Grain & Soybean Date: May 11, 2012
Soybeans
Local Elevators:
(May) EAST AR: 1385 to 1413
(NC) Summ. 1300 to 1330
River Elevators:
(May) MISS: 1420 to 1431 ; AR & White 1392
to 1410
(NC) Summ. 1315 to 1337
Ark. Processor Bids: (May) 1409 to 1411
(NC) 1326 to 1325
Memphis:
(May) 1406 to 1418 (NC)
1336 1/4 to 1338 1/4
Riceland Foods:
(May) Stuttgart 1411 ; Pendleton
1413
(NC) Stuttgart 1325 ; Pendleton
1330
| Chicago Futures: |
May |
down |
48 1/4 |
at |
1404 |
| |
July |
down |
49 1/4 |
at |
1406 |
| |
Aug |
down |
48 1/4 |
at |
1393 1/2 |
| |
Sept |
down |
36 1/4 |
at |
1350 3/4 |
| |
Nov |
down |
37 3/4 |
at |
1321 1/4 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans wiped out yesterday’s gains plus some, as funds liquidated long position. A third commodity fund indicated they were closing down before the end of May after sustaining big losses. So recent declines have been accelerated as funds liquidate. World economic turmoil has added to the downturn as the dollar moves higher. November futures closed near Wednesday’s low bringing support at $13 back into play.
Wheat
Cash bid for May at Memphis 617 to - - -;
| Bids to farmers at Local Elevators |
567-587; |
| River Elevators |
577-613; |
| Chicago Futures: |
May |
down |
2 |
at |
592 3/4 |
| |
July |
down |
4 1/4 |
at |
597 |
| |
Sept |
down |
4 3/4 |
at |
611 3/4 |
| |
Dec |
down |
5 1/4 |
at |
635 1/2 |
| |
March |
down |
5 3/4 |
at |
657 1/2 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for May at Memphis 1002 to 1011;
| Bids to farmers at River Elevators |
930-1002; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
May at Memphis
611 to 626; |
| |
NC at Memphis
1336 1/4 to 1338 1/4; |
| Bids to farmers at River Elevators |
598 to 631 |
| Chicago Futures: |
May |
down |
17 1/2 |
at |
608 |
| |
July |
down |
6 1/2 |
at |
581 |
| |
Sept |
down |
2 1/4 |
at |
511 1/4 |
| |
Dec |
down |
2 |
at |
505 1/4 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat futures charts took on a very negative appearance today as July closed below the key $6. The market could now move to test support in the $5.65-$5.68 area. The hard red winter wheat harvest has already begun and farmers in Oklahoma are rushing to get as much wheat out of the field as possible before weekend rains.
Corn continued yesterday’s slide with expiring May leading the decline. Earlier this week May hit $6.85, today the low was $6. Tight old crop stocks will keep July from diving much lower. At the same time a 14.8 billion bushel crop had December dipping below $5 at one point. Continued good weather will simply keep pressure on new crop.
Cotton & Rice Date: May 11, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 285 at
7247 |
| |
Greenwood down
285 at 7247 |
| New York Futures: |
July |
down |
285 |
at |
7897 |
| |
Oct |
down |
312 |
at |
7848 |
| | Dec |
down |
303 |
at |
7634 |
| | March |
down |
298 |
at |
7758 |
| | May |
down |
284 |
at |
7871 |
| This week's LDP rate for cotton is |
0¢ cents |
| |
The estimate for next week is |
0¢ cents |
Cotton Comment
Cotton is taking a shellacking. Yesterday’s limit decline appears to be just a prelude to what could happen. December futures closed just above 76 cents. World stocks grew in yesterday’s report and with a 2012 crop that is expected to exceed use will move higher. USDA projected 2012/13 world stocks of 73.75 million bales. The cure for low prices is low prices. This should start cotton on the road to regaining lost market share.
Rice
| Long Grain Cash Bid for |
May |
1406/cwt |
to |
- - - |
| |
NC |
1443/cwt |
to |
- - - |
| Chicago Futures: |
May |
down |
7 |
at |
1548 1/2 |
| | July |
down |
8 1/2 |
at |
1570 1/2 |
| | Sept |
down |
9 1/2 |
at |
1593 |
| | Nov |
down |
7 1/2 |
at |
1616 1/2 |
| | March |
unchanged |
- - - |
at |
16615 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice futures were slightly lower as the overall negative undertone in commodities became a factor. September tipped lower after moving close to the recent $16.20 high. Smaller 2012 plantings and production suggest further tightening of U.S. stocks. However, that doesn’t mean tightness worldwide, where big stocks will impact the export market and limit upside potential.
Cattle & Hogs Date: May 11, 2012
Cattle
As reported by Federal-State Market News, receipts were 9820 head
at sales in Arkansas this week.
Compared with last week, feeder steers sold mostly firm to $5 higher .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
193.50 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
175.00 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
159.00 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
180.00 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
158.50 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
156.50 |
to |
- - - |
Slaughter Cows, Boners 80.00 to 88.00
Light Weight 66.00 to 74.00
Bulls, Yield Grade 1
1000 to 2100 lbs. 95.00
to 105.00
Midwest Steers were at - - -
to - - -
Panhandle Steers were at - - -
to - - -
Oklahoma City Feeders
|
| Steers |
450 |
to |
500 lbs. |
159.00 |
to |
203.50 |
| |
550 |
to |
600 lbs. |
150.00 |
to |
187.50 |
| Heifers |
450 |
to |
500 lbs. |
157.25 |
to |
176.00 |
| |
500 |
to |
550 lbs. |
149.00 |
to |
172.00 |
Chicago Futures:
| Live Cattle: |
June |
down |
70 |
at |
11515 |
| |
Aug |
down |
90 |
at |
11770 |
| Feeders: |
May |
down |
65 |
at |
14970 |
| |
Aug |
down |
142 |
at |
15747 |
Cattle Comment
Cattle futures were lower across the board. 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 near $114.
Hogs
Peoria: were steady
at 49.50 to 51.50
| Chicago Futures: |
May |
down |
27 |
at |
7952 |
| |
June |
up |
80 |
at |
8530 |
Hogs Comment
Hogs ended mixed. Yesterday’s report was negative for prices. 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: March 11, 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 lbs |
108.50 |
| Toms: |
16-24 lbs |
104.00 |
| |
|
|
Delmarva Broilers
U.S. Grade APrices for whole broiler/fryers continue to trend firm to higher. Offerings are light for current trade needs. Demand is moderate to good entering the weekend. Market activity is active. In production areas, live supplies are moderate at mostly desirable weights.