Daily Arkansas Market Report for 5/10/2007
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Grain & Soybean Date: May 10, 2007
Soybeans
Local Elevators:
(May) EAST AR: 684 to 711
(NC) Summ. 719 to 742
River Elevators
(May) MISS: 701 to 717 ; AR & White 695 to 715
(NC) Summ. 718 to 742
Ark. Processor Bids: (May) 699 to 710 (NC) 739 to 742
Memphis: (May) 717 1/4 to 719 1/4 (NC) 741 1/2 to 744 1/2
Riceland Foods: (NC) Stuttgart 710 ; Pendleton 711 ; West Memphis 712
Chicago Futures: Jul down 1 1/4 at 746 1/4
Aug down 1 at 753
Nov down 1 3/4 at 775 1/2
Jan down 1 1/2 at 785 1/2
Nov '08 down 3/4 at 813
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 451 1/2 to 456 1/2;
Bids to farmers at Local Elevators 428-444;
River Elevators 430-453;
Chicago Futures: Jul down 1/2 at 481 1/2
Sep down 1 3/4 at 492
Dec down 2 1/4 at 499 3/4
Jul '08 down 3 at 484
Jul '09 down 2 at 490
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 556 to 565;
Bids to farmers at
River Elevators 530-595;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for May at Memphis 352 1/2 to 354 1/2;
New crop at Memphis 323 1/2 to 328 1/2;
Bids to farmers at River Elevators 330 to 343
Chicago Futures: Jul down 11 1/4 at 345 3/4
Sep down 9 at 357 1/2
Dec up 9 1/2 at 356 1/2
Dec '08 down 4 3/4 at 379 1/2
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
November soybeans closed the day with small declines. A weak export sales report for both corn and soybeans has the market nervous prior to tomorrow's WASDE release. Tomorrow, USDA will publish their first forecast for the 2007/08 marketing year. Weak soybean exports this year could cause carryover stocks in the U.S. to increase further for this marketing year. While soybean production is likely to decline in 2007/08, U.S. Soybean exports will face stiffer competition in the international market, due to South America record crop this year. South American exports are likely to spill over into the U.S. shipping season this fall and could see an export situation like we experienced in 2005/06. Soybean prices will experience additional pressure from corn, if ending stocks come in near the estimated 1.185 billion bushels, would cause corn prices to decline. September corn closed just above major support at $3.55, bearish news tomorrow could cause those prices to experience a!
strong decline, which would likely pressure soybean and corn prices lower.
July wheat posted small declines today. Wheat prices continue to trade choppy as they wait for tomorrow's WASDE release. The USDA will release its first estimate of this year's wheat crop, in addition NASS will provide new production forecast for this year. The market has been weak for the past few weeks as news from the Kansas wheat tour came in better than expected. While our crop here is still estimated at 50% loss, reports from Kansas and other major growing areas continue to improve. If we can get some cooler weather like we have today our crop could show signs of improvement; however, the warm weather we have had the last few days has not helped our crop. Unfortunately, Arkansas wheat crop will do little to move the market. We will have to wait and see what is released tomorrow, but the market appears poised to fall further tomorrow.
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Cotton & Rice Date: May 10, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 21 at 4503
Greenwood up 21 at 4503
New York Futures: Jul up 21 at 4903
Oct up 20 at 5205
Dec up 17 at 5392
Mar up 20 at 5685
Dec '08 up 20 at 6085
This week's LDP rate for cotton is 11.70 cents.
The estimate for next week is 11.88 cents.
Cotton Comment
December cotton prices experienced another day of modest gains. Cotton prices posted gains after a strong export sales report this week showed exports up from the previous week and the 5-year average; however this may be too little too late. With two and a half months left to go in the marketing year cotton has a long way to go to meet export forecast. Tomorrow's USDA report will set the tone for trading for the next few weeks as they will release the first forecast for the 2007/08 U.S., World, and China supply and demand forecast. U.S. production will drop off sharply as acreage is down; however, it will take continued strong growth in Chinese imports, and small growth in global production to cause cotton price to experience large gains given the more than 5 million bale carryover forecast for 2006/07.
Rice
Long Grain Cash Bid for May 900 to 920/cwt
- - - - - - to - - -
Chicago Futures: Jul down 4 at 1045
Sep down 4 at 1077
Nov down 5 at 1105
Jan '08 down 3 at 1130
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice prices dropped to below 11.00 early; however prices rebounded late to close the day with modest declines. Rice cash sales continue to be weak as mills are unable to come up to the grower's price. As with the cotton report, tomorrow's USDA report should help set the tone for trade in the coming weeks. Tomorrow's report will forecast both U.S. and world supply and distribution for 2007/08.
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Cattle & Hogs Date: May 10, 2007
Cattle
As reported by Federal-State Market News, receipts were 2,029 head at sales in Charlotte, Ratcliff & Green Forest.
Compared with last week, feeder steers sold steady to $5 lower, decline on lightweight calves.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 119 to 129
500 to 550 lbs. 116 to 126
600 to 700 lbs. 105 to 115
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 113 to 123
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 105 to 115
Medium & Large Frame 2 400 to 450 lbs. 99 to 109
Slaughter Cows, Boners 47 to 51
Light Weight 35 to 38
Bulls, Yield Grade 1 1000 to 2100 lbs. 57 to 65, high dressing 65-71.50
Midwest Steers were quoted at 97.50 to - - -
Panhandle Steers were quoted at 97 to 97.50
Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -
n/a to - - - lbs. - - - to - - -
Heifers n/a to - - - lbs. - - - to - - -
n/a to - - - lbs. - - - to - - -
Chicago Futures:
Live Cattle: Jun up 30 at 9270
Dec up 70 at 9637
Feeders: Aug up 57 at 11275
Oct up 40 at 11185
Hogs
Peoria: were $1 lower at 47.5 to 48
Chicago Futures: Jun up 27 at 7465
Oct down 2 at 6655
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
Live cattle prices experienced sharp declines early; however prices rallied back to close the day with modest gains. Early in the day cattle prices were trading on weak cash prices and disappointing cattle marketing's this week. Price began to strengthen as corn prices plunged prior to tomorrow's USDA report. Cattle prices will need some fundamental news to be able to sustain today's gains. Cattle prices have support at $89 and resistance at $93.
Lean hogs managed to close the day with gains. The tight supply situation that has been supporting prices for the last few weeks finally took the lead. Today's gains will have to overcome negative packer margins and light demand. Traders are still concerned about the cash market being topped out, which would mean sharp declines are on their way down.
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Poultry Date: May 10, 2007
Eggs
New York: Ex. Lg. 95-99; Lg. 93-97; Med. 85-89;
Chicago: Ex. Lg. 95-103; Lg. 93-101; Med. 85-93;
Eastern Region Turkeys
Hens: 8-16 lbs. 76-78
Toms: 16-24 lbs. 76-78
Delmarva Broilers
U.S. Grade A
Trade sentiment was steady to firm in all areas. Supplies of all sizes were in good balance to tight for trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights. According to the National Agricultural Statistics Service for the week ending 05-May-07, broiler egg sets were up 3%, and chick placements were up 2% when compared to a year ago. Based on the preliminary chick placements, the number of fryers available for marketing during the week ending 16-Jun-2007 was estimated at 166.3 million head compared to 165 million head a week earlier.
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