Daily Arkansas Market Report for 5/16/2007
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Grain & Soybean Date: May 16, 2007
Soybeans
Local Elevators:
(May) EAST AR: 734 to 761
(NC) Summ. 764 to 787
River Elevators
(May) MISS: 748 to 762 ; AR & White 736 to 756
(NC) Summ. 764 to 785
Ark. Processor Bids: (May) 754 to 760 (NC) 784 to 787
Memphis: (May) 761 3/4 to 765 3/4 (NC) 788 1/4 to 789 1/4
Riceland Foods: (NC) Stuttgart 760 ; Pendleton 761 ; West Memphis 762
Chicago Futures: Jul up 14 3/4 at 792 3/4
Aug up 15 1/4 at 799 1/2
Nov up 14 1/4 at 821 1/4
Jan up 14 at 829 1/2
Nov '08 up 11 1/4 at 845 1/4
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 468 3/4 to 471 3/4;
Bids to farmers at Local Elevators 443-462;
River Elevators 358-371;
Chicago Futures: Jul down 5 1/4 at 496 3/4
Sep down 5 3/4 at 509 1/4
Dec down 4 3/4 at 517 1/4
Jul '08 down 1 at 497
Jul '09 unchanged at 495
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 612 to - - -;
Bids to farmers at
River Elevators 570-634;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for May at Memphis 376 to 382;
New crop at Memphis 347 1/2 to 348 1/2;
Bids to farmers at River Elevators 358 to 371
Chicago Futures: Jul up 4 1/2 at 376
Sep up 1 at 377 1/2
Dec up 1 at 377 1/2
Dec '08 up 1 at 398
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans received an infusion of fund buying that boosted November above trendline resistance and stopped just short of the early April high of $8.28. This seems to defy logic with big U.S. stocks and a huge South American crop hanging over the market. However, it is the job of the market to anticipate future supply and demand. So that is the driving force, smaller '07 plantings in the U.S. and an anticipated bidding war for '08 acreage. November may challenge the $8.43 contract high. July is now the lead month and today's close is the first move toward the '04 high.
After closing above $5 yesterday, wheat price lost momentum today and closed with a loss for the first time since the USDA report that showed tightening wheat stocks. Wheat prices are likely to have problems maintaining the gains they have experienced over the last week. News of Ukraine easing export restrictions is not positive for the market as there will be more wheat available internationally. Wheat prices have resistance at $5, and strong support at $4.87 and $4.77.
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Cotton & Rice Date: May 16, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 144 at 5419
Greenwood up 144 at 5419
New York Futures: Jul up 144 at 4919
Oct up 128 at 5203
Dec up 120 at 5350
Mar up 125 at 5640
Dec '08 up 110 at 6055
This week's LDP rate for cotton is 11.88 cents.
The estimate for next week is 11.00 cents.
Cotton Comment
Cotton made big gains as the market followthrough on yesterday's reversal. Technically, major downtrend was penetrated and December pushed above key resistance at 54 cents for a brief period. The market lost momentum and closed near the trendline suggesting that this might be a short lived profit taking rally. December now needs to close above today's high of 54.3 cents to keep upside momentum. As indicated before, big stocks, slow export movement and heavy loan stocks all reduce the opportunity for upside potential. China's import buying has increased but U.S. movement will have to improve dramatically to reach the current 13.25 million bale projection. There are indicators it will be from 250,000 to 750,000 bales less and the same amount will be added to projected stocks of 9.5 million bales. Current support is 51.6 cents with upside retracement objectives of 55 to 57 cents.
Rice
Long Grain Cash Bid for May 933/cwt to - - -
- - - - - - to - - -
Chicago Futures: Jul down 1 at 1048
Sep down 1 at 1082
Nov down 1 at 1110
Jan down 2 at 1134
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice made modest early gains which were lost as the session proceeded. There is little fresh news to give the market direction. 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 16, 2007
Cattle
As reported by Federal-State Market News, receipts were 1,312 head at sales in Conway, Ola & Pocahontas.
Compared with last week, feeder steers sold near steady.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 120 to 130
500 to 550 lbs. 111 to 121
600 to 700 lbs. 104 to 114
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 115 to 121
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 108 to 118
Medium & Large Frame 2 400 to 450 lbs. 100 to 110
Slaughter Cows, Boners 48 to 53
Light Weight 38 to 43.50
Bulls, Yield Grade 1 1000 to 2100 lbs. 62 to 67.50
Midwest Steers were steady at 94 to - - -
Panhandle Steers were quoted at 94 to - - -
Oklahoma City Feeders Steers 550 to 600 lbs. 118.50 to 126.50
600 to 650 lbs. 119 to 126
Heifers 550 to 600 lbs. 100.50 to 108.50
600 to 650 lbs. 108 to 114.85
Chicago Futures:
Live Cattle: Jun down 17 at 9295
Dec down 15 at 9612
Feeders: Aug up 25 at 11310
Oct up 5 at 11190
Hogs
Peoria: were unchanged at 47.5 to 48
Chicago Futures: Jun up 105 at 7560
Oct up 72 at 6690
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
June live cattle rallied early in the day however prices were unable to maintain their strength and closed down on the day. While beef demand remains seasonally strong, a lack of packer demand is causing future prices to decline. Packers are slowing their placements in an effort to keep margins positive.
June lean hogs spiked higher today. Strong cash market and tight hogs supplies are supporting prices. Adding to the bullish tone, packers are looking to increase slaughter in the near term in order to take advantage of strong margins. Hog prices have resistance at 76, and support at 73.
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Poultry Date: May 16, 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 was steady to firm. Supplies of all sizes were in good balance to tight for trade needs. In production areas, live supplies were moderate. Weights were mixed, but mostly desirable.
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