Daily Arkansas Market Report for 5/9/2007
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Grain & Soybean Date: May 09, 2007
Soybeans
Local Elevators:
(May) EAST AR: 683 to 710
(NC) Summ. 720 to 743
River Elevators
(May) MISS: 703 to 714 ; AR & White 692 to 712
(NC) Summ. 720 to 743
Ark. Processor Bids: (May) 701 to 709 (NC) 734 to 740
Memphis: (May) 718 1/2 to 720 1/2 (NC) 743 1/4 to 745 1/4
Riceland Foods: (NC) Stuttgart 709 ; Pendleton 710 ; West Memphis 711
Chicago Futures: Jul up 8 at 747 1/2
Aug up 7 1/4 at 754
Nov up 8 1/2 at 777 1/4
Jan up 8 at 787
Nov '08 up 8 at 813 3/4
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 452 to 457;
Bids to farmers at Local Elevators 428-444;
River Elevators 431-454;
Chicago Futures: Jul up 1 at 482
Sep up 1 at 493 3/4
Dec down 1 at 502
Jul '08 up 1 at 487
Jul '09 up 2 at 492
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 573 to - - -;
Bids to farmers at
River Elevators 552-616;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for May at Memphis 364 1/4 to 368 1/4;
New crop at Memphis 332 1/2 to 333 1/2;
Bids to farmers at River Elevators 342 to 355
Chicago Futures: Jul up 2 3/4 at 366 1/4
Sep up 1 at 366 1/2
Dec up 1/2 at 366
Dec '08 up 1/4 at 384 1/4
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybean prices experienced modest gains today as corn acres continue to be planted quickly, causing traders to believe the small acreage reported earlier. Soybeans are also finding support from lower canola stocks in Canada, which tightens oilseed stocks. Despite all this news soybeans carryover is still forecast to be more than 600 million bushels. Soybean exports continue to be strong; however, both Argentina and Brazilian soybean exports should now be fully on line which may slow U.S. exports through the summer. The market needs to see stronger demand from this months census oilseed report to put this market on a solid floor.
July wheat prices experienced modest gains today. The wheat market looks to be in a holding pattern for the time being awaiting Friday's crop report. News from Australia and Europe continues to be bearish as moisture in those areas are improving for the time being. Wheat prices are in dangerous territory still trading below the 50 percent retracement line, which means if Friday's report is bearish the wheat market would fall sharply as there is fundamental or technical support for prices at this time.
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Cotton & Rice Date: May 09, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 37 at 4482
Greenwood up 37 at 4482
New York Futures: Jul up 12 at 4882
Oct down 5 at 5185
Dec up 11 at 5375
Mar up 15 at 5665
Dec '08 up 15 at 6265
This week's LDP rate for cotton is 11.70 cents.
The estimate for next week is 11.94 cents.
Cotton Comment
Cotton prices experienced another day of moderate gains. While prices are showing technical signs of being oversold, fundamental factors continue to pressure prices down. 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 907/cwt
n/a - - - to - - -
Chicago Futures: Jul down 3 1/2 at 1049
Sep down 4 at 1081
Nov down 3 at 1110
Jan down 5 at 1133
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice prices gapped lower today as they continue to retrace last Friday's large gains. Rice prices have little support to remain at Friday's highs as mills are having difficulty finding enough business to operate at 50 percent capacity and exports continue to be weak. Prices continue to move back towards $11. Rice prices have support at $10.80.
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Cattle & Hogs Date: May 09, 2007
Cattle
As reported by Federal-State Market News, receipts were 1,352 head at sales in Conway, Ola & Pocahontas.
Compared with last week, feeder steers sold firm to $3 higher.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 124 to 134
500 to 550 lbs. 113 to 123
600 to 700 lbs. 106 to 115
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 110 to 120
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 106 to 116
Medium & Large Frame 2 400 to 450 lbs. 100 to 110
Slaughter Cows, Boners 47 to 51
Light Weight 37 to 41
Bulls, Yield Grade 1 1000 to 2100 lbs. 61 to 65.50, high dressing 69.50-70
Midwest Steers n/a at - - - to - - -
Panhandle Steers n/a at - - - 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 up 7 at 9240
Dec up 40 at 9567
Feeders: Aug up 72 at 11217
Oct up 65 at 11145
Hogs
Peoria: were $1 lower at 48.5 to 49
Chicago Futures: Jun down 12 at 7437
Oct down 80 at 6657
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 modest gains today. Rumors of increased beef exports added a positive tone to a market that has been trading on mostly bearish news for the last few weeks. Cattle prices have resistance at $93 and support at $89.
Lean hog prices slipped lower again today. A slow down in packer demand is pressuring prices lower; however, hog supplies continue to remain tight adding a positive tone to the market. Many traders are beginning to question whether the market has topped or if it is just taking a breather. Most likely the market has not topped as we are moving into the summer grilling season and demand for pork rises.
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Poultry Date: May 09, 2007
Eggs
New York: Ex. Lg. 99-103; Lg. 97-101; Med. 89-93;
Chicago: Ex. Lg. 95-103; Lg. 93-101; Med. 85-93;
Eastern Region Turkeys
Hens: 8-16 lbs. 76-78
Toms: 16-24 lbs. 76-78
Delmarva Broilers
U.S. Grade A
Trade sentiment was mixed, but overall ranged steady to firm. Supplies were sufficient to tight with heavier weights ample in the West. In production areas, live supplies were moderate at mostly desirable weights.
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