Daily Arkansas Market Report for 5/3/2007
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Grain & Soybean Date: May 03, 2007
Soybeans
Local Elevators:
(May) EAST AR: 683 to 710
(NC) Summ. 720 to 743
River Elevators
(May) MISS: 703 to 711 ; AR & White 684 to 704
(NC) Summ. 720 to 743
Ark. Processor Bids: (May) 701 to 709 (NC) 740 to 743
Memphis: (May) 714 3/4 to 717 3/4 (NC) 742 3/4 to 744 3/4
Riceland Foods: (NC) Stuttgart 709 ; Pendleton 710 ; West Memphis 711
Chicago Futures: Jul down 3/4 at 747 3/4
Aug down 1/4 at 755 1/2
Nov down 1/4 at 776 3/4
Jan down 1 at 785 1/2
Nov '08 up 3/4 at 814 1/4
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 464 1/2 to - - -;
Bids to farmers at Local Elevators 441-452;
River Elevators 440-460;
Chicago Futures: Jul up 1 1/2 at 481
Sep down 1/2 at 504 1/2
Dec up 1 1/4 at 515
Jul '08 up 2 1/2 at 494 1/2
Jul '09 up 1 at 491
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 606 to 611;
Bids to farmers at
River Elevators 593-657;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for May at Memphis 387 1/4 to 391 1/4;
New crop at Memphis 352 to 354;
Bids to farmers at River Elevators 365 to 378
Chicago Futures: Jul up 7 1/4 at 389 1/4
Sep up 6 1/4 at 387
Dec up 7 at 387 1/4
Dec '08 up 4 3/4 at 397 1/4
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans trailed corn higher as weather forecasts suggest reduced planting time going into the weekend. This should have signaled more acreage in beans, but the market didn't reverse until late in the session. The close was slightly lower with November solidly below key resistance near $7.80. Additional rain could bring a retest of the support near $7.50.
After an early rally that topped $5, July wheat prices declined to close up moderately. After a crazy April the market looks to be cooling off a bit, except for news from the Kansas wheat tour things have been relatively quiet. The market made a correction over the last week as USDA reports have not shown the damage traders expected. While damage in some areas was almost a complete loss; other areas escaped with moderate damage. If the market continues this cool off large price swings will become less common. Wheat prices have strong support at $4.88 to $4.90. A close below these levels may trigger another sharp decline.
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Cotton & Rice Date: May 03, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis down 22 at 4365
Greenwood down 22 at 4365
New York Futures: Jul down 22 at 4840
Oct down 5 at 5155
Dec down 15 at 5305
Mar down 25 at 5585
Dec '08 down 15 at 5985
This week's LDP rate for cotton is 10.10 cents.
The estimate for next week is 11.70 cents.
Cotton Comment
Cotton failed to hold modest increases that would have marked the second day of gains. Overall fundamentals remain somewhat bleak with this week's export sales report indicating a 20% plus drop from last week and the 4 week average. Shipments were up slightly from prior weeks. China at 104,400 bales was the biggest buyer. Cotton futures are heavily oversold and due a rebound with an initial objective of 55.25 cents the first potential target.
Rice
Long Grain Cash Bid for May/Jun 900 to 913/cwt
n/a - - - to - - -
Chicago Futures: Jul up 10 at 1038
Sep up 10 at 1072
Nov up 10 at 1102
Jan '08 up 9 at 1127
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice made good gains with November breaking trendline resistance and closing above $11. This was a positive technical move which should bring the next level of resistance of $11.15 to $11.25 into play. On the international side trade is relatively quiet with Thai markets receiving support from the government intervention program and a strong currency situation. Vietnam is seeing a fairly good movement as exporters cover prior sales. Above 70-75% of expected export sales are already on the books. In the U.S. intermittent rain showers may interfere with the completion of planting. Arkansas was only 65% planting on April 29, well behind year ago and 5 year average figures.
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Cattle & Hogs Date: May 03, 2007
Cattle
As reported by Federal-State Market News, receipts were 1,610 head at sales in Charlotte, Ratcliff & Green Forest.
Compared with last week, feeder steers sold weak to $3 lower, heifers steady to $2 lower.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 122 to 132
500 to 550 lbs. 114 to 124
600 to 700 lbs. 103 to 113
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 113 to 123
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 109 to 119
Medium & Large Frame 2 400 to 450 lbs. 98 to 108
Slaughter Cows, Boners 45 to 50
Light Weight 32 to 37
Bulls, Yield Grade 1 1000 to 2100 lbs. 57 to 64, high dressing 65-70
Midwest Steers were steady at 94 to - - -
Panhandle Steers were $1.50 higher at 95.50 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 212 at 9172
Dec down 137 at 9482
Feeders: Aug down 300 at 10965
Oct down 270 at 10885
Hogs
Peoria: were $1.5 higher at 49 to 49.5
Chicago Futures: Jun down 67 at 7352
Oct down 62 at 6560
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
June live cattle experienced sharp declines today. Prices fell below support levels at $92, the next support can be found at $89. Losses today followed strong gains in the corn market and continued weakness in the cash cattle market. Packers are still bidding down cash prices in an effort to post positive margins. Live cattle prices have little fundamental support until the cash market firms.
Lean hog prices experienced another day of declines, with prices closing just above support levels at 74. Negative packer margins combined with lower than expected demand this season is pressuring prices. However, tight hogs supplies are limiting losses as packers still have to post strong bids to meet their daily needs.
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Poultry Date: May 03, 2007
Eggs
New York: Ex. Lg. 106-110; Lg. 104-110; Med. 95-99;
Chicago: Ex. Lg. 95-103; Lg. 93-101; Med. 85-93;
Eastern Region Turkeys
Hens: 8-16 lbs. 75-77
Toms: 16-24 lbs. 75-77
Delmarva Broilers
U.S. Grade A
Trade sentiment was steady in the Midwest, steady to fully steady in the West, and at least steady in the East. Supplies of all sizes were usually sufficient to short of trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights. According to the National Agricultural Statistics Service for the week ending 28-Apr-07, broiler egg sets were up 4%, and chick placements were up 2% when compared to a year ago. Based on the preliminary chick placements, the number of fryers available for marketing during the week ending 09-Jun-2007 was estimated at 165 million head compared to 163.2 million head a week earlier.
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