Daily Arkansas Market Report for 5/24/2007
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Grain & Soybean Date: May 24, 2007
Soybeans
Local Elevators:
(May) EAST AR: 745 to 772
(NC) Summ. 775 to 798
River Elevators
(May) MISS: 760 to 776 ; AR & White 749 to 769
(NC) Summ. 774 to 796
Ark. Processor Bids: (May) 766 to 771 (NC) 797 to 798
Memphis: (May) 775 1/4 to - - - (NC) 799 1/4 to 801 1/4
Riceland Foods: (NC) Stuttgart 771 ; Pendleton 772 ; West Memphis 776
Chicago Futures: Jul up 4 3/4 at 805 1/4
Aug up 4 1/4 at 812 1/2
Nov up 3 3/4 at 834 1/4
Jan up 4 at 843 1/2
Nov '08 down 1/4 at 856 1/2
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 457 to 458;
Bids to farmers at Local Elevators 436-445;
River Elevators 432-460;
Chicago Futures: Jul up 14 1/2 at 491
Sep up 14 at 503 3/4
Dec up 12 1/4 at 514 1/2
Jul '08 up 6 1/2 at 506
Jul '09 up 11 at 507
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 603 to - - -;
Bids to farmers at
River Elevators 578-642;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for May at Memphis 376 1/2 to 386 1/2;
New crop at Memphis 346 3/4 to 347 3/4;
Bids to farmers at River Elevators 363 to 376
Chicago Futures: Jul up 8 at 376 1/2
Sep up 5 1/4 at 376 3/4
Dec up 2 1/4 at 372 3/4
Dec '08 up 1 1/4 at 391 1/4
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans were higher again today with early trading carrying November within a nickel of the $8.43 contract high. The monthly crush report for April was a million bushels below expectations, but with a total crush of 144.9 million bushels, that isn't much. New crop soybean sales at 83 million bushels were supportive. Technically, unless there is a big decline tomorrow, the weekly charts will take on a bullish look with a July close above $7.90.
Wheat futures posted double-digit gains on ideas that heavy rains in Kansas and Texas hurt yield potential there. European wheat prices are at contract-high levels due to production problems there, which is also providing support in the U.S. due to world-wide supply side concerns.
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Cotton & Rice Date: May 24, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 95 at 4609
Greenwood up 95 at 4609
New York Futures: Jul up 95 at 5009
Oct up 59 at 5324
Dec up 72 at 5515
Mar up 75 at 5795
Dec '08 up 50 at 6205
This week's LDP rate for cotton is cents.
The estimate for next week is cents.
Cotton Comment
Cotton reversed yesterday's losses and closed higher today. Today's reversal gives a possible bull flag look to the December charts, but we will have to see what develops over the next week. If it is a bull flag formation, it will suggest another leg up similar to what we have seen over the last several weeks. 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 907/cwt to - - -
n/a - - - to - - -
Chicago Futures: Jul down 5 at 1022
Sep down 7 at 1058
Nov down 6 at 1089
Jan down 5 at 1115
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice futures were lower again today as the market remained within this week's trading range. Overall trading is in a short term downtrend with support starting just below $10.80 for November. There is little fresh fundamental news either here in the U.S. or internationally to give the market real direction. International trade is slow with both Thailand and Vietnam expected to garner portions of a tender from the Philippines. Thai prices continue to be support by a strong currency and the government intervention program. Here in the U.S. 71% of the crop is rated good to excellent. This compares with just 57% a year ago.
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Cattle & Hogs Date: May 24, 2007
Cattle
As reported by Federal-State Market News, receipts were 2,104 head at sales in Charlotte, Ratcliff & Green Forest.
Compared with last week, feeder steers sold very unevenly, averaging near steady.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 111 to 121
500 to 5550 lbs. 102 to 112
600 to 700 lbs. 101 to 110
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 105 to 115
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 111 to 121
Medium & Large Frame 2 400 to 450 lbs. 105 to 115
Slaughter Cows, Boners 45 to 52
Light Weight 37 to 40
Bulls, Yield Grade 1 1000 to 2100 lbs. 57 to 64.50, high dressing 65-70
Midwest Steers were $1 higher to steady at 95 to - - -
Panhandle Steers were steady at 95 to - - -
Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -
n/a to - - - lbs. - - - to - - -
Heifers n/a to - - - lbs. - - - to - - -
n/a to - - - lbs. - - - to - - -
Chicago Futures:
Live Cattle: Jun down 75 at 9110
Dec down 52 at 9522
Feeders: Aug down 112 at 11160
Oct down 95 at 11045
Hogs
Peoria: were $1 lower at 47.5 to 48
Chicago Futures: Jun up 32 at 7495
Oct up 17 at 6585
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
Cattle futures were under pressure again today. Expectations for decreased demand for beef following the Memorial Day holiday are weighing on futures. 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. The next level of support for June is just below $89.
Hogs posted gains today. Pork cutout values are holding their own, and that supported futures. Yesterday's low of $74.50 is key support for June.
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Poultry Date: May 24, 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 steady in all areas. Supplies of all sizes were usually sufficient to handle trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights. According to the National Agricultural Statistics Service (NASS) for the week ending 19-May-07, broiler egg sets were up 3%, and chick placements were up 4% when compared to a year ago. Based on the preliminary chick placements, the number of fryers available for marketing during the week ending 30-Jun-07 was estimated at 165.6 million head compared to 166.3 million head a week earlier.
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