Grain & Soybean Date: May 30, 2007
Soybeans
Local Elevators:
(May) EAST AR: 748 to 775
(NC) Summ. 774 to 797
River Elevators:
(May) MISS: 763 to 779 ; AR & White 752
to 772
(NC) Summ. 774 to 799
Ark. Processor Bids: (May) 769 to 774
(NC) 797 to 800
Memphis:
(May) 776 1/4 to - - - (NC)
793 to 802
Riceland Foods:
(NC) Stuttgart 774 ; Pendleton
775 ; West Memphis 779
| Chicago Futures: |
Jul |
up |
10 3/4 |
at |
808 1/4 |
| |
Aug |
up |
10 1/2 |
at |
815 3/4 |
| |
Nov |
up |
10 1/4 |
at |
837 |
| |
Jan |
up |
10 1/4 |
at |
845 3/4 |
| |
Nov ' 08 |
up |
7 1/4 |
at |
857 1/2 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans bounced back after yesterday’s brief technically inspired decline. The market was due a correction with the relative strength index (RSI) indicating a very overbought situation. Soybeans led the reversal which saw corn and wheat make huge late gains. Weekly export inspections were viewed as negative as the grains and soybeans were all below expectations. November is back in position to retest resistance at $8.43 as we head toward the weekend.
Wheat
Cash bid for new crop at Memphis 475 3/4 to 477 3/4;
| Bids to farmers at Local Elevators |
457-468; |
| River Elevators |
453-483; |
| Chicago Futures: |
Jul |
up |
19 3/4 |
at |
510 3/4 |
| |
Sep |
up |
19 1/2 |
at |
524 3/4 |
| |
Dec |
up |
19 1/2 |
at |
536 |
| |
Jul ' 08 |
up |
14 1/2 |
at |
512 |
| |
Jul ' 09 |
up |
17 |
at |
523 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for new crop at Memphis 618 to - - -;
| Bids to farmers at River Elevators |
589-654; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
May at Memphis
387 1/4 to 394 1/4; |
| |
New Crop at Memphis
355 3/4 to 356 3/4; |
| Bids to farmers at River Elevators |
375 to 388 |
| Chicago Futures: |
Jul |
up |
17 1/2 |
at |
382 1/4 |
| |
Sep |
up |
17 |
at |
384 3/4 |
| |
Dec ' 07 |
up |
13 3/4 |
at |
381 1/4 |
| |
Dec ' 08 |
up |
9 1/2 |
at |
398 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat regained all of yesterday’s losses and then some, mostly on ideas that yesterday’s losses were overdone. A small amount of deterioration in the winter wheat crop was reported by USDA in the weekly ratings. 57% of the crop is now rated good to excellent, compared to 59% last week. Production problems across Europe were supportive as well. Today’s move could bring the contract high of $5.30 back into play.
Cotton & Rice Date: May 30, 2007
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis up 35 at
4638 |
| |
Greenwood up
35 at 4638 |
| New York Futures: |
Jul |
up |
35 |
at |
5038 |
| |
Oct |
up |
50 |
at |
5420 |
| | Dec |
up |
55 |
at |
5600 |
| | Mar |
up |
58 |
at |
5885 |
| | Dec ' 08 |
up |
68 |
at |
6338 |
| This week's LDP rate for cotton is |
9.39 |
| |
The estimate for next week is |
7.98 cents |
Cotton Comment
Like grains, cotton retraced a good portion of yesterday’s decline. The up and down movement of the past two days left last week’s bull flag intact. Fundamentals don’t support much upside potential but the bull flag has an upside objective around 59 cents. This is just below the late March high. While official planting figures are unavailable it appears Arkansas will plant less than 900,000 acres. Unofficial numbers suggest the Central Zone of the Arkansas Boll Weevil Eradication program will be down over 30%. Southeast Arkansas will be down around 15%, while Northeast Arkansas will be down less than 10%. Drought conditions are impacting Georgia crop, while some Texas areas have more than ample moisture.
Rice
| Long Grain Cash Bid for |
May |
907/cwt |
to |
- - - |
| |
- - - |
- - - |
to |
- - - |
| Chicago Futures: |
Jul |
up |
3 |
at |
1022 |
| | Sep |
up |
5 |
at |
1062 |
| | Nov |
up |
4 |
at |
1092 |
| | Jan |
up |
2 |
at |
1116 |
| | Mar |
up |
6 |
at |
1144 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice firmed slightly as the overall trading range remained very narrow. Fundamental news is lacking as there is little new business being generated. Mills continue to operate well below capacity and there doesn’t appear to be anything on the horizon to suggest a near term change. The international market is steady with high freight rates dominating the trade. Both Vietnam and Thailand are shipping against prior sales but fresh business is slow. The U.S. crop is progressing at a nice pace and will decline again as overall plantings are well below year ago levels. Technically, November has support at $10.80, upside potential appears limited for the near term.
Cattle & Hogs Date:
Cattle
As reported by Federal-State Market News, receipts were 1,244 head
at sales in Conway, Ola & Pocahontas.
Compared with last week, feeder steers sold unevenly, near steady .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
118 |
to |
128 |
|
| |
500 |
to |
550 lbs. |
112 |
to |
122 |
|
| |
600 |
to |
700 lbs. |
95 |
to |
105 |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
106 |
to |
116 |
Heifers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
105 |
to |
115 |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
95 |
to |
105 |
Slaughter Cows, Boners 45 to 49
Light Weight 34 to 41
Bulls, Yield Grade 1
1000 to 2100 lbs. 58
to 64, high dressing 64.50-65
Midwest Steers were 1-2.50 lower at 93
to - - -
Panhandle Steers were steady to 2 lower at 93
to - - -
Oklahoma City Feeders
|
| Steers |
n/a |
to |
- - - lbs. |
- - - |
to |
- - - |
| |
n/a |
to |
- - - lbs. |
- - - |
to |
- - - |
| Heifers |
n/a |
to |
- - - lbs. |
- - - |
to |
- - - |
| |
n/a |
to |
- - - lbs. |
- - - |
to |
- - - |
Chicago Futures:
| Live Cattle: |
Aug |
down |
32 |
at |
9110 |
| |
Dec |
down |
25 |
at |
9537 |
| Feeders: |
Aug |
down |
120 |
at |
11035 |
| |
Oct |
down |
87 |
at |
10950 |
Cattle Comment
Cattle futures were under pressure from sharp gains in corn and expectations for lower cash cattle prices. August has significant support between $90 and $91.
Hogs
Peoria: were steady
at 47.5 to 48
| Chicago Futures: |
Aug |
up |
37 |
at |
7390 |
| |
Oct |
up |
85 |
at |
6672 |
Sheep
St. Paul sheep shorn slaughter lambs at n/a
to - - -
Hogs Comment
Hogs followed through on yesterday’s bullish price action and closed higher. Stronger wholesale pork prices and improved packer margins were also supportive..
Poultry Date: May 30, 2007
Eggs
| New York: |
Ex. Lg. 89-93; Lg. 87-91; Med. 78-82; |
| Chicago: |
Ex. Lg. 80-88; Lg. 78-86; Med. 72-80; |
Eastern Region Turkeys
| Hens: |
8-16 lbs. |
77-79 |
| Toms: |
16-24 lbs. |
77-79 |
| |
|
|
Delmarva Broilers
U.S. Grade A
Trade sentiment was steady in all areas. Supplies of all sizes were usually sufficient to handle trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights. The Composite Weighted Average price for 05/28/07 was 82.89 compared to 82.87 a week earlier, and 64.06 a year ago.