Daily Arkansas Market Report for 5/18/2007
--------------------------------------------------------------------------
Grain & Soybean Date: May 18, 2007
Soybeans
Local Elevators:
(May) EAST AR: 731 to 758
(NC) Summ. 762 to 785
River Elevators
(May) MISS: 748 to 762 ; AR & White 735 to 755
(NC) Summ. 762 to 785
Ark. Processor Bids: (May) 754 to 757 (NC) 784 to 785
Memphis: (May) 761 1/2 to 762 1/2 (NC) 786 1/4 to 788 1/4
Riceland Foods: (NC) Stuttgart 756 ; Pendleton 758 ; West Memphis 757
Chicago Futures: Jul down 1/4 at 792 1/2
Aug down 1/4 at 799 1/4
Nov unchanged at 821 1/4
Jan up 1 at 830 1/2
Nov '08 down 1/2 at 848 1/4
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 441 1/4 to 443 1/4;
Bids to farmers at Local Elevators 417-433;
River Elevators 415-445;
Chicago Futures: Jul down 14 1/4 at 471 1/4
Sep down 14 at 484 1/4
Dec down 12 at 494 1/2
Jul '08 down 14 1/4 at 471 1/4
Jul '09 down 1 at 489
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 592 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 371 1/4 to 381 1/4;
New crop at Memphis 337 to 340;
Bids to farmers at River Elevators 353 to 366
Chicago Futures: Jul down 1 3/4 at 371 1/4
Sep down 2 1/2 at 369
Dec down 4 at 366 1/2
Dec '08 down 3 at 387 1/2
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans closed a second day in a row with no change. While the other grains fell today, soybeans maintained strength again. 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, this is the third day of weak prices. Wheat prices closed the day below key support levels at 4.77. If Monday's progress report shows continued improvement, prices may head further south. Prices are having difficulty finding any significant support in tight global wheat stocks.
--------------------------------------------------------------------------
Cotton & Rice Date: May 18, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 17 at 4576
Greenwood up 17 at 4576
New York Futures: Jul up 17 at 4976
Oct up 30 at 5270
Dec up 49 at 5435
Mar up 53 at 5723
Dec '08 up 47 at 6130
This week's LDP rate for cotton is 10.84 cents.
The estimate for next week is 8.84 cents.
Cotton Comment
December cotton prices continue to follow through with the reversal. Prices finally broke resistance levels and closed above 54 cents. Current support is 51.6 cents with upside retracement objectives of 55 to 57 cents.
Rice
Long Grain Cash Bid for May 896/cwt to - - -
- - - - - - to - - -
Chicago Futures: Jul down 30 at 1011 1/2
Sep down 30 at 1046
Nov down 27 at 1078
Jan down 25 at 1105
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice prices tanked today, falling below key support levels at $11. The rice market is getting impatient waiting for fresh fundamental news and has begun to decline. Rice prices have support at 10.62.
--------------------------------------------------------------------------
Cattle & Hogs Date: May 18, 2007
Cattle
As reported by Federal-State Market News, receipts were 7,500 head at sales in Arkansas this week.
Compared with last week, feeder steers sold firm to $3 higher.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 123 to 133
500 to 550 lbs. 114 to 124
600 to 700 lbs. 105 to 115
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 115 to 125
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 112 to 122
Medium & Large Frame 2 400 to 450 lbs. 108 to 118
Slaughter Cows, Boners 48 to 55
Light Weight 38 to 44
Bulls, Yield Grade 1 1000 to 2100 lbs. 60 to 67, high dressing 67.50-72
Midwest Steers were 3.50-3 higher at 97.50 to - - -
Panhandle Steers were steady to 3.50 higher at 94 to 97.50
Oklahoma City Feeders Steers 500 to 550 lbs. 118 to 134.50
600 to 650 lbs. 112 to 126
Heifers 500 to 550 lbs. 104 to 119
600 to 650 lbs. 100 to 114.85
Chicago Futures:
Live Cattle: Jun up 22 at 9265
Dec up 45 at 9617
Feeders: Aug up 77 at 11372
Oct up 65 at 11255
Hogs
Peoria: were unchanged at 47.5 to 48
Chicago Futures: Jun down 22 at 7540
Oct down 65 at 6647
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
A strengthening in the cash market led to increases in June Live cattle. Cattle prices gains were limited as traders position themselves ahead of today's cattle-on-feed report. Live cattle have support at $92.
June lean hogs continue to decline. A strong cash market and good packer margins continue to support hog prices and keep losses small.
--------------------------------------------------------------------------
Poultry Date: May 18, 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
Majority prices were higher in the major terminal markets when compared to a week earlier. Supplies of all sizes were in good balance but sufficient for trade needs. In production areas, live supplies were moderate. Weights were mixed, but mostly desirable.
-----------------------------------------------------
HOW TO UNSUBSCRIBE
You are receiving this newsletter because you requested that your email address be added to the Arkansas Farm Bureau Daily Market Report.
To unsubscribe or change your subscription information, go to
http://www.arfb.com/commodity/daily_rpt_email.asp
-----------------------------------------------------
QUESTIONS OR COMMENTS?
If you have any comments or questions about this e-newsletter please
e-mail us at mktrpt@arfb.com
Arkansas Farm Bureau
10720 Kanis Road
Little Rock, AR 72211
501-224-4400
Copyright 2005
Arkansas Farm Bureau, Inc.
All rights reserved
--------------------------------------------------------------------------
No comments:
Post a Comment