Print this page

Daily Market Report Archive

Grain & Soybean Date: May 14, 2013

Soybeans

Local Elevators:
(May) EAST AR:  1418 to 1478
(NC) Summ. 1199 to 1222
River Elevators:
(May) MISS: 1430 to 1505 ; AR & White 1420 to 1465
(NC) Summ. 1186 to 1232
Ark. Processor Bids: (May) 1440 to 1450  (NC) 1204 to 1212
Memphis:  (May) 1500 3/4 to 1514 3/4 (NC)  1234 to - - -
Riceland Foods:  (May) Stuttgart 1450 ; Pendleton 1455 
 (NC) Stuttgart 1204 ; Pendleton 1222 

Chicago Futures: May up 3 1/2 at  1524 1/2
  July  down  4 1/2  at  1414 3/4
  Aug up 1 1/4  at  1346 1/4
  Sept up at  1268
  Nov up 4 1/4  at  1214
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were mostly higher today. Tightening old crop supplies are generally supportive. Crop progress continues to be very slow with only 6% of the crop planted nationwide, but that was no surprise to the market. Delays in China have also been noted, and they are less equipped to deal with that situation than U.S. producers. July has resistance at $14.23. Further resistance is just 13 cents higher. November firmed but has trendline resistance just under $12.25.

Wheat
Cash bid for May at Memphis  720 3/4 to 722 3/4;

Bids to farmers at Local Elevators 681-691;
River Elevators 687-727;

Chicago Futures: May unchanged  - - -  at  701 1/2 
  July up at  710 3/4 
  Sept up  1 1/2  at  719 1/2 
  Dec up  1/2  at  735 1/2 
  March unchanged  - - -  at  752 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for May at Memphis  1094 to 1165;

Bids to farmers at River Elevators 1013-1049;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for May at Memphis   697 1/2 to - - -;
  New Crop at Memphis   549 3/4 to 559 3/4;
Bids to farmers at River Elevators  660 to 693

Chicago Futures: May up  30 1/4  at  718 
  July down  at  652 1/2 
  Sept up  1 1/4  at  569 3/4 
  Dec down  1 1/4  at  538 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were mostly unchanged today. The condition of the crop continues to be a supportive factor. USDA now says 20% of the crop is in very poor condition, with an additional 19% in poor condition. July has support at $7.

Corn ended the day a bit lower, despite the crop progress report. USDA says that only 28% of the crop was planted as of last week, the slowest progress since the USDA has been reporting crop progress. It is likely that the slow progress was already built into prices, especially since USDA cut 6 bu/acre off their yield prediction in last week’s report. Corn basis has strengthened in the Eastern part of the Cornbelt where farmers are too busy planting to move corn to market. July has resistance at $6.69. December has old trendline resistance at $5.40.



Cotton & Rice  Date: May 14, 2013


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 88 at  8392
  Greenwood up  88 at 8392

New York Futures: July up  88  at  8692 
  Oct up  64  at  8642 
 Dec up  66  at  8616 
 March up  55  at  8611 
 May up  52  at  8598 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton posted gains across the board today. USDA says only 23% of the crop is planted, compared with a 5 year average of 38%. Arkansas producers are only 13% planted, compared with an average of 55% for this time of year. A burdensome stocks situation will likely keep a lid on things, though. Further increases in Chinese and world stocks were projected in Friday’s report. World stocks are expected to reach almost 93 million bales with China holding nearby 63%. Chinese imports are projected to be just 12 million bales, down a third from the current marketing year. December has resistance at 87.25 cents and then 2 cents higher.

Rice

Long Grain Cash Bid for  May - - -  to  - - -
  NC 1439/cwt  to  - - -

Chicago Futures: May down  9 1/2  at  1526 
 July down  6 1/2  at  1536 1/2 
 Sept down  10  at  1518 1/2 
 Nov down  8 1/2  at  1535 1/2 
 Jan down  at  1553 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were lower across the board. The rice crop is still behind schedule, but farmers made decent progress catching up last week. USDA says 55% of the crop nationwide is in the ground, and 36% has emerged. Arkansas farmers are now 48% planted, compared with an average of 72%. Tight U.S. stocks are supportive while large Thai intervention stocks remain a threat.



Cattle & Hogs  Date: May 14, 2013

Cattle
As reported by Federal-State Market News, receipts were 688 head at sales in Ft. Smith & Heber Springs.  Compared with last week, feeder steers sold $1 to $6 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 158.50 to - - -
  500 to 550 lbs. 148.00 to - - -
  600 to 650 lbs. 134.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 158.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 140.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 131.00 to - - -

Slaughter Cows, Boners 75.00   to   82.00
Light Weight 60.00 to 64.50
Bulls, Yield Grade   1   1000   to   2100 lbs.   88.50   to   97.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 162.00 to 171.00
  500 to 550 lbs. 157.00 to 165.50
Heifers 450 to 500 lbs. 141.00 to 147.50
  500 to 600 lbs. 136.00 to 145.50

Chicago Futures:
Live Cattle: June up 20 at 12077
  Aug down 47 at 12040
Feeders: May up 65 at 13550
  Aug up 22 at 14642

Cattle Comment
Cattle futures were mixed. 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 $1 lower to $1.50     higher   at   58.50   to   59.00

Chicago Futures: May up 7 at 9200
  June up 167 at 9260

Hogs Comment
Hogs were also mixed. 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 14, 2013

Eggs

New York:  Ex. Lg. 128-132; Lg. 126-130; Med. 107-111;
Chicago:  Ex. Lg. 110-118; Lg. 108-116; Med. 92-100;

National Turkeys
Hens: 8-16 lbs 97.81
Toms: 16-24 lbs 98.00
 

Delmarva Broilers
U.S. Grade A
N/A