Daily Arkansas Market Report for 5/11/2007
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Grain & Soybean Date: May 11, 2007
Soybeans
Local Elevators:
(May) EAST AR: 703 to 730
(NC) Summ. 734 to 757
River Elevators
(May) MISS: 717 to 733 ; AR & White 711 to 731
(NC) Summ. 734 to 757
Ark. Processor Bids: (May) 723 to 729 (NC) 754 to 757
Memphis: (May) 734 3/4 to 737 3/4 (NC) 758 3/4 to 759 3/4
Riceland Foods: (NC) Stuttgart 729 ; Pendleton 730 ; West Memphis 731
Chicago Futures: Jul up 15 1/2 at 761 3/4
Aug up 15 1/4 at 761 3/4
Nov up 15 1/4 at 790 3/4
Jan up 13 1/2 at 799
Nov '08 up 9 1/2 at 822 1/2
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 467 to 470;
Bids to farmers at Local Elevators 439-455;
River Elevators 442-465;
Chicago Futures: Jul up 10 at 483
Sep up 13 at 505
Dec up 12 1/4 at 512
Jul '08 up 7 at 491
Jul '09 up 1 at 491
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 606 to 610;
Bids to farmers at
River Elevators 557-621;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for May at Memphis 367 1/4 to 369 1/4;
New crop at Memphis 343 1/4 to 344 1/4;
Bids to farmers at River Elevators 345 to 358
Chicago Futures: Jul up 14 3/4 at 361
Sep up 15 3/4 at 373 1/4
Dec up 18 at 374 1/2
Dec '08 up 11 1/2 at 391
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybean prices closed the day with strong gains. Today's USDA report showed soybean stocks in 2007/08 down almost 50 percent from 2006/07 levels to 320 million bushels. Sharp declines in soybean acreage are becoming more evident as much of the corn-belt has seen large advances in their corn plantings this week. The forecast decline in production coupled with stronger usage is forecast to slash 2007/08 soybean stocks. While soybeans led the charge today, corn prices were not far behind. Stronger ethanol use in 2007/08 is forecast to cause consumption to equal supply and keep stocks at less than 1 billion bushels. Corn for ethanol is forecast to increase 1.25 billion bushels from 2006/07 levels. While gains were strong today, be prepared for declines in these markets next week as Monday's planting progress report is likely to show large increases in the major states planting progress from the previous week and scare the market for a couple of days.
Wheat prices posted surprisingly strong gains given that USDA production estimates came in at near trade estimates. Soft red wheat production is forecast to reach 347 million bushels compared to 390 million bushels last year. However, total winter wheat production is forecast to increase 25 percent over 2007/08 levels, confirming trade expectations that damage was not as bad in major wheat areas. In addition to higher production, the USDA also increased wheat use and exports in the U.S. causing stocks to come in lower than expected. The lower than expected stocks are driving prices higher at this time. Wheat prices have resistance at $4.98, and support at $4.88 and $4.77.
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Cotton & Rice Date: May 11, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis down 92 at 4411
Greenwood down 92 at 4411
New York Futures: Jul down 92 at 4811
Oct down 90 at 5115
Dec down 102 at 5290
Mar down 90 at 5595
Dec '08 down 65 at 6020
This week's LDP rate for cotton is 11.88 cents.
The estimate for next week is 10.14 cents.
Cotton Comment
Cotton prices posted large losses today. Despite a 3.1 million bale decline in U.S. cotton stocks in 2007/08 to 6.4 million bales, the report was still considered bearish. Cotton stocks of 6.4 million bales still amount to almost 30 percent of our domestic consumption. While U.S. cotton production is down, foreign production is forecast to increase almost 2 million bales, much of this increase is likely to come from India. which means the U.S. will again face stiff competition for China's cotton market. Adding to the bearish tone, there is still a lot of the U.S. cotton still under loan; much of that cotton will begin to move in the next few weeks to avoid paying a penalty. Until this cotton is clean out of the channels it will be difficult to find strength in the cotton market.
Rice
Long Grain Cash Bid for May 900 to 929
- - - - - - to - - -
Chicago Futures: Jul up 9 1/2 at 1054 1/2
Sep up 9 at 1086
Nov up 9 at 1114
Jan up 8 at 1138
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice prices rebounded a little today. After trading down all week following last week's spike in the market, today's USDA report gave the market a little of the fundamental support it has been looking for. Rice production is forecast to decline in 2007/08, leading to a 10 million cwt decline in rice stocks. Rice stocks are supported by continued weakening of long grain exports and domestic use. Despite, the lower demand rice stocks are forecast to tighten causing the price forecast to increase as much as a dollar/cwt next year.
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Cattle & Hogs Date: May 11, 2007
Cattle
As reported by Federal-State Market News, receipts were 8,945 head at sales in Arkansas this week.
Compared with last week, feeder steers sold near steady, heifers steady to $3 higher.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 120 to 130
500 to 550 lbs. 114 to 124
600 to 700 lbs. 104 to 114
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 111 to 121
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 111 to 121
Medium & Large Frame 2 400 to 450 lbs. 104 to 114
Slaughter Cows, Boners 47 to 53
Light Weight 39 to 44
Bulls, Yield Grade 1 1000 to 2100 lbs. 60 to 65, high dressing 65.50-72
Midwest Steers were steady at 97.50 to - - -
Panhandle Steers were $.50 lower to steady at 97.50 to - - -
Oklahoma City Feeders Steers 500 to 550 lbs. 115 to 136
600 to 650 lbs. 108.50 to 127
Heifers 500 to 550 lbs. 104.50 to 119
600 to 650 lbs. 100 to 113.50
Chicago Futures:
Live Cattle: Jun up 70 at 9340
Dec up 25 at 9662
Feeders: Aug up 10 at 11285
Oct up 5 at 11190
Hogs
Peoria: were unchanged at 47.5 to 48
Chicago Futures: Jun up 47 at 7445
Oct up 40 at 6695
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
June live cattle prices experienced modest gains today. A strong cash market in preparation of the Memorial Day weekend caused prices to increase. June cattle prices closed above trendline support; however, today's gains will be difficult to maintain as fed cattle supplies experience a seasonal increase as we head into the summer. June cattle prices have support at $92 and resistance at $94.
June hogs closed the day with modest declines. Seasonally tight hog supplies combined with positive packer margins is helping to support pork prices. Prices are coming under some pressure after today's USDA report showed declines in U.S. pork exports primarily due to lower exports to Mexico. Pork prices have support at $74.
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Poultry Date: May 11, 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
Majority prices in the major terminal markets were unchanged in the West, but higher in the East and Midwest when compared to a week earlier. Supplies were sufficient to close balance. In production areas, live supplies were adequate at mostly desirable weights.
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