Daily Arkansas Market Report for 5/23/2007
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Grain & Soybean Date: May 23, 2007
Soybeans
Local Elevators:
(May) EAST AR: 739 to 766
(NC) Summ. 772 to 795
River Elevators
(May) MISS: 756 to 770 ; AR & White 744 to 764
(NC) Summ. 771 to 795
Ark. Processor Bids: (May) 762 to 765 (NC) 794 to 795
Memphis: (May) 770 1/2 to - - - (NC) 795 1/2 to 797 1/2
Riceland Foods: (NC) Stuttgart 765 ; Pendleton 766 ; West Memphis 770
Chicago Futures: Jul up 7 1/4 at 800 1/2
Aug up 8 at 808 1/4
Nov up 8 1/4 at 830 1/2
Jan up 8 at 839 1/2
Nov '08 up 6 1/2 at 856 3/4
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 442 1/2 to 443 1/2;
Bids to farmers at Local Elevators 422-431;
River Elevators 417-446;
Chicago Futures: Jul up 5 1/2 at 476 1/2
Sep up 5 at 489 3/4
Dec up 6 at 502 1/4
Jul '08 up 7 at 491 1/2
Jul '09 up 5 at 496
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 599 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 368 1/2 to 378 1/2;
New crop at Memphis 341 1/2 to 342 1/2;
Bids to farmers at River Elevators 353 to 366
Chicago Futures: Jul down 1 at 368 1/2
Sep up 1/4 at 371 1/2
Dec up 1 1/4 at 370 1/2
Dec '08 up 1 3/4 at 390
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybean prices posted another day of gains, more than recovering yesterday's losses. Soybean prices continue to find support in the small crop forecast this year and the improving export prospects for 2007/08. China has been buying more U.S. soybeans for delivery next marketing year as the dollar continues to remain weak relative to other currencies. In addition, rumors are circulating that Europe will demand more soybeans this year; to replace the corn gluten feed from the U.S. This being said, soybeans are overbought and are due for a technical pullback to correct prices. It looked like prices were starting to do this yesterday, however they continued to rise today. Soybean prices will likely see some sort of correction in the near future. While prices are to decline due to the technical correction, given the fundamentals, prices are likely to rally as we progress through the growing season.
Wheat prices posted gains today, as fresh export demand surfaced from Asia. Wheat prices also found support from strength in the corn market. July wheat prices are likely to remain very volatile as we move into harvest this year. Improving U.S. crop conditions are pressuring prices, while tight global stocks are working to support prices. The wheat market continues to wait for some confirmation on what Australia and Europe's wheat crop will look like.
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Cotton & Rice Date: May 23, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis down 118 at 4514
Greenwood down 118 at 4514
New York Futures: Jul down 118 at 4914
Oct down 115 at 5265
Dec down 97 at 5443
Mar down 105 at 5720
Dec '08 down 105 at 6155
This week's LDP rate for cotton is 10.84 cents.
The estimate for next week is 9.32 cents.
Cotton Comment
Cotton prices saw significant losses for the second straight day. Today's losses closed the gap left from Monday's strong open, which puts a damper on many traders' hopes of a rally. Yesterday's close above the gap left many optimistic about a strong rally in cotton prices, especially since prices continue to be driven by technical movements as little fresh fundamental news has surfaced. The cotton market continues to be pressured by large carryover stocks and weak export demand. The cotton market continues to monitor talks between the U.S. and China in Washington as China is such an important market for U.S. cotton. A strong export sales report tomorrow could help these prices regain some of their momentum and move prices higher.
Rice
Long Grain Cash Bid for May 912/cwt to - - -
n/a - - - to - - -
Chicago Futures: Jul up 1 1/2 at 1027
Sep up 4 at 1065
Nov up 3 at 1095
Jan up 3 at 1120
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice prices closed the day mostly flat. Much like the cotton market there has been little fresh fundamentals coming from the rice market. Demand from millers and exporters remains weak just as it has been for the last few weeks. A smaller U.S. crop forecast in 2007/08 and tighter global stocks does not seem to be having any effect on U.S. or global rice prices. While daily prices have varied widely, rice prices have remained relatively unchanged for a number of weeks both in the U.S. and worldwide. The rice market continues to look for fresh fundamentals to dictate a direction to the market.
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Cattle & Hogs Date: May 23, 2007
Cattle
As reported by Federal-State Market News, receipts were 1,098 head at sales in Conway, Ola & Pocahontas.
Compared with last week, feeder steers sold steady to $2 lower, decline on weights under 600 lbs.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 120 to 130
500 to 550 lbs. 114 to 120
600 to 700 lbs. 100 to 116
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 112 to 118
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 110 to 118
Medium & Large Frame 2 400 to 450 lbs. 112 to 118
Slaughter Cows, Boners 46.50 to 52
Light Weight 34.50 to 40
Bulls, Yield Grade 1 1000 to 2100 lbs. 60 to 64, high dressing 64-66.50
Midwest Steers were steady at 94 to 95
Panhandle Steers were quoted at 95 to - - -
Oklahoma City Feeders Steers 500 to 550 lbs. 121.50 to 130
600 to 650 lbs. 119 to 126.50
Heifers 500 to 550 lbs. 103 to 112
600 to 650 lbs. 105.50 to 113.75
Chicago Futures:
Live Cattle: Jun down 65 at 9185
Dec down 12 at 9575
Feeders: Aug down 97 at 11272
Oct down 87 at 11140
Hogs
Peoria: were unchanged at 48.5 to 49
Chicago Futures: Jun down 2 at 7462
Oct up 47 at 6567
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
June live cattle were lower again today after charting a bearish key reversal yesterday. Weakness in wholesale beef prices also was a factor. 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. Support for June begins at the recent low of $91.30.
Hogs closed mixed. A weak cash market pressured futures, as did technical factors after yesterday's losses.
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Poultry Date: May 23, 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. 77-79
Toms: 16-24 lbs. 77-79
Delmarva Broilers
U.S. Grade A
Trade sentiment was mostly steady. Supplies were sufficient with smaller weights often close balanced and heavier weights more available. In production areas, live supplies were moderate. Weights were mixed, but mostly desirable.
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