Daily Arkansas Market Report for 5/29/2007
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Grain & Soybean Date: May 29, 2007
In our efforts to serve you better, Arkansas Farm Bureau will be upgrading our Daily Market Report system. The new system will go on-line tomorrow, May 30, 2007 and your e-mail will reflect this change.
Soybeans
Local Elevators:
(May) EAST AR: 738 to 765
(NC) Summ. 768 to 791
River Elevators
(May) MISS: 753 to 769 ; AR & White 741 to 761
(NC) Summ. 764 to 791
Ark. Processor Bids: (May) 759 to 764 (NC) 790 to 791
Memphis: (May) 765 1/2 to 767 1/2 (NC) 780 3/4 to 791 3/4
Riceland Foods: (NC) Stuttgart 764 ; Pendleton 765 ; West Memphis 769
Chicago Futures: Jul down 15 at 797 1/2
Aug down 14 1/4 at 805 1/4
Nov down 14 3/4 at 826 3/4
Jan down 14 1/4 at 835 1/2
Nov '08 down 10 3/4 at 850 1/4
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 458 to 460;
Bids to farmers at Local Elevators 437-448;
River Elevators 435-463;
Chicago Futures: Jul down 10 at 491
Sep down 9 1/2 at 505 1/4
Dec down 8 1/2 at 516 1/2
Jul '08 down 4 1/2 at 497 1/2
Jul '09 down 4 at 506
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 594 to - - -;
Bids to farmers at
River Elevators 559-623;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for May at Memphis 369 3/4 to 376 3/4;
New crop at Memphis 338 3/4 to 339 3/4;
Bids to farmers at River Elevators 354 to 367
Chicago Futures: Jul down 11 1/4 at 364 3/4
Sep down 9 1/2 at 367 3/4
Dec down 7 1/2 at 367 1/2
Dec '08 down 5 3/4 at 388 1/2
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
November soybeans posted sharp losses, mostly on technical factors. The RSI is above 70%, signaling that the market is overbought and due a correction. Strong demand for U.S. soybeans and soy products is keeping the market in a positive mode despite the percent of huge stocks. Also a positive is the smaller planted acreage, which will help the market work through the record-setting carryout.
Wheat charted double-digit losses following soybeans and corn. 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. Friday's high of $5.02 now becomes the first level of resistance for July.
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Cotton & Rice Date: May 29, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis down 111 at 4603
Greenwood down 111 at 4603
New York Futures: Jul down 111 at 5003
Oct down 80 at 5370
Dec down 75 at 5545
Mar down 73 at 5827
Dec '08 down 40 at 6270
This week's LDP rate for cotton is 9.39 cents.
The estimate for next week is 7.99 cents.
Cotton Comment
Cotton futures ended lower, with December finding support at the bottom of Friday's gap. December has confirmed a bull flag formation, suggesting 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.
Rice
Long Grain Cash Bid for May 904/cwt to - - -
- - - - - - to - - -
Chicago Futures: Jul down 2 at 1019
Sep unchanged at 1057
Nov up 1 at 1088
Jan up 3 at 1114
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice futures traded in a narrow range again today. 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 29, 2007
Cattle
As reported by Federal-State Market News, receipts were 3,744 head at sales in Ash Flat, Springdale & Marshall.
Compared with last week, feeder steers sold unevenly, near steady.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 123 to 133
500 to 550 lbs. 114 to 124
600 to 650 lbs. 105 to 115
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 118 to 128
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 107 to 117
Medium & Large Frame 2 400 to 450 lbs. 106 to 116
Slaughter Cows, Boners 46 to 51
Light Weight 34 to 38
Bulls, Yield Grade 1 1000 to 2100 lbs. 61 to 67, high dressing 67-73
Midwest Steers were quoted at 94 to 95.50
Panhandle Steers were $1 lower to $1 higher at 93 to 95
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: Aug up 27 at 9142
Dec up 25 at 9562
Feeders: Aug up 60 at 11155
Oct up 32 at 11037
Hogs
Peoria: were unchanged at 47.5 to 48
Chicago Futures: Aug up 65 at 7352
Oct up 35 at 6587
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
Cattle futures got a boost today from lower corn prices and futures' discount to cash. Expectations for decreased demand for beef following the Memorial Day holiday limited gains. The next level of support for June is just below $89.
Hogs were also higher today, with most contracts charting bullish reversals, suggesting further gains are likely. Weakness in cash prices could limit the upside.
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Poultry Date: May 29, 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 in all areas were unchanged when compared to previous week. Trade sentiment was steady. In production areas, live supplies were moderate at mostly desirable weights.
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