Daily Arkansas Market Report for 5/22/2007
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Grain & Soybean Date: May 22, 2007
Soybeans
Local Elevators:
(May) EAST AR: 731 to 758
(NC) Summ. 763 to 786
River Elevators
(May) MISS: 748 to 762 ; AR & White 736 to 756
(NC) Summ. 763 to 786
Ark. Processor Bids: (May) 754 to 757 (NC) 785 to 786
Memphis: (May) 763 1/4 to - - - (NC) 787 1/4 to 789 1/4
Riceland Foods: (NC) Stuttgart 757 ; Pendleton 758 ; West Memphis 762
Chicago Futures: Jul down 7 1/4 at 793 1/4
Aug down 7 at 800 1/4
Nov down 7 at 822 1/4
Jan down 7 1/2 at 831 1/2
Nov '08 down 5 1/4 at 850 1/4
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 437 to 438;
Bids to farmers at Local Elevators 416-425;
River Elevators 412-440;
Chicago Futures: Jul down 8 1/2 at 471
Sep down 7 3/4 at 484 3/4
Dec down 6 3/4 at 496 1/4
Jul '08 down 6 at 484 1/2
Jul '09 down 1 at 491
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 597 to - - -;
Bids to farmers at
River Elevators 566-630;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for May at Memphis 369 1/4 to 379 1/4;
New crop at Memphis 341 1/4 to 342 1/4;
Bids to farmers at River Elevators 354 to 367
Chicago Futures: Jul down 11 1/2 at 369 1/2
Sep down 10 at 371 1/4
Dec down 11 at 369 1/4
Dec '08 down 7 at 388 1/4
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybean prices came under strong pressure today and fell for the first time since the May crop report was released. Soybean fundamentals are still bullish for the most part with U.S. stocks tightening sharply year over year. However, news from Argentina indicates an even larger crop than previously forecast, allowing the market to take the technical dip it has been looking for. Prices are likely to decline a little further as the market continues to correct itself; however, tight supplies and strengthening export demand due to a strengthening in the Brazilian currency will limit losses. Yesterday's crop report showed corn planting up dramatically, which caused losses in that market which also pressured soybeans lower. In addition to advanced plantings of corn, the crop is seen as 78 percent in good to excellent condition. This can be either a good thing or a bad thing. In the past, we have seen record yields in these years but we have also seen yields drop off more tha!
n 10 bushels from the year before. It is still a long time until harvest, and we will have to wait and see if the weather cooperates.
Wheat prices are back below key support levels today. Prices declined as yesterday's USDA report showed crop quality continuing to improve and spring wheat planting coming in at a good pace. In addition, weakness in the corn prices from its positive report gave wheat prices no support to maintain gains experienced yesterday. Wheat prices are likely to continue to come under pressure in the short term as corn prices are expected to continue to fall as many feel the USDA underestimated yield potential in 2007/08 at 150.3 bu/acre. Wheat prices need corn prices to firm up in order to increase.
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Cotton & Rice Date: May 22, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 22 at 4632
Greenwood up 22 at 4632
New York Futures: Jul down 22 at 5032
Oct unchanged at 5380
Dec down 9 at 5540
Mar down 10 at 5825
Dec '08 up 35 at 6260
This week's LDP rate for cotton is 10.48 cents.
The estimate for next week is 9.45 cents.
Cotton Comment
Cotton prices fell slightly today, but managed to close well off of the day's low. After yesterday's strong gains in the cotton market it is likely that most of today's decline was profit taking by speculators. While cotton prices declined today they managed to remain at the 54 cent support level. Rumors abound about Indian cotton supplies tightening up and not having cotton to export. This could be a boost in U.S. exports as the U.S. may be able to recover some of its losses in China. While this is good news for cotton prices, cotton is still burdened by large quantities of cotton under loan, which will likely continue to pressure cotton gains.
Rice
Long Grain Cash Bid for May 910/cwt to - - -
- - - - - - to - - -
Chicago Futures: Jul down 7 at 1025 1/2
Sep down 11 at 1061
Nov down 8 at 1092
Jan down 8 at 1117
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice prices posted losses today. Rice prices continue to be pressured by weak demand. Besides the occasional technical price swing there has been little action in the rice market. Prices continue to trend down and have little fundamental or technical support to break out of this trend. Rice has the potential from a technical perspective to decline further and test the low set back in March of $10.65. Before prices reach that level they have support at 10.86 and 10.78.
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Cattle & Hogs Date: May 22, 2007
Cattle
As reported by Federal-State Market News, receipts were 1,120 head at sales in Fort Smith & Marshall.
Compared with last week, feeder steers sold steady to $1 higher, instances $2-$3 higher.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 126 to 136
500 to 550 lbs. 114 to 124
600 to 650 lbs. 118 to - - -
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. 101 to 111
Slaughter Cows, Boners 48 to 53
Light Weight n/a to - - -
Bulls, Yield Grade 1 1000 to 2100 lbs. 61 to 67, high dressing 67-73
Midwest Steers were $.50-$3.50 lower at 94 to 95
Panhandle Steers n/a at - - - to - - -
Oklahoma City Feeders Steers 550 to 600 lbs. 120.50 to 129.50
600 to 650 lbs. 110 to 118.50
Heifers 500 to 550 lbs. 103 to 112
600 to 650 lbs. 105.50 to 113.75
Chicago Futures:
Live Cattle: Jun down 110 at 9250
Dec down 72 at 9587
Feeders: Aug unchanged at 11370
Oct down 27 at 11227
Hogs
Peoria: were $1 lower at 48.5 to 49
Chicago Futures: Jun down 67 at 7465
Oct down 75 at 6520
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
June live cattle charted a downward key reversal today after breaking trendline resistance yesterday. The market failed to follow through on yesterday's strong close as traders expect cash prices are near a peak. Cattle marketings are expected to continue to increase throughout the summer as light carcass weights are forcing packers to buy more cows. Light carcass weights are the result of high feed cost causing feed lots to push cattle through faster.
June lean hogs were also lower. Yesterday's cold storage report showed larger than expected frozen pork stocks. Slowing exports, primarily to Mexico, and anticipated seasonally slow demand is also having an effect on prices. Packer margins remain good for this time of year; however, a price swing could make those margins negative quickly.
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Poultry Date: May 22, 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
Trade sentiment ranged at least steady in the East, steady to about steady in the West, and mostly steady in the Midwest. Supplies of all sizes were usually sufficient to to well cleared for trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights. The Composite Weighted Average price for 05/21/07 was $82.87 compared to $81.76 a week earlier, and $61.27 a year ago.
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