Daily Arkansas Market Report for 5/25/2007
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Grain & Soybean Date: May 25, 2007
In observance of the holiday, the Farm Bureau Center will be closed on Monday, May 28, 2007. The next report will be published on Tuesday, May 30, 2007.
Soybeans
Local Elevators:
(May) EAST AR: 753 to 780
(NC) Summ. 783 to 806
River Elevators
(May) MISS: 768 to 784 ; AR & White 756 to 776
(NC) Summ. 781 to 806
Ark. Processor Bids: (May) 774 to 779 (NC) 805 to 806
Memphis: (May) 782 1/2 to 875 1/2 (NC) 806 1/2 to 808 1/2
Riceland Foods: (n/a) Stuttgart - - - ; Pendleton - - - ; West Memphis - - -
Chicago Futures: Jul up 7 1/4 at 812 1/2
Aug up 7 at 819 1/2
Nov up 7 1/4 at 841 1/2
Jan up 6 1/4 at 849 3/4
Nov '08 up 4 1/2 at 861
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 468 to - - -;
Bids to farmers at Local Elevators 446-455;
River Elevators 442-470;
Chicago Futures: Jul up 10 at 501
Sep up 11 at 514 3/4
Dec up 10 1/2 at 525
Jul '08 up 4 at 502
Jul '09 up 3 at 510
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 607 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 to 386;
New crop at Memphis 347 1/4 to 348 1/4;
Bids to farmers at River Elevators 365 to 378
Chicago Futures: Jul down 1/2 at 376
Sep up 1/2 at 377 1/4
Dec up 2 1/4 at 375
Dec '08 up 3 at 394 1/4
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
November soybeans made another push at the contract high of $8.43 as the market looks toward an extended 3 day weekend. Strong demand for U.S. soybeans and soy products is keeping the market in a positive mode despite the percent of huge stocks. A weaker dollar and a stronger Brazilian Real has helped make U.S. soybeans more attractive to importers. On the technical side contract highs are being challenged, but a relative strength index (RSI) above 70 percent is a red flag that the market is overbought and likely due a pullback.
Wheat futures posted double-digit gains for the second day in a row, with July closing above the key $5.00 mark. Traders are beginning to think that recent losses in anticipation of big yields in the Plains were overdone. Production problems across Europe were supportive as well. July now has resistance at the recent high of $5.07 ½.
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Cotton & Rice Date: May 25, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 95 at 4714
Greenwood up 95 at 4714
New York Futures: Jul up 105 at 5114
Oct up 126 at 5450
Dec up 105 at 5620
Mar up 105 at 5900
Dec '08 up 105 at 6310
This week's LDP rate for cotton is 9.39 cents.
The estimate for next week is 8.43 cents.
Cotton Comment
Cotton futures ended the week on a strong note with a gap higher move confirming a bull flag formation on the December chart. The formation suggests an upside objective around 59.15 cents, or just below the late March high. Old crop July could test the next layer of resistance around 52.25 cents. While the technical picture is taking a positive tone, fundamentals remain somewhat negative, with big ending U.S. stocks anticipated. This week's export sales report was positive but it will take a strong effort between now and the end of the marketing year to make USDA's projection.
Rice
Long Grain Cash Bid for n/a - - - to - - -
n/a - - - to - - -
Chicago Futures: Jul down 1 at 1021
Sep down 1 at 1057
Nov down 2 at 1087
Jan down 4 at 1111
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice futures were again on the defensive, while moving in a very narrow range 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 supported 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 25, 2007
Cattle
As reported by Federal-State Market News, receipts were 9,370 head at sales in Arkansas this week.
Compared with last week, feeder steers sold steady.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 124 to 133
500 to 550 lbs. 114 to 124
600 to 700 lbs. 105 to 114
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 121
Medium & Large Frame 2 400 to 450 lbs. 105 to 115
Slaughter Cows, Boners 46 to 52
Light Weight 34 to 40
Bulls, Yield Grade 1 1000 to 2100 lbs. 60 to 65.60, high dressing 66.50-68.50
Midwest Steers n/a at - - - to - - -
Panhandle Steers were $1 lower at 94 to - - -
Oklahoma City Feeders Steers 500 to 550 lbs. 109 to 125
600 to 650 lbs. 101 to 118
Heifers 500 to 550 lbs. 97 to 120
600 to 650 lbs. 92.50 to 112.50
Chicago Futures:
Live Cattle: Jun down 5 at 9105
Dec up 15 at 9537
Feeders: Aug down 65 at 11095
Oct down 40 at 11005
Hogs
Peoria: were unchanged at 47.5 to 48
Chicago Futures: Jun down 22 at 7472
Oct down 32 at 6552
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
Cattle futures closed mostly lower 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 ended lower on weakness in cash hogs and yesterday's sharp decline in the composite pork cutout value. Wednesday's low of $74.10 is key support for June.
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Poultry Date: May 25, 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
Majority prices were unchanged in all areas when compared to previous week. Trade sentiment was mostly steady. Supplies of all sizes were usually sufficient for trade needs. In production areas, live supplies were moderate at mostly desirable weights.
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