Daily Arkansas Market Report for 5/2/2007
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Grain & Soybean Date: May 02, 2007
Soybeans
Local Elevators:
(May) EAST AR: 683 to 710
(NC) Summ. 720 to 743
River Elevators
(May) MISS: 699 to 711 ; AR & White 688 to 708
(NC) Summ. 720 to 743
Ark. Processor Bids: (May) 702 to 709 (NC) 740 to 743
Memphis: (May) 716 1/2 to 723 1/2 (NC) 743 to 745
Riceland Foods: (NC) Stuttgart 709 ; Pendleton 710 ; West Memphis 711
Chicago Futures: Jul down 7 3/4 at 748 1/2
Aug down 5 3/4 at 755 3/4
Nov down 6 1/2 at 777
Jan down 7 1/4 at 786 1/2
Nov '08 down 5 1/2 at 813 1/2
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 463 1/2 to - - -;
Bids to farmers at Local Elevators 440-451;
River Elevators 439-457;
Chicago Futures: Jul down 7 1/2 at 493 1/2
Sep down 5 3/4 at 505
Dec down 7 at 513 3/4
Jul '08 up 3 at 492
Jul '09 unchanged at 490
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 593 to 599;
Bids to farmers at
River Elevators 580-645;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for May at Memphis 378 to 384;
New crop at Memphis 345 3/4 to 347 3/4;
Bids to farmers at River Elevators 358 to 371
Chicago Futures: Jul up 4 1/2 at 382
Sep up 3 1/2 at 380 3/4
Dec up 1 3/4 at 380 1/4
Dec '08 up 1/2 at 392 1/2
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans were a little lower as the market reacted to a smaller planting window this week for corn than originally forecast. November closed just below $7.80, but remains in position to move either up or down as dictated by weather. The next upside resistance is $8.15 to $8.28. The next support is $7.50 to $7.45.
July wheat prices were unable to sustain yesterday's late rally. Wheat prices are approaching a 50 percent retracement of gains from the Easter freeze. News from the Kansas crop tour continues to be bearish, as participants are saying the wheat looks pretty good. This is not helpful to our farmers here, where the crop quality is not improving. Prices are unlikely to see big gains in the near term as fundamentals grow increasingly bearish.
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Cotton & Rice Date: May 02, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 40 at 4387
Greenwood up 40 at 4387
New York Futures: Jul up 40 at 4862
Oct up 35 at 5160
Dec up 44 at 5320
Mar '08 up 40 at 5610
Dec '08 up 67 at 6000
This week's LDP rate for cotton is 10.10 cents.
The estimate for next week is 11.61 cents.
Cotton Comment
December cotton retraced earlier declines that brought a new contract low and ended the session on a positive note. The market remains heavily oversold and due a rebound but traders are looked at the obvious – a potential 10 million bale carryover and a '07 crop of 18 million bales or more. Factor in slow exports and a continued downward spiral in domestic use and the logical outcome appears to be still lower prices. In addition changes in loan redemption and forfeiture rules leave producers in an awkward position. Equity offers are limited while producers face additional costs if they forfeit their loan. Obviously merchants know this and equity offers aren't likely to improve unless exports increase sharply.
Rice
Long Grain Cash Bid for May 900 to 901/cwt
Jun 900/cwt to - - -
Chicago Futures: Jul down 5 at 1028
Sep down 2 at 1062
Nov down 2 at 1092
Jan down 3 at 1118
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
November rice continued to trade in a narrow consolidation area just below a downtrend drawn from the contract high and across recent highs. Planting progress through April 29 was listed at 65% in Arkansas – that compares to 86% last year and 5 year average of 75%. California is ahead of normal and brings overall planting to 60% which is just below the 62% 5 year average. This suggests relatively few problems with planting and therefore little potential impact on prices. Retracement objectives of $10.80 and $10.62 would come into play with a downturn, while the next upside resistance is $11.15 to $11.25. The market is still looking at a slow export pace and remains concerned about the impact of GMO traits in U.S. rice. Most U.S. mills are operating well below capacity and that will likely remain the case.
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Cattle & Hogs Date: May 02, 2007
Cattle
As reported by Federal-State Market News, receipts were 1,593 head at sales in Conway, Ola & Pocahontas.
Compared with last week, feeder steers sold steady, heifers steady to instances $2 higher.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 121 to 131
500 to 550 lbs. 114 to 124
600 to 700 lbs. 104 to 113
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 110 to 119
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 109 to 116
Medium & Large Frame 2 400 to 450 lbs. 100 to 109
Slaughter Cows, Boners 46 to 49.50
Light Weight 34 to 38
Bulls, Yield Grade 1 1000 to 2100 lbs. 59 to 63.50, high dressing 64-66
Midwest Steers were quoted at 94 to - - -
Panhandle Steers were quoted at 94 to - - -
Oklahoma City Feeders Steers 500 to 550 lbs. n/a to - - -
600 to 650 lbs. n/a to - - -
Heifers 500 to 550 lbs. 111 to 115.75
600 to 650 lbs. 105 to 113.75
Chicago Futures:
Live Cattle: Jun down 2 at 9385
Dec down 22 at 9620
Feeders: Aug up 5 at 11265
Oct up 5 at 11155
Hogs
Peoria: were unchanged at 47.5 to 48
Chicago Futures: Jun down 132 at 7420
Oct down 97 at 6622
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
June live cattle prices traded mixed today to post slight declines. After gaining early cattle prices seemed to loose steam late in the day. Weak beef cut-out prices combined with a lack of news from the cash market led to declines today. Live cattle prices have support at 92.
Hog prices experienced modest declines today, due to speculative profit taking after strong gains the last two days. Strong demand and wholesale prices continue to support hog prices. Packers continue to compete aggressively for tight hogs supplies. However, don't look for hogs to break out until fresh fundamentals present themselves.
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Poultry Date: May 02, 2007
Eggs
New York: Ex. Lg. 106-110; Lg. 104-108; Med. 95-99;
Chicago: Ex. Lg. 95-103; Lg. 93-101; Med. 85-93;
Eastern Region Turkeys
Hens: 8-16 lbs. 75-77
Toms: 16-24 lbs. 75-77
Delmarva Broilers
U.S. Grade A
Trade sentiment was irregular, ranging steady to fully steady in the West, steady to firm in the East, but steady to instances barely steady in the Midwest. Supplies of all sizes were mixed ranging adequate to ample, but shortages were reported in some areas. In production areas, live supplies were moderate at mostly desirable weights.
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