Grain & Soybean Date: May 08, 2012
Soybeans
Local Elevators:
(May) EAST AR: 1417 to 1445
(NC) Summ. 1320 to 1350
River Elevators:
(May) MISS: 1452 to 1463 ; AR & White 1420
to 1426
(NC) Summ. 1335 to 1357
Ark. Processor Bids: (May) 1441 to 1443
(NC) 1345 to 1346
Memphis:
(May) 1453 1/4 to 1455 1/4 (NC)
1355 1/2 to 1357 1/2
Riceland Foods:
(May) Stuttgart 1443 ; Pendleton
1445
(NC) Stuttgart 1345 ; Pendleton
1350
| Chicago Futures: |
May |
down |
25 3/4 |
at |
1437 3/4 |
| |
July |
down |
27 1/2 |
at |
1438 1/4 |
| |
Aug |
down |
23 1/2 |
at |
1425 1/4 |
| |
Sept |
down |
15 1/4 |
at |
1371 1/4 |
| |
Nov |
down |
13 |
at |
1340 1/2 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans took a lick, as outside markets turned negative on world economic concerns. A stronger dollar, weaker equities and crude oil had many in long speculative positions evening up ahead of Thursdays report. High fertilizer costs and strong soybean price levels have led to acreage moving from other commodities to beans. Both old and new crop contracts fell sharply. November broke trendline support yesterday and fell to old support at near $13.30 today. The next support is around $13.
Wheat
Cash bid for May at Memphis 620 to 630;
| Bids to farmers at Local Elevators |
585-605; |
| River Elevators |
595-630; |
| Chicago Futures: |
May |
up |
2 3/4 |
at |
609 |
| |
July |
up |
3 |
at |
615 |
| |
Sept |
up |
2 1/4 |
at |
629 |
| |
Dec |
up |
1 1/2 |
at |
652 1/2 |
| |
March '12 |
up |
1/4 |
at |
673 3/4 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for May at Memphis 1077 to 1086;
| Bids to farmers at River Elevators |
1005-1032; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
May at Memphis
673 to 678; |
| |
New Crop at Memphis
516 to 518; |
| Bids to farmers at River Elevators |
643 to 659 |
| Chicago Futures: |
May |
up |
1 |
at |
666 |
| |
July |
up |
3 |
at |
623 |
| |
Sept |
up |
4 3/4 |
at |
538 |
| |
Dec |
up |
3 1/4 |
at |
528 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat closed slightly higher as it continues to follow corn. July closed back above old support at $6.13, but with 63% of the crop headed, harvest isn’t far away. That will make upside movement difficult, especially with the current trend of following the corn. This month’s report is likely to show a 14.5 billion bushel corn crop which will add pressure to wheat.
May corn spiked above resistance at $6.75 only to retrace most of the move near the close. Short old crop supplies provided the early support as the trade tried to pry corn from tight hands. The trade will be anxious to see the first production estimate for 2012. It is likely to be 14.5 billion bushels or higher, if USDA raises the trendline yield estimate due to early planting.
Cotton & Rice Date: May 08, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 49 at
79.68 |
| |
Greenwood down
49 at 79.68 |
| New York Futures: |
May |
down |
33 |
at |
8451 |
| |
July |
down |
49 |
at |
8618 |
| | Oct |
down |
122 |
at |
8638 |
| | Dec |
down |
40 |
at |
8433 |
| | March '12 |
down |
19 |
at |
8553 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton continues to move lower with December working toward the late 2011 low just above 83 cents. Old crop contracts are attempting to hold long term support at 85 cents. That may be difficult with huge world stocks hanging over the market. Cotton will need to rebuild demand and take back market share from man-made fibers.
Rice
| Long Grain Cash Bid for |
May |
1365/cwt |
to |
- - - |
| |
NC |
1402/cwt |
to |
- - - |
| Chicago Futures: |
May |
up |
10 |
at |
1506 1/2 |
| | July |
up |
8 |
at |
1529 1/2 |
| | Sept |
up |
7 1/2 |
at |
1552 |
| | Nov |
up |
9 |
at |
1575 1/2 |
| | March '12 |
up |
9 |
at |
1613 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
After finding support at the 62% retracement objective late last week, Rice has made modest gains each session. While the market has stabilized and firmed upside potential appears limited by big exportable supplies in India and Thailand intervention stocks. A smaller U.S. crop will not be a major factor, at least near term.
Cattle & Hogs Date: May 08, 2012
Cattle
As reported by Federal-State Market News, receipts were 1015 head
at sales in Ft. Smith & Heber Springs.
Compared with last week, feeder steers sold mostly $1 to $5 higher .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
185.25 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
159.50 |
to |
- - - |
|
| |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
|
| Medium & Large Frame 2 |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
154.50 |
to |
- - - |
|
| Medium & Large Frame 2 |
- - - |
to |
- - - lbs. |
- - - |
to |
- - - |
Slaughter Cows, Boners 80.00 to 87.00
Light Weight 60.00 to 73.00
Bulls, Yield Grade 1
1000 to 2100 lbs. 98.00
to 105.00
Midwest Steers were at - - -
to - - -
Panhandle Steers were at - - -
to - - -
Oklahoma City Feeders
|
| Steers |
400 |
to |
500 lbs. |
191.50 |
to |
201.00 |
| |
500 |
to |
550 lbs. |
179.00 |
to |
187.00 |
| Heifers |
450 |
to |
500 lbs. |
166.50 |
to |
176.00 |
| |
500 |
to |
550 lbs. |
161.00 |
to |
172.00 |
Chicago Futures:
| Live Cattle: |
Jun |
down |
50 |
at |
11577 |
| |
Aug |
down |
35 |
at |
11845 |
| Feeders: |
May |
down |
140 |
at |
15137 |
| |
Aug |
down |
67 |
at |
15877 |
Cattle Comment
Cattle futures were mostly lower with the European situation playing on outside markets, which then pressured cattle. Most packers have early week needs covered and little trading is expected until later in the week. Packer margins are improving despite mixed boxed beef prices.
Hogs
Peoria: were steady
at 50.00 to 52.00
| Chicago Futures: |
May |
up |
20 |
at |
8025 |
| |
June |
down |
10 |
at |
8430 |
Hogs Comment
Hogs were mostly lower as both numbers and weights are up from year ago levels. Cash trade is slow with most price levels quoted as flat to 50 cents lower.
Poultry Date: May 08, 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 AWhole broiler/fryer prices are trending firm to higher. Offerings of all sizes are light for current trade needs. In production areas, live supplies are moderate at mixed, but mostly desirable weights.