Daily Arkansas Market Report for 5/15/2007
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Grain & Soybean Date: May 15, 2007
Soybeans
Local Elevators:
(May) EAST AR: 716 to 746
(NC) Summ. 750 to 773
River Elevators
(May) MISS: 750 to 773 ; AR & White 750 to 770
(NC) Summ. 750 to 773
Ark. Processor Bids: (May) 732 to 745 (NC) 763 to 773
Memphis: (May) 747 to 754 (NC) 775 to 776
Riceland Foods: (NC) Stuttgart 745 ; Pendleton 746 ; West Memphis 747
Chicago Futures: Jul up 7 1/2 at 778
Aug up 7 1/2 at 784 1/4
Nov up 7 1/2 at 804
Jan up 7 1/2 at 815 1/2
Nov '08 up 7 1/4 at 834
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 476 to 479;
Bids to farmers at Local Elevators 443-467;
River Elevators 453-472;
Chicago Futures: Jul up 5 1/2 at 502
Sep up 5 1/2 at 515
Dec up 5 1/4 at 522
Jul '08 up 4 at 498
Jul '09 up 2 at 495
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 613 to - - -;
Bids to farmers at
River Elevators 561-625;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for May at Memphis 371 1/2 to 375 1/2;
New crop at Memphis 346 1/2 to 347 1/2;
Bids to farmers at River Elevators 351 to 364
Chicago Futures: Jul up 8 1/4 at 371 1/2
Sep up 8 at 376 1/2
Dec up 7 1/2 at 378 1/2
Dec '08 up 4 1/4 at 394 3/4
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans reversed small early declines and ended the day with solid gains. November futures are testing a shallow downtrend drawn across the February contract high and the subsequent early April high. A close above this trendline would allow a retest of the previously mentioned highs. Yesterday's planting progress report assures that soybeans won't pull much acreage back from corn. That means tighter stocks at the end of the 07/08 marketing year.
July wheat prices posted another day of gains. After opening down significantly, wheat prices rallied back all day to close above $5.00. Wheat prices are ignoring bearish production signals and continue to trade on tight global and U.S. wheat stocks. Wheat has resistance at $5.15 and support at $4.97.
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Cotton & Rice Date: May 15, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 83 at 4375
Greenwood up 83 at 4375
New York Futures: Jul up 83 at 4775
Oct up 75 at 5075
Dec up 61 at 5230
Mar up 45 at 5515
Dec '08 up 20 at 6155
This week's LDP rate for cotton is 11.88 cents.
The estimate for next week is 11.07 cents.
Cotton Comment
December cotton made a slightl upturn after making a new contract low yesterday. Long term fundamentals suggest a slight improvement with big export numbers and a smaller '07 crop allowing for smaller projected stocks. The reality of the situation is that this year's big stocks, China's slow uptake on exports, substantial cotton in the loan, and the threat of high charges for loan forfeitures leave the market with little upside potential. However, from a technical standpoint a heavily oversold position and a divergence in price, and the relative strength index suggest possible bottoming action. Upside retracement objectives range from 55 to 57 cents, but December would have to clear resistance at 53 and then 54 cents first. Current support is 51.6 cents.
Rice
Long Grain Cash Bid for May 924/cwt to - - -
- - - - - - to - - -
Chicago Futures: Jul down 1 at 1049
Sep unchanged at 1083
Nov unchanged at 1111
Jan unchanged 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 unchanged from yesterday as the market looks for fresh news. Exports of milled rice remain slow with mills operating at about half capacity. Even rough rice exports are slow. USDA projected '07 production at just 183 million cwt with long grain stocks falling to a mere 16.6 million cwt. USDA also anticipates world production falling below utilization, further reducing stocks. This always leaves the possibility of weather problems and higher prices some time during the 07/08 marketing year. For now, current support for November is located around $11. The recent spike high of $11.40 is resistance.
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Cattle & Hogs Date: May 15, 2007
Cattle
As reported by Federal-State Market News, receipts were 727 head at sales in Marshall.
Compared with last week, feeder steers sold mostly steady.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 125 to 130
500 to 550 lbs. 115 to 120
600 to 650 lbs. 110 to 115
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. n/a to - - -
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 108 to 115
Medium & Large Frame 2 400 to 450 lbs. 100 to 105
Slaughter Cows, Boners 48 to 52.50
Light Weight 38 to 41
Bulls, Yield Grade 1 1000 to 2100 lbs. 61 to 67, high dressing 68-68.75
Midwest Steers were $2-$3.50 lower at 94 to - - -
Panhandle Steers n/a at - - - to - - -
Oklahoma City Feeders Steers 550 to 600 lbs. 120 to 125
600 to 650 lbs. 119 to 126
Heifers 550 to 600 lbs. 106.75 to 117.50
600 to 650 lbs. 108 to 114.85
Chicago Futures:
Live Cattle: Jun down 7 at 9312
Oct down 17 at 9665
Feeders: Aug down 40 at 7320
Oct down 32 at 11185
Hogs
Peoria: were unchanged at 47.5 to 48
Chicago Futures: Jun up 5 at 7455
Oct down 2 at 6617
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
June live cattle closed the day with modest losses. While cash prices remain firm and packer margins are strong, the lack of bids from packers today finally managed to push prices lower. Live cattle prices have support at $92.
June lean hogs continued their choppy trade today and closed the day virtually unchanged. Lean hogs have come under pressure today as the export forecast has weakened and weekly slaughters are down. Currently prices are being supported by tight hog supplies and improving packer margins. Lean hogs have support at $73.
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Poultry Date: May 15, 2007
Eggs
New York: Ex. Lg. 93-97; Lg. 91-95; Med. 83-87;
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
Trade sentiment ranged steady to firm. In production areas, live supplies were moderate at mostly desirable weights. The Composite Weighted Average price for 05/14/07 was 81.76 compared to 79.25 a week earlier, and 58.81 a year ago.
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