Daily Arkansas Market Report for 5/21/2007
--------------------------------------------------------------------------
Grain & Soybean Date: May 21, 2007
Soybeans
Local Elevators:
(May) EAST AR: 739 to 766
(NC) Summ. 770 to 793
River Elevators
(May) MISS: 756 to 770 ; AR & White 743 to 763
(NC) Summ. 770 to 793
Ark. Processor Bids: (May) 762 to 765 (NC) 792 to 793
Memphis: (May) 769 1/2 to 770 1/2 (NC) 794 1/4 to 796 1/4
Riceland Foods: (NC) Stuttgart 765 ; Pendleton 766 ; West Memphis 770
Chicago Futures: Jul up 8 at 800 1/2
Aug up 8 at 807 1/4
Nov up 8 at 829 1/4
Jan up 8 1/2 at 839
Nov '08 up 7 1/4 at 855 1/2
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 449 1/2 to 451 1/2;
Bids to farmers at Local Elevators 426-442;
River Elevators 420-454;
Chicago Futures: Jul up 8 1/4 at 479 1/2
Sep up 8 1/4 at 492 1/2
Dec up 8 1/2 at 503
Jul '08 up 6 1/2 at 490 1/2
Jul '09 up 3 at 492
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 617 to - - -;
Bids to farmers at
River Elevators 588-652;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for May at Memphis 381 to 391;
New crop at Memphis 351 1/4 to 352 1/4;
Bids to farmers at River Elevators 363 to 376
Chicago Futures: Jul up 9 3/4 at 381
Sep up 12 1/4 at 381 1/4
Dec up 13 3/4 at 380 1/4
Dec '08 up 7 3/4 at 395 1/4
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
November soybean prices continue to remain strong. While corn was the leader in today's trade, soybeans finally showed signs of life and posted gains today. Soybean prices are being supported by continued concern over tightening U.S. and Global soybean supplies in 2007/08. While soybean prices are currently strong, technical signals are suggesting the market may be overbought. There is a good chance soybean prices may make a correction in the coming days; however, the strong fundamentals should allow prices to rebound from this decline. Soybean prices will likely find support in today's USDA planting report which came out after the market closed. The report showed corn plantings at 92 percent up from both last year and the 5 year average. While soybeans are also showing good progress, it is unlikely very many acres will shift from corn to soybeans making soybean acres much less than last year.
July wheat prices closed up today. Wheat prices benefited from strength in the corn market, which helped drag wheat prices higher. Friday's close below the $4.77 support level opened the possibility for prices to decline to lows reached prior to the Easter freeze of $4.26. Wheat prices still have support at $4.65 before they fall that low. Wheat prices have little fundamental support for prices to increase at this time, meaning that if corn prices fall wheat will be right on its heals or vise versa. Today's crop condition report continues to show improvement in the winter wheat crop with 59 percent of the crop listed in good to excellent condition. This combined with corn plantings being ahead of last year and the 5 year average adds to the bearish tone of the wheat market.
--------------------------------------------------------------------------
Cotton & Rice Date: May 21, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 78 at 4654
Greenwood up 78 at 4654
New York Futures: Jul up 78 at 5054
Oct up 110 at 5380
Dec up 114 at 5549
Mar up 112 at 5835
Dec '08 up 95 at 6225
This week's LDP rate for cotton is 10.84 cents.
The estimate for next week is 9.74 cents.
Cotton Comment
Cotton prices continued their corrective bounce as December cotton prices gapped higher today. Gains in cotton since last Friday have been driven by technical factors as speculators continue to buy cotton. Cotton price need commercial sales to pick up in order to sustain the gains experienced over the last few days. Commercial cotton sales remain weak as large U.S. carryover stocks continue to weigh on the market. While rumors abound about merchants buying U.S. cotton for export, the USDA export sales report continues to post disappointing sales. Today's USDA planting report, which came out after the market closed, continues to show U.S. cotton plantings lagging well behind 2006 levels as adverse weather conditions continue to plague planting in Texas.
Rice
Long Grain Cash Bid for May 917/cwt to - - -
- - - - - - to - - -
Chicago Futures: Jul up 21 at 1032 1/2
Sep up 26 at 1072
Nov up 22 at 1100
Jan up 20 at 1125
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice prices were able to recover from Friday's technical dip and bounce back to the $11/cwt. Rice prices are still awaiting some fresh fundamental news to give the market some direction. However, Friday's lows have put rice in a bad technical position opening the risk that prices could decline to March lows of $10.68. Rice prices are finding little support in the current fundamental situation, in which millers are operating at less than 50 percent capacity and paddy exports remain slow as there is a still large discrepancy between bids and offers. Since the last technical price rally in early May, rice prices have trended down. With no fresh fundamental news looming on the horizon, it is unlikely rice will experience any sustainable increases. Rice prices have support at $10.86 and 10.68, with resistance at $11.17 and $11.40.
--------------------------------------------------------------------------
Cattle & Hogs Date: May 21, 2007
Cattle
As reported by Federal-State Market News, receipts were 2,914 head at sales in Ash Flat and Springdale.
Compared with last week, feeder steers and heifers sold mostly steady to $2 higher with some heifers over 500 lbs. $3-$5 higher.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 123 to 133
500 to 550 lbs. 116 to 126
600 to 700 lbs. 105 to 115
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 108 to 118
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 47 to 54
Light Weight 40 to 44
Bulls, Yield Grade 1 1000 to 2100 lbs. 58.50 to 67, high dressing 67-73
Midwest Steers were $3 lower to $1 higher at 94.50 to 98.50
Panhandle Steers were $2.50 lower to $1 higher at 95 to 98.50
Oklahoma City Feeders Steers 550 to 600 lbs. 122 to 129.50
650 to 700 lbs. 116 to 120.70
Heifers 500 to 550 lbs. 109.50 to 119
600 to 650 lbs. 107.50 to 113.75
Chicago Futures:
Live Cattle: Jun up 95 at 9360
Dec up 42 at 9660
Feeders: Aug down 2 at 11370
Oct unchanged at 11255
Hogs
Peoria: were unchanged at 47.5 to 48
Chicago Futures: Jun down 7 at 7532
Oct down 52 at 6595
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 another day of gains. Today's gains broke trend line resistance, putting June cattle in position to test resistance at $94.50. Live cattle found support in the strengthening cash market and the higher than expected April marketing's in Friday's USDA report. Cattle marketing's are expected to continue to increase throughout the summer as light carcass weights are forcing packers to buy more cows. Last week's carcass weight was down 18 lbs from a year earlier, while cattle slaughter was up 4.9 percent. Light carcass weights are the result of high feed cost causing feed lots to push cattle through faster. June live cattle have support at $92.65.
June lean hogs closed the day down slightly. Slowing exports, primarily to Mexico, and anticipated seasonally slow demand has pressured hog prices lower. Packer margins remain good for this time of year; however, a price swing could make those margins negative quickly. Pork prices are likely to come under further pressure tomorrow as today's cold storage report shows pork stocks up from both last month and last years levels.
--------------------------------------------------------------------------
Poultry Date: May 21, 2007
Eggs
New York: Ex. Lg. 91-95; Lg. 89-93; Med. 82-86;
Chicago: Ex. Lg. 80-88; Lg. 78-86; Med. 72-80;
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 all areas when compared to previous week's prices. Trade sentiment was mixed, but overall at least steady. Supplies of all sizes were in balance to well cleared for trade needs. In production areas, live supplies were moderate at mostly desirable weights.
-----------------------------------------------------
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