Daily Arkansas Market Report for 5/14/2007
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Grain & Soybean Date: May 14, 2007
Soybeans
Local Elevators:
(May) EAST AR: 712 to 739
(NC) Summ. 743 to 766
River Elevators
(May) MISS: 716 to 740 ; AR & White 716 to 736
(NC) Summ. 742 to 763
Ark. Processor Bids: (May) 732 to 738 (NC) 763 to 766
Memphis: (May) 740 1/2 to 746 1/2 (NC) 767 1/2 to 768 1/2
Riceland Foods: (NC) Stuttgart 738 ; Pendleton 739 ; West Memphis 740
Chicago Futures: Jul up 8 3/4 at 770 1/2
Aug up 8 1/2 at 776 3/4
Nov up 8 3/4 at 799 1/2
Jan up 9 at 808
Nov '08 up 4 1/4 at 826 3/4
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 470 1/2 to 473 1/2;
Bids to farmers at Local Elevators 443-459;
River Elevators 445-468;
Chicago Futures: Jul up 3 1/2 at 496 1/2
Sep up 4 1/2 at 509 1/2
Dec up 4 3/4 at 516 3/4
Jul '08 up 3 at 494
Jul '09 up 2 at 493
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 600 to 604;
Bids to farmers at
River Elevators 546-611;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for May at Memphis 361 1/4 to 364 1/4;
New crop at Memphis 338 1/2 to 339 1/2;
Bids to farmers at River Elevators 341 to 354
Chicago Futures: Jul down 6 at 363 1/4
Sep down 4 3/4 at 368 1/2
Dec down 3 1/2 at 371
Dec '08 down 1/2 at 390 1/2
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans continued higher as good corn planting weather and expectations of good progress in today's report provided underlying support. Soy oil continued to lead the charge higher with long term expectations for soy diesel production boosting the market. The general feeling is that no more than a million acres of prospective corn will move back to soybeans and result will sharply tighten stocks for next year. November is in position to move thru resistance at $8.00 toward the recent highs at $8.28 and the contract high of $8.43.
July wheat prices posted another day of positive gains. While Friday's USDA report showed a bearish production forecast in the U.S., declining wheat stocks in both the U.S. and globally has caused wheat prices to rebound the last few days. Wheat prices saw strong gains early as the market reacted to a smaller than expected French crop. For a brief period July wheat broke the $5 level; however, prices were unable to sustain these gains and closed up slightly. Today's crop condition report, which came out after the market closed, showed the wheat condition at about the same level as last week.
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Cotton & Rice Date: May 14, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis down 119 at 4292
Greenwood down 119 at 4292
New York Futures: Jul down 119 at 4692
Oct down 115 at 5000
Mar down 125 at 5470
Dec down 121 at 5169
Dec '08 down 95 at 5925
This week's LDP rate for cotton is 11.88 cents.
The estimate for next week is 10.78 cents.
Cotton Comment
Cotton continued its free fall for the second day in a row following a USDA report that reduced stocks almost 30% in 2007/08. However, that projection relies on heavy exports of 17.5 million bales, and it must be presumed that China would be a big purchaser. That sounds a lot like the 06/07 projection, which has fallen well below the early estimates, leaving projected stocks 9.5 million bales. Adding to the bearish tone, there is 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 925/cwt to - - -
n/a - - - to - - -
Chicago Futures: Jul down 4 1/2 at 1050
Sep down 3 at 1083
Nov down 3 at 1111
Jan down 2 at 1136
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice futures were a little lower as the market failed to followthrough on Friday's slight upturn. USDA projected '07 production to be 10 million cwt less than '06 with long grain stocks projected to drop to a mere 16.6 million cwt at the end of the 07/08 marketing year. For the time being slow demand for milled rice exports is keeping a lid on the market. Any weather threats, here or abroad, would be positive for price. Current November support is $11.00 with resistance starting at the recent spike high of $11.40.
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Cattle & Hogs Date: May 14, 2007
Cattle
As reported by Federal-State Market News, receipts were 2,128 head at sales in Ash Flat & Springdale
Compared with last week, feeder steers sold firm to $4 higher, heifers sold steady to $3 higher.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 124 to 134
500 to 550 lbs. 116 to 126
600 to 700 lbs. 107 to 117
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 118 to 128
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 111 to 121
Medium & Large Frame 2 400 to 450 lbs. 108 to 118
Slaughter Cows, Boners 45 to 52
Light Weight 35 to 40
Bulls, Yield Grade 1 1000 to 2100 lbs. 57.50 to 65
Midwest Steers were $1.50 lower to steady at 96 to 97.50
Panhandle Steers were $3.50 lower to steady at 94 to 97.50
Oklahoma City Feeders Steers 550 to 600 lbs. 118.50 to 123
600 to 650 lbs. 116.50 to 119
Heifers n/a to - - - lbs. - - - to - - -
n/a to - - - lbs. - - - to - - -
Chicago Futures:
Live Cattle: Jun down 20 at 9320
Dec down 7 at 9655
Feeders: Aug up 37 at 11322
Oct up 27 at 11217
Hogs
Peoria: were unchanged at 47.5 to 48
Chicago Futures: Jun down 47 at 7450
Oct down 75 at 6620
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
After trading higher for much of the day, June live cattle were unable to sustain early gains and closed the day down marginally. The expected continuation of last week's stronger cash prices never materialized today as live cattle prices dropped slightly today. Adding some much needed support to this market is optimism for next year's exports to exceed 1.5 billion pounds. The expected opening of the Korean market will help boost U.S. exports, which in turn will help prices. June live cattle have support at 93.
June lean hog prices seem unable to trade more than 2 days in the same direction. Lean hogs fell today, after coming under pressure from both fund and commercial selling. However, price declines have been limited due to a firm cash market caused by seasonal strong pork demand and positive packer margins. Pork prices have support at 73.50.
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Poultry Date: May 14, 2007
Eggs
New York: Ex. Lg. 95-99; Lg. 93-97; Med. 85-89;
Chicago: Ex. Lg. 84-92; Lg. 82-90; Med. 76-84;
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 about 3 cents higher in the East and Midwest when compared to a week earlier. In production areas, live supplies were adequate at mostly desirable weights.
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