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Arkansas Farm Bureau
Grain & Soybean Date: May 01, 2013

Soybeans

Local Elevators:
(May) EAST AR:  1411 to 1448
(NC) Summ. 1194 to 1215
River Elevators:
(May) MISS: 1464 to 1483 ; AR & White 1413 to 1453
(NC) Summ. 1182 to 1228
Ark. Processor Bids: (May) 1443 to 1448  (NC) 1199 to 1204
Memphis:  (May) 1452 1/2 to 1457 1/2 (NC)  12259 1/4 to - - -
Riceland Foods:  (May) Stuttgart 1443 ; Pendleton 1448 
 (NC) Stuttgart 1199 ; Pendleton 1215 

Chicago Futures: May down 30 1/4 at  1437 1/2
  July  down  26  at  1373
  Aug down 20 1/2  at  1319 1/4
  Sept down 14 3/4  at  1250
  Nov down 14 1/4  at  1209 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were sharply lower on concerns about the Chinese economy. A drop in the Purchasing Managers Index to 50.6 sent investors to the sideline which triggered position evening in the commodities. Further weakness in crude oil and equities were a negative for the market. Slow corn planting progress continues to weigh on the market with concerns heightening that delays are pushing acres to soybeans. Old crop July has retraced a substantial portion of recent gains and closed well below $14. A retest of support around $13.40 is anticipated. November appears headed to last week’s low of $11.86.

Wheat
Cash bid for May at Memphis  730 1/2 to 734;
Bids to farmers at Local Elevators 691-701;
River Elevators 697-734;

Chicago Futures: May down  11 1/4  at  710 1/2 
  March down 10  at  721 
  Sept down  9 3/4  at  730 1/2 
  Dec down  8 1/2  at  745 
  March down  8 1/2  at  758 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for May at Memphis  1144 to 1155;
Bids to farmers at River Elevators 1039-1075;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for May at Memphis   691 3/4 to 696 3/4;
  New Crop at Memphis   553  to - - -;
Bids to farmers at River Elevators  664 to 697

Chicago Futures: May down  1 1/2  at  681 3/4 
  July down  3 1/4  at  646 3/4 
  Sept down  7 1/4  at  573 
  Dec down  6 1/4  at  550 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures gave back a portion of the early week gains. July has failed at resistance at $7.40 and backed off from there. Freezing temperatures are on their way again, potentially causing further damage to the winter wheat crop. The wheat quality tour is now in Kansas, and yesterday’s reports showed yields in line with the 5-year average. However, today’s move west is painting a different picture. Yields are estimated to be much lower, and additional snow is to fall in the next 24-48 hours.

Corn was lower for the day but planting delay concerns limited downside movement. December dipped below $5.50 before firming to hold above that level at the close. With only 5% of the crop planted concerns are growing with continued wet, cold temperatures in the near term forecast. It appears Arkansas plantings will be down 20 to 30% from the March intentions estimate of 1 million acres.



Cotton & Rice  Date: May 01, 2013


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 360 at  8062
  Greenwood down  360 at 8062

New York Futures: May down  344  at  8209 
  July down  360  at  8387 
 Oct down  329  at  8312 
 Dec down  324  at  8304 
 March down  317  at  8333 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton retraced all the recent gains on today’s poor economic news from China. When one country is so involved in a commodity like Cotton it creates big moves with any kind of news. China is the biggest cotton importer and larger user of cotton, so the economic news sent shivers through the market. December is back to support at 83 cents and headed lower perhaps.

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

Chicago Futures: May up  16 1/2  at  1502 
 July up  16 1/2  at  1527 
 Sept up  10  at  1514 1/2 
 Nov up  11  at  1530 
 Jan up  11  at  1548 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures closed higher again today, suggesting the recent low will be good support as we move forward. Only 40% of the Arkansas crop was planted according to the Monday progress report and little will be planted this week if forecasts for the next several days are realized. Stocks in Texas and Louisiana have been depleted and by the end of the marketing year Arkansas stocks will be tight. Delayed plantings mean a later harvest to replenish the bins. The Asian situation is the reverse of what we see here with Thai intervention stocks continuing to build.



Cattle & Hogs  Date: May 01, 2013

Cattle
As reported by Federal-State Market News, receipts were 773 head at sales in Searcy & Pocahontas.  Compared with last week, feeder steers sold mostly steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 167.00 to - - -
  500 to 550 lbs. 153.00 to - - -
  600 to 650 lbs. 139.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 149.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 135.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 134.50 to - - -

Slaughter Cows, Boners 74.00   to   81.00
Light Weight - - - to - - -
Bulls, Yield Grade   1   1000   to   2000 lbs.   89.50   to   100.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 400 to 450 lbs. 176.00 to 177.00
  450 to 500 lbs. 164.00 to 170.00
Heifers 450 to 500 lbs. 146.00 to 150.00
  500 to 550 lbs. 144.00 to 147.50

Chicago Futures:
Live Cattle: June up 57 at 12247
  Aug up 55 at 12310
Feeders: May down 5 at 13950
  Aug down 17 at 14872

Cattle Comment
Cattle futures turned higher today. Improving cutout values are resulting in better packer margins. Margins are still in the red, but have improved significantly this week. Seasonal demand should be supportive when warmer weather is finally here to stay.

Hogs
Peoria: were $1 lower to $3     higher   at   54.00   to   56.00

Chicago Futures: May up 80 at 9090
  June up 37 at 9295

Hogs Comment
Hogs were higher on improving cash pork values. The charts are looking stronger, with June challenging resistance at $93, the 50% retracement level of the selloff that occurred in February and March.



Poultry  Date: May 01, 2013

Eggs
New York:  Ex. Lg. 103-107; Lg. 101-105; Med. 92-96;
Chicago:  Ex. Lg. 85-93; Lg. 83-91; Med. 80-88;

National Turkeys
Hens: 8-16 lbs 98.48
Toms: 16-24 lbs 98.49
 

Delmarva Broilers
U.S. Grade A
N/A

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