Grain & Soybean Date: May 09, 2012
REMINDER : May Market Update webinar tomorrow (Thurs., May 10, 2012) at 8:30 a.m. To participate in the webinar click on the link and follow the instructions:
https://arfb.webex.com/arfb/j.php?ED=184086927&UID=1258336887&PW=NODcyMDJiMzky&RT=MiM3
May Corn Webinar tomorrow (Thurs., May 10, 2012) at 11 a.m. To participate in the webinar click on the link and follow the instructions:
https://arfb.webex.com/arfb/j.php?ED=184086927&UID=1258336887&PW=NODcyMDJiMzky&RT=MiM3
For more information call Matt King at 501-519-4297
Soybeans
Local Elevators:
(May) EAST AR: 1409 to 1437
(NC) Summ. 1313 to 1343
River Elevators:
(May) MISS: 1444 to 1455 ; AR & White 1416
to 1434
(NC) Summ. 1328 to 1350
Ark. Processor Bids: (May) 1433 to 1435
(NC) 1338 to 1339
Memphis:
(May) 1445 1/4 to 1447 1/4 (NC)
1348 1/2 to 1349 1/2
Riceland Foods:
(May) Stuttgart 1435 ; Pendleton
1437
(NC) Stuttgart 1338 ; Pendleton
1343
| Chicago Futures: |
May |
down |
10 |
at |
1427 3/4 |
| |
July |
down |
8 |
at |
1430 1/4 |
| |
Aug |
down |
9 |
at |
1416 1/4 |
| |
Sept |
down |
8 1/4 |
at |
1363 |
| |
Nov |
down |
7 |
at |
1333 1/2 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans continued under pressure with November dipping to the lowest level since the end of March. The market retraced a portion of the early declines with November closing near previous support. World economic conditions kept the dollar firming while speculators reduced long positions ahead of tomorrow’s report. A November close below $13 would be extremely negative.
Wheat
Cash bid for May at Memphis 605 to 620;
| Bids to farmers at Local Elevators |
570-590; |
| River Elevators |
580-615; |
| Chicago Futures: |
May |
down |
17 3/4 |
at |
591 1/4 |
| |
July |
down |
15 |
at |
600 |
| |
Sept |
down |
14 1/4 |
at |
614 3/4 |
| |
Dec |
down |
13 1/2 |
at |
639 |
| |
March '12 |
down |
12 1/4 |
at |
661 1/2 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for May at Memphis 1049 to 1058;
| Bids to farmers at River Elevators |
977-1048; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
May at Memphis
651 1/4 to 657 1/4; |
| |
New Crop at Memphis
505 to 507; |
| Bids to farmers at River Elevators |
627 to 657 |
| Chicago Futures: |
May |
down |
24 3/4 |
at |
641 1/4 |
| |
July |
down |
15 3/4 |
at |
607 1/4 |
| |
Sept |
down |
11 |
at |
527 |
| |
Dec |
down |
11 1/4 |
at |
516 3/4 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat futures posted sharp losses today amid position evening ahead of tomorrow’s production report. The average of trade guesses if for the winter wheat crop to total 1.634 billion bushels, compared with 1.494 billion bushels a year ago. The crop was reported as 63% of the crop headed at the end of last week, so harvest will be early. That will make upside movement difficult.
Corn was lower throughout the session but old crop contract declines accelerated near the close. This has been the pattern recently. December fell to last Friday’s close and ended the session just above that level. Pre-report expectations are for a huge first production projection for 2012. Early planting has resulted in USDA adjusting trendline yields higher in recent years. If that is the case the yield projection could exceed 165 bushels per acre with production around 14.5 billion bushels.
Cotton & Rice Date: May 09, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 36 at
79.32 |
| |
Greenwood down
36 at 79.32 |
| New York Futures: |
July |
down |
36 |
at |
8582 |
| |
Oct |
down |
78 |
at |
8560 |
| | Dec |
down |
96 |
at |
8337 |
| | Mar |
down |
97 |
at |
8456 |
| | May |
down |
92 |
at |
8555 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton was but with another round of selling that pushed December below that point and could be headed lower if tomorrow’s report has a large production number. The European situation continues to weigh on Cotton exports. Large world stocks will continue to be a factor in this market. If nearly contracts penetrate 85 cents it will be technically negative.
Rice
| Long Grain Cash Bid for |
May |
1375/cwt |
to |
- - - |
| |
NC |
1412/cwt |
to |
- - - |
| Chicago Futures: |
May |
up |
9 1/2 |
at |
1516 |
| | July |
up |
10 |
at |
1539 1/2 |
| | Sept |
up |
9 1/2 |
at |
1561 1/2 |
| | Nov |
up |
7 1/2 |
at |
1583 |
| | March '12 |
up |
7 1/2 |
at |
1620 1/2 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice had the only positive numbers on the futures board as they continued to retrace the sharp decline of a couple of weeks ago. Fundamentals remain negative with huge world stocks and a poor export situation limiting upside potential.
Cattle & Hogs Date: May 09, 2012
Cattle
As reported by Federal-State Market News, receipts were 752 head
at sales in Conway & Pocahontas.
Compared with last week, feeder steers sold steady to $2 lower .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
183.00 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
176.50 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
154.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
170.00 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
149.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
153.00 |
to |
- - - |
Slaughter Cows, Boners 81.00 to 89.00
Light Weight 67.00 to 74.00
Bulls, Yield Grade 1
1000 to 2000 lbs. 100.00
to 109.00
Midwest Steers were at - - -
to - - -
Panhandle Steers were at - - -
to - - -
Oklahoma City Feeders
|
| Steers |
450 |
to |
500 lbs. |
191.50 |
to |
201.00 |
| |
500 |
to |
550 lbs. |
179.00 |
to |
187.00 |
| Heifers |
450 |
to |
500 lbs. |
165.00 |
to |
176.00 |
| |
500 |
to |
550 lbs. |
161.00 |
to |
172.00 |
Chicago Futures:
| Live Cattle: |
Jun |
up |
82 |
at |
11660 |
| |
Aug |
up |
47 |
at |
11892 |
| Feeders: |
May |
down |
72 |
at |
15065 |
| |
Aug |
up |
12 |
at |
15890 |
Cattle Comment
Cattle futures posted gains today on ideas that cash fundamentals will improve. Packer margins are improving despite mixed boxed beef prices. June futures look to have bottomed for the time being, and up trending support is currently just above $113.50.
Hogs
Peoria: were steady
at 50.00 to 52.00
| Chicago Futures: |
May |
down |
17 |
at |
8007 |
| |
June |
up |
55 |
at |
8485 |
Hogs Comment
Hogs were mixed. Futures remain under pressure 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 09, 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 continue to trend 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.