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Daily Market Report Archive

Grain & Soybean Date: May 10, 2013

Soybeans

Local Elevators:
(May) EAST AR:  1402 to 1462
(NC) Summ. 1191 to 1214
River Elevators:
(May) MISS: 1409 to 1484 ; AR & White 1404 to 1449
(NC) Summ. 1178 to 1224
Ark. Processor Bids: (May) 1424 to 1434  (NC) 1196 to 1204
Memphis:  (May) 1483 to 1484 (NC)  1223 1/2 to 1226 1/2
Riceland Foods:  (May) Stuttgart 1439 ; Pendleton 1434 
 (NC) Stuttgart 1196 ; Pendleton 1214 

Chicago Futures: May down 3 at  1488 1/4
  July  down  9 3/4  at  1399
  Aug down 10  at  1330
  Sept down 10  at  1254 1/4
  Nov down 13 1/2  at  1205 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were down double digits in all contracts except expiring May. This reflects a U.S. production projection of 3.39 billion bushels which could increase if corn acres switch to soybeans. Likely, a bigger impact was world stocks which are projected to grow from62.5 mmt to 75 mmt this year. Bigger stocks are seen in the United States, Brazil, Argentina and China. U.S. stocks are projected to more than double from 125 to 265 million bushels. November futures appear poised to test the $11.86 low of two weeks ago. The next support is $11.40. Futures are well above the USDA farm price range of $9.50 to $11.50.

Wheat
Cash bid for May at Memphis  717 1/4 to 724 1/4;

Bids to farmers at Local Elevators 674-684;
River Elevators 680-720;

Chicago Futures: May down  19 1/2  at  696 3/4 
  July down 19 1/4  at  704 1/4 
  Sept down  19  at  712 1/2 
  Dec down  18 1/4  at  730 
  March down  16 1/2  at  747 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for May at Memphis  1063 to 1136;

Bids to farmers at River Elevators 984-1020;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for May at Memphis   680 1/4 to 686 1/4;
  New Crop at Memphis   534 1/2 to 544 1/2;
Bids to farmers at River Elevators  641 to 674

Chicago Futures: May down  6 3/4  at  687 3/4 
  July down  12 1/2  at  636 1/4 
  Sept down  11 1/2  at  554 1/2 
  Dec down  12  at  529 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures gave back all of yesterday’s big gains. The production and supply/demand reports didn’t hold any surprises for the market, but the reaction was negative anyway. Production came in very close to the pre-report estimates, with the total wheat crop forecast to be 2.057 billion bushels. The carryout estimate in the supply/demand report was unchanged. July is back testing support at $7.

Corn was also down by double digits in most contracts. USDA used March acreage intentions but adjusted for slow planting by dropping the trend yield of 163.6 to 158 bushels per acre. That still puts production at 14.14 billion bushels and leaves stocks at just over 2 billion bushels even with liberal increases in use. Futures did rebound from bigger losses that were seen immediately after the report. Now the market has a weekend to reflect on the numbers. Good weather will likely send the market lower. December has chart support at the recent low of $5.17 and then $5.11 and then ?????



Cotton & Rice  Date: May 10, 2013


Cotton

Spot Price, Grade 41 Staple 34: Memphis down 144 at  8348
  Greenwood down  144 at 8348

New York Futures: July down  144  at  8648 
  Oct down  127  at  8617 
 Dec down  119  at  8582 
 March down  119  at  8577 
 May down  118  at  8562 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton lost just over a hundred points with December back below 86 cents. U.S. numbers were supportive with production of just 14 million bales and ending stocks projected at a very small 3 million bales. However, world stocks were projected to continue to rise, going to 92.74 million bales from this year’s 84.78 million bales. China will hold 58.2 million bales at the end of this year, while importing only 12 million bales.

Rice

Long Grain Cash Bid for  May - - -  to  - - -
  NC 1435/cwt  to  -- -

Chicago Futures: May down  at  1519 1/2 
 July down  at  1525 
 Sept down  6 1/2  at  1515 
 Nov down  4 1/2  at  1533 
 Jan down  5   at  1550 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were a little lower despite a projected 10 million cwt. smaller U.S. crop. Increasing Thai stocks continue to hang over the market, as the trade fears the release at some point in the future.



Cattle & Hogs  Date: May 10, 2013

Cattle
As reported by Federal-State Market News, receipts were 7130 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly weak to $10 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 160.00 to - - -
  500 to 550 lbs. 136.00 to - - -
  600 to 650 lbs. 134.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 135.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 136.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 135.00 to - - -

Slaughter Cows, Boners 74.00   to   81.00
Light Weight 60.00 to 63.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   90.00   to   100.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 145 to 170
  550 to 600 lbs. 141 to 165
Heifers 500 to 550 lbs. 126 to 145
  550 to 600 lbs. 125 to 144

Chicago Futures:
Live Cattle: June down 5 at 12045
  Aug up 25 at 12077
Feeders: May down 37 at 13537
  Aug up 65 at 14662

Cattle Comment
Cattle futures were mixed. USDA raised its beef production estimate by 214 million pounds to 25.19 billion pounds, down 3.1% from last year. The charts have taken on a bearish appearance over the past few sessions, and June could revisit the contract low of $119.37. August feeders are so far holding at support between $144.50 and $145.07.

Hogs
Peoria: were     steady   at   59   to   61

Chicago Futures: May up 2 at 9200
  June down 7 at 9050

Hogs Comment
Hogs were mostly lower. In today’s reports, USDA increased their production estimate by 2.3% and cut their pork export estimate by 3.4%. Futures premium to cash is limiting the upside potential of the market, but tight supplies of market ready hogs should provide some underlying support.



Poultry  Date: May 10, 2013

Eggs

New York:  Ex. Lg. 123-127; Lg. 121-125; Med. 105-109;
Chicago:  Ex. Lg. 95-103; Lg. 93-101; Med. 83-91;

National Turkeys
Hens: 8-16 lbs 97.81
Toms: 16-24 lbs 98
 

Delmarva Broilers
U.S. Grade A
Prices are mostly steady overall when compared to the previous week’s pricing. Offerings are light to moderate. Demand into both retail and food service channels is moderate to good with best movement into fast food chains. Many are anticipating good movement for the Mother’s Day weekend. Sizes are in a desirable range. Floor stocks are balanced. Market activity is moderate.