. The weekly crop conditions report showed further deterioration in the domestic crop, with 33% now rated poor to very poor.

Corn was up the 40 cents limit in front end contracts and 35 cents in the new crop contracts. Weather planting delays appear to be prolonged with more rain now expected this week. This pushes planting past the date when yield is expected to decline and there is no assurance weather will be better anytime soon. Old crop partially filled the quarterly stocks gap that was left in late March. July would close the gap with a move to or above $6.76. For new crop December, todays close above $5.51 opens the market for a test of resistance just below $5.75, with $6 looming just above that point.



Cotton & Rice  Date: April 29, 2013


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 149 at  8199
  Greenwood up  149 at 8199

New York Futures: May up  135  at  8360 
  July up  149  at  8574 
 Oct up  129  at  8502 
 Dec up  112  at  8470 
 March up  110  at  8495 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton showed good gains, but did slip slightly toward the end of the session. December has resistance around 86 cents. Today’s crop progress report should show a slight improvement in planting, but it will still be well behind the 5 year average.

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

Chicago Futures: May down  14  at  1466 
 July down  15  at  1492 
 Sept down  10  at  1487 
 Nov down  at  1502 
 Jan down  at  1520 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was the only red on the screen today as futures slipped still lower. July futures have support around $14.80. Good export demand doesn’t fit the strength in wheat, corn and soybeans.



Cattle & Hogs  Date: April 29, 2013

Cattle
As reported by Federal-State Market News, receipts were 1641 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers sold $3 to $11 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 173.00 to - - -
  500 to 550 lbs. 157.00 to - - -
  600 to 650 lbs. 143.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 158.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 143.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 144.00 to - - -

Slaughter Cows, Boners 73.00   to   80.00
Light Weight 58.00 to 66.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   92.00   to   98.00
Midwest Steers   were   at   127.00   to   128.50
Panhandle Steers   were   at   126.00   to   128.00

Oklahoma City Feeders
Steers 400 to 450 lbs. 175.00 to 182.00
  500 to 550 lbs. 160.00 to 169.00
Heifers 450 to 500 lbs. 151.00 to 157.00
  500 to 550 lbs. 146.00 to 151.00

Chicago Futures:
Live Cattle: April down 15 at 12770
  June down 5 at 12255
Feeders: May down 137 at 14042
  Aug down 130 at 14987

Cattle Comment
Cattle futures were no better than mixed today. Feeders were solidly lower on limit gains in corn. Live cattle futures got a boost from improving cash prices. June live cattle broke through the downward trendline on Thursday, and will have resistance at $124.55.

Hogs
Peoria: were $1.50 lower to $2.50     higher   at   51.50   to   53.50

Chicago Futures: May down 5 at 8930
  June down 27 at 9215

Hogs Comment
Hogs were also lower on higher corn. June was higher in early dealings, but failed to challenge resistance at $92.85.



Poultry  Date: April 29, 2013

Eggs
New York:  Ex. Lg. 97-101; Lg. 95-99; Med. 92-96;
Chicago:  Ex. Lg. 85-93; Lg. 83-91; Med. 80-88;

National Turkeys
Hens: 8-16 lbs 98.48
Toms: 16-24 lbs 98.49
 

Delmarva Broilers
U.S. Grade A
N/A

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