Daily Arkansas Market Report for 5/8/2007
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Grain & Soybean Date: May 08, 2007
Soybeans
Local Elevators:
(May) EAST AR: 675 to 702
(NC) Summ. 712 to 735
River Elevators
(May) MISS: 695 to 703 ; AR & White 680 to 700
(NC) Summ. 712 to 736
Ark. Processor Bids: (May) 693 to 701 (NC) 732 to 735
Memphis: (May) 707 1/2 to 712 1/2 (NC) 734 3/4 to 736 3/4
Riceland Foods: (NC) Stuttgart 701 ; Pendleton 702 ; West Memphis 703
Chicago Futures: Jul down 3 at 739 1/2
Aug down 3 at 746 3/4
Nov down 3 1/2 at 768 3/4
Jan down 3 at 779
Nov '08 down 5 1/4 at 805 3/4
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 451 to 456;
Bids to farmers at Local Elevators 427-443;
River Elevators 428-464;
Chicago Futures: Jul down 13 at 481
Sep down 13 1/4 at 492 3/4
Dec down 11 1/2 at 503
Jul '08 down 9 at 486
Jul '09 down 5 at 490
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 574 to - - -;
Bids to farmers at
River Elevators 546-639;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for May at Memphis 361 1/2 to 365 1/2;
New crop at Memphis 330 1/2 to 332 1/2;
Bids to farmers at River Elevators 339 to 368
Chicago Futures: Jul down 15 1/2 at 363 1/2
Sep down 15 1/4 at 365 1/2
Dec down 16 3/4 at 366 1/2
Dec '08 down 10 at 384
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans were a little lower today, as they traded in sympathy with corn. Overall good corn planting progress, 53% complete in yesterday's report, reduces the potential for acreage moving back to soybeans. In the long run this is supportive for soybeans. Downside on beans appears limited. For now key support is $7.50 to $7.45. While resistance becomes the recent high of $7.87.
July wheat prices fell below key support levels today to close at $4.81. Wheat price flirted with breaking the $4.77 support level, but was never able to break it. Prices are in dangerous area from a technical standpoint and could see further price declines. Prices are weakening ahead of Friday's crop report, which has likely come out bearish toward wheat. Prices are finding some support in strengthening export demand and increased movement in old crop wheat.
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Cotton & Rice Date: May 08, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 60 at 4445
Greenwood up 60 at 4445
New York Futures: Jul up 10 at 4870
Oct up 5 at 5190
Dec up 24 at 5364
Mar up 20 at 5650
Dec '08 up 10 at 6050
This week's LDP rate for cotton is 11.70 cents.
The estimate for next week is 12.06 cents.
Cotton Comment
Cotton's consolidation pattern continued with last week's low of 52.25 cents becoming current support. The market appears to be working back toward downtrend resistance that is just 50 points or so above today's high of 53.85 cents. I anticipate that resistance holding and the market retesting 52.25 cents again, and perhaps moving slightly lower. Upside potential will be limited until such time that export movement increases substantially. This week's supply/demand report will likely show another downward adjustment in exports and a higher ending stocks numbers. Those big stocks will essentially nullify the 20% decrease in '07 plantings.
Rice
Long Grain Cash Bid for May 900 to 927/cwt
- - - - - - to - - -
Chicago Futures: Jul down 13 1/2 at 1052 1/2
Sep down 14 at 1085
Nov down 11 at 1113
Jan down 11 at 1138
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice continued to retrace Friday's big gains. Overall fundamentals don't appear to have changed, and don't figure into the big moves either up or down. The planting progress report indicated U.S. plantings at 77% complete, ahead of last year and the 5 year average. Good progress in California offset a slightly slower pace in Arkansas, where planting is 81% complete compared to a norm of 86%. Good weather this week should wrap things up. Last Friday's big move carried through several layers of resistance which have buffered the downward retracement. However, inability to hold at any of those levels suggests a probable move to $11.00. On the upside, Friday's high of $11.40 becomes resistance.
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Cattle & Hogs Date: May 08, 2007
Cattle
As reported by Federal-State Market News, receipts were 1,229 head at sales in Fort Smith and Marshall.
Compared with last week, feeder steers mostly steady to $1 higher, heifers steady to $1 lower.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 120 to 130
500 to 550 lbs. 111 to 121
600 to 700 lbs. 104 to 114
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 109 to 119
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 104 to 114
Medium & Large Frame 2 400 to 450 lbs. 97 to 107
Slaughter Cows, Boners 48.50 to 52.50
Light Weight 38 to 41
Bulls, Yield Grade 1 1000 to 2100 lbs. 61.50 to 64.50, high dresing 65-69.50
Midwest Steers n/a at - - - to - - -
Panhandle Steers n/a at - - - to - - -
Oklahoma City Feeders Steers 500 to 550 lbs. 126.50 to 136
600 to 650 lbs. 119.25 to 127
Heifers 500 to 550 lbs. 109 to 115
600 to 650 lbs. 103 to 109.50
Chicago Futures:
Live Cattle: Jun up 37 at 9232
Aug up 102 at 9172
Feeders: Aug up 170 at 11145
Oct up 172 at 11080
Hogs
Peoria: were unchanged at 49.5 to 50
Chicago Futures: Jun down 37 at 7450
Oct down 57 at 6577
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
June live cattle trade was choppy today, as packer margins remain tight and cash prices continue to strengthen. This appears to be a market looking for fresh fundamentals to tell it which way to go. Prices tanked last week as packers bid down cash prices and corn prices strengthened. Current prices are finding support in a weakening corn market; however prices are just a day away from another day of sharp declines as packer margins remain tight to negative and corn market is still very volatile.
May lean hogs broke a key support level today bringing the new support level to 73. Pork prices are unlikely to experience large declines as pork supplies remain tight. Today's drop was the result of large runs in Midwest hogs as the weather finally cooperated with delivery. Strong pork cutout prices combined with tight supplies should support pork prices in the near term.
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Poultry Date: May 08, 2007
Eggs
New York: Ex. Lg. 102-106; Lg. 100-104; Med. 92-96;
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 mixed, but overall ranged steady to firm. Supplies of all sizes were in good balance to short of full trade needs. In production areas, live supplies were moderate at mostly desirable weights. The Composite Weighted Average price for 05/07/07 was $79.25 compared to $78.35 a week earlier, and $58.09 a year ago.
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