Grain & Soybean Date: June 02, 2008 Soybeans
Local Elevators:
(Jun) EAST AR: 1289 to 1313
(NC) Summ. 1251 to 1283
River Elevators:
(Jun) MISS: 1266 to 1335 ; AR & White 1301 to 1312
(NC) Summ. 1259 to 1291
Ark. Processor Bids: (Jun) 1296 to 1304 (NC) 1279 to 1281
Memphis: (Jun) 1337 1/2 to 1340 1/2 (NC) 1288 1/2 to - - -
Riceland Foods: (Jun) Stuttgart 1304 ; Pendleton 1313 ; West Memphis 1333
Chicago Futures: | Jul | up | 2 | at | 1365 1/2 |
| Aug | up | 2 | at | 1370 3/4 |
| Sep | up | 4 3/4 | at | 1361 |
| Nov | up | 4 | at | 1358 1/2 |
| Nov '09 | up | 4 1/2 | at | 1352 |
| Today's Arkansas LDP rate for soybeans is: | 0¢ |
Soybean Comment
Soybeans ended the session slightly higher. Trading started higher early, but lost momentum at midday. Weather concerns continue to provide underlying support. Ongoing situation in Argentina has pushed Chinese buying to Brazil and the U.S. The weaker dollar gives the U.S. the edge. Upside is limited as the perception remains that there is still time to plant beans and make good yields. Corn production concerns helped boost the market back near the top of a 10 week trading range. A December close above $6.44 would be bullish.
Wheat
Cash bid for new crop at Memphis n/a to - - -;
Bids to farmers at Local Elevators | 580-590; |
River Elevators | 574-608; |
Chicago Futures: | Jul | up | 21 | at | 782 1/2 |
| Sep | up | 21 1/4 | at | 798 3/4 |
| Dec | up | 21 | at | 820 1/4 |
| Mar '09 | up | 21 1/2 | at | 840 1/2 |
| Jul '09 | up | 19 1/2 | at | 858 |
| Today's Arkansas LDP rate for wheat is: | 0¢ |
Grain Sorghum
Cash bid for June at Memphis 992 to 1000;
Bids to farmers at River Elevators | 913-973; |
Today's Arkansas LDP rate for sorghum is: | 0¢ |
Corn
Cash bid for | June at Memphis 574 3/4 to 589 3/4; |
| new crop at Memphis 574 to - - -; |
Bids to farmers at River Elevators | 556 to 578 |
Chicago Futures: | Jul | up | 16 1/2 | at | 615 3/4 |
| Sep | up | 16 1/2 | at | 629 |
| Dec | up | 16 3/4 | at | 643 1/4 |
| Dec '09 | up | 12 1/2 | at | 609 |
| Today's Arkansas LDP rate for corn is: | 0¢ |
Grain Comment
Wheat made solid gains on what appeared to be a technical correction. The market has dropped over $5 without much correction. However with harvest beginning the rebound appears limited. If final numbers are disappointing, we could see more recovery later in the summer. Current resistance is between $8 and $8.15.
Cotton & Rice Date: June 02, 2008
Cotton
Spot Price, Grade 41 Staple 34: | Memphis down 30 at 5869 |
| Greenwood down 30 at 5869 |
New York Futures: | Jul | down | 84 | at | 6490 |
| Dec | down | 76 | at | 7361 |
| Mar '09 | down | 47 | at | 7956 |
| May '09 | down | 67 | at | 8100 |
| Jul '09 | up | 107 | at | 8405 |
This week's LDP rate for cotton is | 0 cents |
| The estimate for next week is | 0 cents |
Cotton Comment Cotton closes lower with December dipping below key support and opening up potential for a decline to the next major chart area around 71 cents. Big U.S. and world supplies and limited demand will keep the market under pressure. Prospects of a 10 million bale carryover in the U.S. points to potentially lower price levels, unless major problems are seen with this years crop.
Rice
Long Grain Cash Bid for | Jun | 1900/cwt | to | - - - |
| - - - | - - - | to | - - - |
Chicago Futures: | Jul | down | 30 | at | 1880 |
| Sep | down | 15 | at | 1835 |
| Jan '09 | down | 19 | at | 1874 |
| Mar '09 | down | 19 | at | 1907 |
| - - - | | - - - | at | - - - |
Today's Arkansas LDP rate for long grain rice is | 0¢ |
medium grain rice is | 0¢ |
Rice Comment Rice futures dipped lower in limited trade. While the overall fundamental situation is unchanged - tight U.S. and world stocks there is a more subdued situation than just a month ago. At that point the feeding frenzy was pushing international values higher every day. A recent sale by Thailand to Malaysia at about $950 per metric tonne has seen values settle in the $950 to $1,000 range. In the U.S. some additional acreage probably resulted from the higher level, but all in all, the supply situation will remain tight. Current November support is just under $18.
Cattle & Hogs Date: June 02, 2008 Cattle
As reported by Federal-State Market News, receipts were 3,403 head at sales in Ash Flat, Ola & Springdale. Compared with last week, feeder steers sold mostly steady to $2 higher .
Steers: |
Medium & Large Frame 1 | 400 | to | 450 lbs. | 117.76 | to | - - - |
|
| 500 | to | 550 lbs. | 114.74 | to | - - - |
|
| 600 | to | 650 lbs. | 106.94 | to | - - - |
|
Medium & Large Frame 2 | 400 | to | 450 lbs. | 111.29 | to | - - - |
Heifers: |
Medium & Large Frame 1 | 400 | to | 450 lbs. | 107.48 | to | - - - |
|
Medium & Large Frame 2 | 400 | to | 450 lbs. | 106.83 | to | - - - |
Slaughter Cows, Boners 50 to 57
Light Weight 36 to 40
Bulls, Yield Grade 1 1000 to 2100 lbs. 68 to 70, high dressing 72-78.50
Midwest Steers were $3 lower to steady at 92 to 95
Panhandle Steers were $2 lower to $.50 higher at 94 to 96.50
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 | down | 102 | at | 10082 |
| Dec | down | 20 | at | 10862 |
Feeders: | Aug | down | 232 | at | 11370 |
| Oct | down | 215 | at | 11567 |
Cattle Comment
Live cattle futures were lower as the market reacted to yet another delay in the potential shipment of U.S. beef to South Korea. Packer cutbacks are expected to limit the weeks slaughter partially offsetting a brief bull in seasonal demand. Longer term the market appears to have good upside potential.
Hogs Peoria: were steady at 47.5 to 48
Chicago Futures: | Aug | down | 160 | at | 7737 |
| Oct | down | 165 | at | 7290 |
Sheep St. Paul sheep shorn slaughter lambs at n/a to - - -
Hogs Comment
Hogs lost ground falling to the bottom side of a two week trading range. A significant decline in pork cutout values contributed to todays weaker undertone. June futures have support around $76 with resistance just over $78.
Poultry Date: June 02, 2008 Eggs
New York: | Ex. Lg. 110-114; Lg. 108-112; Med. 99-103; |
Chicago: | Ex. Lg. 97-105; Lg. 95-103; Med. 87-95; |
Eastern Region Turkeys Hens: | 8-16 lbs. | 90-92 |
Toms: | 16-24 lbs. | 90-92 |
| | |
Delmarva Broilers U.S. Grade ATrade sentiment was steady. Demand was light to moderate with optimism noted for first of the month. Supplies of all sizes were sufficient to handle trade needs. In production areas, live supplies were moderate at mostly desirable weights.
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