Grain & Soybean Date: May 10, 2012
Soybeans
Local Elevators:
(May) EAST AR: 1434 to 1462
(NC) Summ. 1338 to 1368
River Elevators:
(May) MISS: 1469 to 1480 ; AR & White 1441
to 1459
(NC) Summ. 1353 to 1375
Ark. Processor Bids: (May) 1458 to 1460
(NC) 1363 to 1364
Memphis:
(May) 1463 1/4 to 1465 1/4 (NC)
1374 to 1376
Riceland Foods:
(May) Stuttgart - - - ; Pendleton
- - -
(NC) Stuttgart - - - ; Pendleton
- - -
| Chicago Futures: |
May |
up |
24 1/2 |
at |
1452 1/4 |
| |
July |
up |
25 |
at |
1455 1/4 |
| |
Aug |
up |
25 1/2 |
at |
1441 3/4 |
| |
Sept |
up |
24 |
at |
1387 |
| |
Nov |
up |
25 1/2 |
at |
1359 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans finished on a high note which is more than can be said for corn. USDA put soybean production at 3.2 billion bushels in their first official estimate for the 2012 crop. However, increased use in the 2011/12 crop reduced projected ending stocks 40 million bushels to 210 million bushels. Then in the 2012/13 projection exports were raised to 1.505 billion, while domestic use was raised 10 million bushels to 1.655 billion uses. Total use will leave stocks at just 145 million bushels, about 2 weeks’ worth. That should keep the market firm. November futures ended the day 30 cents higher and in position to test long term resistance around $14.
Wheat
Cash bid for May at Memphis 619 1/4 to 621 1/4;
| Bids to farmers at Local Elevators |
571-591; |
| River Elevators |
581-616; |
| Chicago Futures: |
May |
up |
3 1/2 |
at |
594 3/4 |
| |
July |
up |
1 1/4 |
at |
601 1/4 |
| |
Sept |
up |
1 3/4 |
at |
616 1/2 |
| |
Dec |
up |
1 3/4 |
at |
640 3/4 |
| |
March '12 |
up |
1 3/4 |
at |
663 1/4 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for May at Memphis 1013 to 1022;
| Bids to farmers at River Elevators |
943-1014; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
May at Memphis
622 1/2 to 632 1/2; |
| |
New Crop at Memphis
488 1/2 to 493 1/2; |
| Bids to farmers at River Elevators |
608 to 638 |
| Chicago Futures: |
May |
down |
15 3/4 |
at |
625 1/2 |
| |
July |
down |
19 3/4 |
at |
587 1/2 |
| |
Sept |
down |
13 1/2 |
at |
513 1/2 |
| |
Dec |
down |
9 1/2 |
at |
507 1/4 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat futures reacted positively to the USDA report today. The carryout estimate was dropped to 769 million bushels thanks to an increased export estimate. Winter wheat production was near the high end of projections at 1.694 billion bushels, but that was offset by increased exports. The market opened lower on carryover weakness from corn, and tested the waters below $6 before closing back above key support at that level.
Corn got hit by a double edged sword. As expected the first production estimate was huge. Yield at 166 bushels per acre put production at 14.79 billion bushels. But the real kicker was reduced feed use on the 2011/12 marketing year and a a resulting increase in ending stocks of 50 million bushels to 851 million bushels. The market was expecting a decrease to 758. Even increased use in 2012/13 will leave stocks at 1.881 billion bushels. So look for continued pressure on corn, especially if weather remains good. December closed just above $5 could be headed toward the next bench mark at $4.50.
Cotton & Rice Date: May 10, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 400 at
7532 |
| |
Greenwood down
400 at 7532 |
| New York Futures: |
July |
down |
400 |
at |
8182 |
| |
Oct |
down |
400 |
at |
8160 |
| | Dec |
down |
400 |
at |
7937 |
| | March |
down |
400 |
at |
8056 |
| | May |
down |
400 |
at |
8155 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton was rocked by ever increasing world stocks. The 2011/12 production is expected to exceed use by 6.73 million bales. That will push stocks to 13.75 million bales. Smaller U.S. plantings are expected to see a million acres more harvested than in 2011, with production up 1.43 million bales to 17 million. U.S. stocks are projected to rise to 4.9 million bales. Limit down moves left the cotton market dark red. December fell to 79.37 cents and further losses are probable.
Rice
| Long Grain Cash Bid for |
May |
- - - |
to |
- - - |
| |
NC |
- - - |
to |
- - - |
| Chicago Futures: |
May |
up |
39 1/2 |
at |
1555 1/2 |
| | July |
up |
39 1/2 |
at |
1579 |
| | Sept |
up |
41 |
at |
1602 1/2 |
| | Nov |
up |
41 |
at |
1624 |
| | March '12 |
up |
41 |
at |
1661 1/2 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice received some friendly U.S. numbers with a 5 million cwt upward bump in exports which reduced projected ending stocks the same amount to 34 million cwt. A smaller 2012 crop, even with decreased used should see the 2012/13 ending stocks drop to 27 million cwt. World stocks are expected to be virtually unchanged next year as production and use are near a balance. Futures responded with a big move which left September in position to test the recent high at $16.20. Big world stocks will likely limit upside potential.
Cattle & Hogs Date: May 10, 2012
Cattle
As reported by Federal-State Market News, receipts were 2431 head
at sales in Ratcliff & Green Forest.
Compared with last week, feeder steers sold mostly steady to instances $5 higher .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
194.50 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
180.50 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
161.50 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
177.00 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
154.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
156.00 |
to |
- - - |
Slaughter Cows, Boners 79.00 to 86.00
Light Weight 70.00 to 75.00
Bulls, Yield Grade 1-2
1000 to 2100 lbs. 97.00
to 105.00
Midwest Steers were at - - -
to - - -
Panhandle Steers were at - - -
to - - -
Oklahoma City Feeders
|
| Steers |
450 |
to |
500 lbs. |
203.00 |
to |
203.50 |
| |
500 |
to |
550 lbs. |
190.00 |
to |
197.00 |
| Heifers |
500 |
to |
550 lbs. |
164.50 |
to |
166.50 |
| |
550 |
to |
600 lbs. |
164.00 |
to |
166.50 |
Chicago Futures:
| Live Cattle: |
Jun |
down |
75 |
at |
11585 |
| |
Aug |
down |
32 |
at |
11860 |
| Feeders: |
May |
down |
30 |
at |
15035 |
| |
Aug |
steady |
- - - |
at |
15890 |
Cattle Comment
Cattle futures were mixed with deferred feeders supported by prospects for lower feed costs. Live cattle were under pressure from the USDA production report that shows higher production thanks to heavier slaughter weights and higher slaughter totals. June futures look to have bottomed for the time being, and up trending support is currently just above $113.50.
Hogs
Peoria: were $2.50 lower to $1.50 higher
at 49.50 to 51.50
| Chicago Futures: |
May |
down |
27 |
at |
7980 |
| |
June |
down |
35 |
at |
8450 |
Hogs Comment
Hogs were lower across the board. Production was raised due to heavier slaughter weights. Exports got a slight bump in the report as well. The charts look grim, but June is attempting to build support at Monday’s low of $83.75.
Poultry Date: May 10, 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. Demand is moderate to good approaching the Mother’s Day weekend. Market activity is active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.