Daily Arkansas Market Report for 5/7/2007
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Grain & Soybean Date: May 07, 2007
Soybeans
Local Elevators:
(May) EAST AR: 678 to 705
(NC) Summ. 715 to 738
River Elevators
(May) MISS: 697 to 706 ; AR & White 678 to 698
(NC) Summ. 715 to 738
Ark. Processor Bids: (May) 696 to 704 (NC) 735 to 738
Memphis: (May) 707 1/2 to 710 1/2 (NC) 738 1/4 to 740 1/4
Riceland Foods: (NC) Stuttgart 704 ; Pendleton 705 ; West Memphis 706
Chicago Futures: Jul down 5 at 742 1/2
Aug down 3 3/4 at 749 3/4
Nov down 4 at 772 1/4
Jan down 2 1/2 at 782
Nov '08 down 2 at 811
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 464 to 465;
Bids to farmers at Local Elevators 440-456;
River Elevators 441-464;
Chicago Futures: Jul down 3/4 at 494
Sep unchanged at 506
Dec down 1 at 514 1/2
Jul '08 down 1 at 495
Jul '09 up 1 at 495
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 599 to 604;
Bids to farmers at
River Elevators 441-464;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for May at Memphis 379 to 381;
New crop at Memphis 345 3/4 to 347 3/4;
Bids to farmers at River Elevators 355 to 368
Chicago Futures: Jul down 11 3/4 at 379
Sep down 8 3/4 at 380 3/4
Dec down 7 1/4 at 383 1/4
Dec '08 down 3 3/4 at 394
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans were lower as they continue to follow corn. Lower oil values also contributed to the weaker market undertone. Weather remains a major factor – weekend rains likely reduced overall corn planting, however improved forecasts send values lower and beans followed. November resistance is last week's high of $7.87, with support starting at the recent low near $7.50. Reports suggest that at least a million acres of corn will move to beans, however the market appears to have adjusted to that fact. Any further revision will pressure the market.
After opening the day higher, wheat prices quickly fell as corn prices came under pressure. However, July wheat managed to recover most of its losses to close down slightly. With freeze damage already factored into the current wheat price the market is now beginning to assess disease risk. Rains over the weekend throughout the Plains with more rain forecast for this week increases the risk of disease in the major wheat growing areas. Wheat prices have support at 4.87, which marks a 50 percent retracement of last months high and low. A close below 4.87 could mark the beginning of sharp declines in wheat prices. The concern over the disease risk will likely support prices in the short term; however be mindful that the downside potential is strong given improvement in the global wheat situation. Both the Ukraine and Australia are reporting improved moisture in their wheat crops.
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Cotton & Rice Date: May 07, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 32 at 4385
Greenwood up 32 at 4385
New York Futures: Jul up 32 at 4860
Oct up 35 at 5185
Dec up 29 at 5340
Mar '08 up 15 at 5630
Dec '08 up 29 at 5340
This week's LDP rate for cotton is 11.70 cents.
The estimate for next week is 12.06 cents.
Cotton Comment
Cotton is in a consolidation pattern with trading holding just above last week's spike low of 56.25 cents. Improved export numbers or reduced production will be needed to give this market a boost. The change in loan forfeiture rules is adding confusion to the market. Producers may be faced with negative equity offers as cotton approaches loan maturity. Forfeiture could cost producers as much as $20 per bale under the new rules. Add this to the very slow pace of Chinese imports and it equals a very depressed market situation. Upside potential will be limited until export numbers improve. Overall there are indications ending stocks could be more than 10 million bales. December support is last week's low. Resistance is around 53.5 cents.
Rice
Long Grain Cash Bid for May 941/cwt to - - -
n/a - - - to - - -
Chicago Futures: Jul down 7 at 1066
Sep down 9 at 1099
Nov down 6 at 1124
Jan down 6 at 1149
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
After a huge spike rally on Friday rice retraced a portion of the gains. Fundamentals don't appear to have changed significantly, but the technical picture was altered by Thursday's move which broke overhead trendline resistance. The move on Friday' carried through several layers of resistance. The final area was at $11.23, which became support and was tested in today's retracement. Inability to hold here would see a probable move back near $11.00. Any subsequent upturn will find resistance at Friday's high of $11.40. This week's planting progress report should show significant improvement.
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Cattle & Hogs Date: May 07, 2007
Cattle
As reported by Federal-State Market News, receipts were 2,009 head at sales in Springdale.
Compared with last week, feeder steers sold mostly steady, instances $2 higher, heifers sold near steady.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 119 to 129
500 to 550 lbs. 112 to 122
600 to 700 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. 110 to 120
Medium & Large Frame 2 400 to 450 lbs. 104 to 114
Slaughter Cows, Boners 45 to 52
Light Weight 36 to 42
Bulls, Yield Grade 1 1000 to 2100 lbs. 56 to 63, high dressing 64.50-70.50
Midwest Steers n/a at - - - to - - -
Panhandle Steers n/a at - - - to - - -
Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - --
550 to 600 lbs. 120 to 123
Heifers n/a to - - - lbs. - - - to - - -
550 to 600 lbs. 108.75 to 115.25
Chicago Futures:
Live Cattle: Jun down 22 at 9195
Dec down 22 at 9465
Feeders: Aug up 47 at 10975
Oct up 35 at 10907
Hogs
Peoria: were $.5 higher at 49.5 to 50
Chicago Futures: Jun up 5 at 7487
Oct up 42 at 6635
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
June live cattle prices experienced another day of losses. Prices closed at 91.95, which is getting dangerously close to support levels at 91. If prices fall through this support level the next level of support is at 89. Cattle prices have little fundamental support as beef demand is weak and packer margins remain extremely tight. Firm cash trade is currently supporting prices; however, weakening beef demand may soon pressure price lower.
Lean hogs continued their choppy trade today, and closed up moderately. Continued tight pork supplies combined with firming cash prices are supporting prices, while negative packer margins are keeping prices from seeing large gains. May lean hogs are likely to continue to trade sideways as May hogs have support at $74 and resistance at $76.
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Poultry Date: May 07, 2007
Eggs
New York: Ex. Lg. 106-110; Lg. 104-108; 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
Majority prices were unchanged in the West, but higher in the East and Midwest when compared to previous week. Trade sentiment was mixed, ranging steady to firm. In production areas, live supplies were moderate at mixed, but mostly desirable weights.
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