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Daily Market Report Archive

Grain & Soybean Date: May 08, 2013

Soybeans

Local Elevators:
(May) EAST AR:  1394 to 1454
(NC) Summ. 1199 to 1222
River Elevators:
(May) MISS: 1391 to 1467 ; AR & White 1396 to 1441
(NC) Summ. 1189 to 1235
Ark. Processor Bids: (May) 1416 to 1426  (NC) 1204 to 1212
Memphis:  (May) 1464 3/4 to 1465 3/4 (NC)  1232 1/4 to - - -
Riceland Foods:  (May) Stuttgart 1426 ; Pendleton 1431 
 (NC) Stuttgart 1204 ; Pendleton 1222 

Chicago Futures: May up 15 1/2 at  1479
  July  up  8 1/2  at  1390 3/4
  Aug unchanged - - -  at  1329 1/2
  Sept down 1 1/2  at  1257
  Nov down 1/4  at  1214 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed the day higher as the market prepares for Friday’s USDA report. As the weather dries up across the Midwest, it looks like this year’s soybean crop could get off to a better start than corn. However, there is beginning to be concerns over the current supplies of soybeans with only 125 million bushels forecast for 2012 ending stocks there is the potential for some major supply shortages before the bulk of the crop comes off in September and October. This tight supply situation may offer some selling opportunities for those soybeans that can be harvested early. One thing we have to watch is what the USDA will do with 2013-14 trade. The current bird flu outbreak is expected to have some impact on soybean demand; however, as we have seen in the past demand can quickly shift to pork, which consumes more soybeans. Old crop July beans broke through the $14 level, but were unable to sustain that through the close, a close above $14, would make the next objective $14.25. November soybeans, continue to trade in a sideways pattern between $12.30 and $11.90.

Wheat
Cash bid for May at Memphis  719 to 726;

Bids to farmers at Local Elevators 676-686;
River Elevators 682-722;

Chicago Futures: May down  2 3/4  at  696 3/4 
  July down at  706 
  Sept down  3 1/2  at  715 1/4 
  Dec down  at  732 3/4 
  March down  2 1/2  at  748 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for May at Memphis  1059 to 1130;

Bids to farmers at River Elevators 979-1014;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for May at Memphis   674 to 683;
  New Crop at Memphis   533 3/4 to - - -;
Bids to farmers at River Elevators  633 to 671

Chicago Futures: May down  1 1/2  at  675 
  July down  at  633 
  Sept down  7 3/4  at  553 3/4 
  Dec down  7 1/4  at  532 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat prices continue to follow the lead from corn. Despite reports of poor crop conditions wheat fell again today. July wheat closed below $7, which means we may be headed lower to test support at $6.87. While wheat conditions across the state a variable, Arkansas wheat crop overall looks pretty good and yields should be able to meet trend. Producers should look for additional markets, there are brokers looking for wheat to supply poultry operations in Arkansas. Producers are encouraged to seek these new markets.

Corn prices fell again today, as weather prospects in the Midwest continue to improve. Monday’s crop progress report showed the major “I” states all at less than 10% planted, when they historically have been at close to 50% planted. The impact this delay will have on year is unclear, as we don’t have a historical year that we accurately compare to. The big question in corn what yield will the USDA use as they release their forecast of the 2013 crop on Friday. The trade right now estimates we will have carryover of 1.9 billion bu of corn in 2013/14; however if the USDA comes out with a yield of greater than 160 bu we could see that carryover higher than 2 billion bu which would pressure prices lower.



Cotton & Rice  Date: May 08, 2013


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 53 at  8468
  Greenwood down  53 at 8468

New York Futures: May up  19  at  8620 
  July up  53  at  8768 
 Oct up  77  at  8716 
 Dec up  80  at  8677 
 March up  95  at  8672 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton continued its gain today as improving weather should help get the crop in the ground. December closed just shy of 87 cents, which a close above 87 cents would give new support for this market to head to the March high of 88.5 cents.

Rice

Long Grain Cash Bid for  May - - -  to  - - -
  NC 1433/cwt  to  - - -

Chicago Futures: May down  17 1/2  at  1507 1/2 
 July down  16 1/2  at  1523 
 Sept down  12  at  1513 
 Nov down  11 1/2  at  1529 
 Jan down  11 1/2  at  1547 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were lower. Giving back all of the gains since last week. Improving weather across much of the Delta, weakness in other grain markets pushed prices lower.



Cattle & Hogs  Date: May 08, 2013

Cattle
As reported by Federal-State Market News, receipts were 681 head at sales in Searcy & Pocahontas.  Compared with last week, feeder steers sold weak to $5 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 162.00 to - - -
  500 to 550 lbs. 151.00 to - - -
  600 to 650 lbs. 140.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. - - - to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 136.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 132.00 to - - -

Slaughter Cows, Boners 72.00   to   78.00
Light Weight - - - to - - -
Bulls, Yield Grade   1   1000   to   2000 lbs.   90.00   to   100.00
Midwest Steers   were   at   126.00   to   - - -
Panhandle Steers   were   at   126.00   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 150.00 to 163.00
  500 to 550 lbs. 145.00 to 158.00
Heifers 450 to 500 lbs. 134.00 to 148.00
  500 to 550 lbs. 132.00 to 145.00

Chicago Futures:
Live Cattle: June down 62 at 12020
  Aug down 105 at 12000
Feeders: May down 127 at 13560
  Aug down 122 at 14532

Cattle Comment
Cattle futures were lower across the board again today. Live cattle were under pressure from weaker beef prices and larger market-ready supplies. The charts have taken on a bearish appearance over the past three sessions, and June could retest support below $119.50.

Hogs
Peoria: were steady to $4     higher   at   58.00   to   60.00

Chicago Futures: May up 52 at 9197
  June up 47 at 9177

Hogs Comment
Hogs were higher across the board, but traded in a narrow range. Tight hog supplies are generally supportive, but futures premium to cash will limit the upside.



Poultry  Date: May 08, 2013

Eggs

New York:  Ex. Lg. 115-119; Lg. 113-117; Med. 100-104;
Chicago:  Ex. Lg. 95-103; Lg. 93-101; Med. 83-91;

National Turkeys
Hens: 8-16 lbs 96.46
Toms: 16-24 lbs 96.56
 

Delmarva Broilers
U.S. Grade A
N/A