Daily Arkansas Market Report for 5/17/2007
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Grain & Soybean Date: May 17, 2007
Soybeans
Local Elevators:
(May) EAST AR: 731 to 758
(NC) Summ. 764 to 787
River Elevators
(May) MISS: 748 to 762 ; AR & White 736 to 756
(NC) Summ. 762 to 787
Ark. Processor Bids: (May) 754 to 757 (NC) 784 to 787
Memphis: (May) 7.60 3/4 to 7.65 3/4 (NC) 7.86 1/4 to 7.88 1/4
Riceland Foods: (NC) Stuttgart 757 ; Pendleton 758 ; West Memphis 762
Chicago Futures: July unchanged - - - at 792 3/4
Aug unchanged - - - at 799 1/2
Nov unchanged - - - at 821 1/4
Jan unchanged - - - at 829 1/2
Nov '08 up 3 1/2 at 848 3/4
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 4.55 1/2 to 4.60 1/2;
Bids to farmers at Local Elevators 436-448;
River Elevators 431-460;
Chicago Futures: July down 11 1/4 at 485 1/2
Sept down 11 at 498 1/4
Dec down 10 3/4 at 506 1/2
July '08 down 8 at 489
July '09 down 5 at 490
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 5.99 to - - -;
Bids to farmers at
River Elevators 564-629;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for May at Memphis 3.73 to 3.79;
New crop at Memphis 3.39 1/2 to 3.42 1/2;
Bids to farmers at River Elevators 355 to 368
Chicago Futures: July down 3 at 373
Sept down 6 at 371 1/2
Dec down 7 at 370 1/2
Dec '08 down 5 1/4 at 390 1/2
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans closed the day unchanged. A lack of fund interest in soybeans today led to very little action for soybean prices. This may have been a blessing in disguise given both corn and wheat prices declined today. November soybean prices are approaching contract highs of $8.43 per bushel. Prices have experienced a strong rally since the release of the USDA report that showed a large decline in 2007/08 stocks. Today's lack of action should be viewed as a positive, as it shows soybean prices are strengthening relative to the grains.
Wheat prices continue to remain weak, with two down days in a row. There is little fundamental support for the decline except for increased production year over year. However, increased consumption and declining U.S. and global stocks are supporting wheat prices. Wheat prices closed below support levels at $4.87; however wheat prices have another layer of much stronger support at $4.77. Given the current global situation wheat prices are unlikely to fall below those key support levels.
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Cotton & Rice Date: May 17, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 40 at 4559
Greenwood up 40 at 4559
New York Futures: July up 40 at 4959
Oct up 37 at 5240
Dec up 36 at 5386
March up 30 at 5670
Dec '08 up 28 at 6083
This week's LDP rate for cotton is 11.88 cents.
The estimate for next week is 10.84 cents.
Cotton Comment
December cotton prices continue to follow through with the reversal. Despite a disappointing export sales report of less than 300,000 bales cotton prices continued to gain. Cotton prices broke the 54 cent level briefly today, but closed just off that at 53.86 cents. Current support is 51.6 cents with upside retracement objectives of 55 to 57 cents.
Rice
Long Grain Cash Bid for May 926/cwt to - - -
- - - - - - to - - -
Chicago Futures: July down 6 1/2 at 1041 1/2
Sept down 6 at 1076
Nov down 5 at 1105
Jan down 4 at 1130
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
After approaching support levels earlier, rice prices bounced back to close down slightly. Rice continues to wait for fresh fundamental news to move the market. 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 17, 2007
Cattle
As reported by Federal-State Market News, receipts were 1192 head at sales in Charlotte & Green Forest.
Compared with last week, feeder steers sold firm to $3 higher, instances $5 higher.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 121 to 131
500 to 550 lbs. 118 to 128
600 to 700 lbs. 106 to 114
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 119 to 129
Heifers:
Medium & Large Frame 1 500 to 550 lbs. 103 to 113
Medium & Large Frame 2 400 to 450 lbs. 107 to 117
Slaughter Cows, Boners 47 to 53
Light Weight 35 to 42
Bulls, Yield Grade 1 1000 to 2100 lbs. 60 to 65.5
Midwest Steers were steady to 50¢ higher at 94 to 94.5
Panhandle Steers were steady at 94 to - - -
Oklahoma City Feeders Steers 550 to 600 lbs. 115 to 120
600 to 650 lbs. 113 to 120
Heifers 500 to 550 lbs. 110 to 117
550 to 600 lbs. 109 to 114.5
Chicago Futures:
Live Cattle: June down 52 at 9242
Dec down 40 at 9572
Feeders: Aug down 15 at 11295
Oct unchanged - - - at 11190
Hogs
Peoria: were unchanged at 47.5 to 48
Chicago Futures: June up 2 at 7562
Oct up 22 at 6712
Sheep
St. Paul n/a at - - - to - - -
Livestock Comment
A quiet cash market continues to plague the cattle market causing prices to fall. Cattle prices came under further pressure today, as traders began to position themselves ahead of tomorrow's cattle-on-feed report. Live cattle have support at $92.
June lean hogs were able to maintain yesterday's big gains and even close up moderately today. A strong cash market and good packer margins continue to support hog prices.
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Poultry Date: May 17, 2007
Eggs
New York: Ex. Lg. 91-95; Lg. 89-93; Med. 82-86;
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 firm in the West, steady to fully steady elsewhere. Supplies of all sizes were in good balance to well cleared for trade needs. Floor stocks were balanced. In production areas, live supplies were moderate at mostly desirable weights. According to the National Agricultural Statistics Service, for the week ending May 12, broiler egg sets were up 3% and chick replacements were up 4% when compared to a year ago.
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