Grain & Soybean Date: May 07, 2012
Soybeans
Local Elevators:
(May) EAST AR: 1445 to 1473
(NC) Summ. 1333 to 1363
River Elevators:
(May) MISS: 1480 to 1491 ; AR & White 1452
to 1470
(NC) Summ. 1348 to 1370
Ark. Processor Bids: (May) 1369 to 1471
(NC) 1358 to 1359
Memphis:
(May) 1480 3/4 to 1485 3/4 (NC)
1368 1/2 to - - -
Riceland Foods:
(May) Stuttgart - - - ; Pendleton
- - -
(NC) Stuttgart - - - ; Pendleton
- - -
| Chicago Futures: |
May |
up |
2 3/4 |
at |
665 |
| |
July |
down |
1/4 |
at |
620 |
| |
Sept |
down |
2 |
at |
533 1/4 |
| |
Dec |
up |
1/2 |
at |
524 3/4 |
| |
March '12 |
up |
3/4 |
at |
536 3/4 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans closed lower with many speculators reducing record long positions. A poor export report and pressure from outside markets pushed some longs to take profits. This month’s supply demand report will be released on Thursday and the market will get a look at the first official numbers for 2012-13. Informa recently increased their projection for 2012 soybean plantings. Soybeans at 7.58 million acres are up just over 1.9 million acres from their March projection. November appears to have topped for the 3rd time just short of $14.
Wheat
Cash bid for May at Memphis 617 to 627;
| Bids to farmers at Local Elevators |
582-602; |
| River Elevators |
592-627; |
| Chicago Futures: |
May |
up |
2 1/2 |
at |
606 1/4 |
| |
July |
up |
2 1/2 |
at |
612 |
| |
Sept |
up |
2 1/2 |
at |
626 3/4 |
| |
Dec |
up |
3 |
at |
651 |
| |
March '12 |
up |
3 1/4 |
at |
673 1/2 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for May at Memphis 1071 to 1080;
| Bids to farmers at River Elevators |
1000-1027; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
May at Memphis
670 to 675; |
| |
New Crop at Memphis
511 1/4 to 513 1/4; |
| Bids to farmers at River Elevators |
640 to 656 |
| Chicago Futures: |
May |
down |
11 1/2 |
at |
1463 1/2 |
| |
July |
down |
12 1/2 |
at |
1465 3/4 |
| |
Aug |
down |
9 1/2 |
at |
1448 3/4 |
| |
Sept |
down |
11 3/4 |
at |
1386 1/2 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat futures traded within Friday’s range and held above the key $6 level. A stronger dollar weakness in soybeans added pressure. The winter wheat crop heading is 30% ahead of the 5 year average. The crop is early, and has the potential for good quality as well.
Corn closed mixed with a late rally leaving a number of contracts with a positive number. A number of pre report estimates are again suggesting a downward adjustment in the ending stocks for corn. Early planting coupled with excellent weather is expected to push the corn yield above trendline projections. If that is the case production will exceed 14 billion bushels. New crop December continues to trade around old support just below $5.25. Several dips below that level have seen the market firm. Big crop expectations could send the market to $5 or lower.
Cotton & Rice Date: May 07, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 132 at
8017 |
| |
Greenwood down
132 at 8017 |
| New York Futures: |
May |
down |
123 |
at |
8484 |
| |
July |
down |
132 |
at |
8667 |
| | Oct |
down |
22 |
at |
8760 |
| | Dec |
down |
107 |
at |
8473 |
| | March '12 |
down |
104 |
at |
8572 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton futures were lower across the board with December creeping nearer the mid December low of 83.35 cents. Long term the market will need to see improved demand and a reduction in the huge world stocks. World plantings will be lower this year, but it will take a lot to get the market moving higher.
Rice
| Long Grain Cash Bid for |
May |
- - - |
to |
- - - |
| |
NC |
- - - |
to |
- - - |
| Chicago Futures: |
May |
up |
1 |
at |
1496 1/2 |
| | July |
up |
1 |
at |
1521 1/2 |
| | Sept |
up |
3 |
at |
1544 1/2 |
| | Nov |
up |
3 |
at |
1566 1/2 |
| | March '12 |
up |
3 |
at |
1604 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice futures firmed late to close slightly higher. The market has found support at the 62% retracement objective. However upside potential would appear to be limited given the current state of the market. The Thai market has firmed on an artificially tight supply situation. They have what is believed to be a huge stockpile of new crop intervention stocks, almost 12 mmt, and that supply could come to market at some point. Other origin rice is generally a little weaker.
Cattle & Hogs Date: May 07, 2012
Cattle
As reported by Federal-State Market News, receipts were 2265 head
at sales in Ash Flat & Springdale.
Compared with last week, feeder steers sold very uneven, mostly steadyt, instances $1 - $2 higher .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
193.00 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
180.50 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
163.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
181.00 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
155.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
160.00 |
to |
- - - |
Slaughter Cows, Boners 79.00 to 87.00
Light Weight 68.00 to 75.00
Bulls, Yield Grade 1
1000 to 2100 lbs. 95.00
to 105.00
Midwest Steers were at 118.00
to 122.00
Panhandle Steers were at 117.00
to 120.00
Oklahoma City Feeders
|
| Steers |
450 |
to |
500 lbs. |
193.00 |
to |
201.00 |
| |
500 |
to |
550 lbs. |
187.00 |
to |
- - - |
| Heifers |
450 |
to |
500 lbs. |
179.00 |
to |
- - - |
| |
600 |
to |
700 lbs. |
140.00 |
to |
147.50 |
Chicago Futures:
| Live Cattle: |
Jun |
up |
90 |
at |
11627 |
| |
Aug |
up |
30 |
at |
11880 |
| Feeders: |
May |
up |
22 |
at |
15277 |
| |
Aug |
up |
135 |
at |
15945 |
Cattle Comment
Cattle futures started the day weak, but turned mostly higher by the end of the day. Packers are back in the black and showlists are current, which is supportive for futures.
Hogs
Peoria: were $2.50 lower to $.50 higher
at 50.00 to 52.00
| Chicago Futures: |
May |
up |
25 |
at |
8005 |
| |
June |
up |
67 |
at |
8440 |
Hogs Comment
Hog futures, on the other hand, remain under pressure. Poor packer margins and weak cash fundamentals have been weighing on the market. June has set a new low nearly every day for the past week.
Poultry Date: May 07, 2012
Eggs
| New York: |
Ex. Lg. 83-87; Lg. 81-85; Med. 75-79; |
| Chicago: |
Ex. Lg. 74-82; Lg. 72-80; Med. 67-75; |
National Turkeys
| Hens: |
8-16 lb. |
108.50 |
| Toms: |
16-24 lb. |
107.00 |
| |
|
|
Delmarva Broilers
U.S. Grade APrices for whole broiler/fryers are trending firm to higher. Offerings are light for current trade needs. In production areas, live supplies are moderate at mostly desirable weights.