Grain & Soybean Date: June 01, 2007
Soybeans
Local Elevators:
(May) EAST AR: 758 to 785
(NC) Summ. 784 to 807
River Elevators:
(May) MISS: 773 to 789 ; AR & White 763
to 783
(NC) Summ. 782 to 809
Ark. Processor Bids: (May) 779 to 784
(NC) 807 to 810
Memphis:
(May) 784 1/2 to 786 1/2 (NC)
800 1/4 to 809 1/4
Riceland Foods:
(NC) Stuttgart 783 ; Pendleton
785 ; West Memphis 789
| Chicago Futures: |
Jul |
up |
11 1/4 |
at |
817 1/2 |
| |
Aug |
up |
11 1/4 |
at |
824 3/4 |
| |
Nov |
up |
11 |
at |
847 1/4 |
| |
Jan |
up |
12 |
at |
856 |
| |
Nov '08 |
up |
11 |
at |
866 1/2 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans made another strong charge freeled by record palm oil prices. Additional support is coming from the current relationship of the U.S. dollar and the Brazilian real. The weaker dollar versus the real makes U.S. beans a better buy despite recent gains. Technically, the market remains somewhat overbought and due a retracement.
Wheat
Cash bid for June at Memphis 487 3/4 to 490 3/4;
| Bids to farmers at Local Elevators |
467-478; |
| River Elevators |
463-493; |
| Chicago Futures: |
Jul |
up |
3 3/4 |
at |
520 3/4 |
| |
Sep |
up |
3 1/2 |
at |
535 1/2 |
| |
Dec |
up |
4 |
at |
547 |
| |
Jul '08 |
up |
2 1/2 |
at |
523 1/2 |
| |
Jul '09 |
up |
5 |
at |
525 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for new crop at Memphis 621 to 639;
| Bids to farmers at River Elevators |
598-663; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
May at Memphis
391 3/4 to 398 3/4; |
| |
new crop at Memphis
360 1/4 to 361 1/4; |
| Bids to farmers at River Elevators |
378 to 391 |
| Chicago Futures: |
Jul |
down |
3 1/2 |
at |
386 3/4 |
| |
Sep |
down |
2 1/4 |
at |
389 1/4 |
| |
Dec '07 |
down |
1 3/4 |
at |
383 |
| |
Dec '08 |
down |
1 1/2 |
at |
398 1/2 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Corn futures lost ground on profit taking after yesterday’s big gains. Strong export sales limited losses. The USDA says 53.7 million bushels of corn were sold this week, about 50/50 old crop/new crop. Wheat futures were higher again today on strong export sales. The weekly total for wheat was 35.2 million bushels, almost double the average trade estimate. July set a new contract high of $5.30 ½ before retracing most of the day’s gains.
Cotton & Rice Date: June 01, 2007
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 57 at
4648 |
| |
Greenwood down
57 at 4648 |
| New York Futures: |
Jul |
down |
57 |
at |
5048 |
| |
Oct |
down |
30 |
at |
5430 |
| | Dec |
down |
23 |
at |
5643 |
| | Mar |
down |
20 |
at |
5920 |
| | Dec '08 |
down |
50 |
at |
6340 |
| This week's LDP rate for cotton is |
7.86 |
| |
The estimate for next week is |
7.01 cents |
Cotton Comment
Cotton reversed yesterday’s gains, continuing the selloff that began after December hit the 62% retracement objective at 57 cents. Last week’s bull flag formation remains intact with an upside objective around 59 cents, or very near the late March high. Overall fundamentals remain somewhat negative, but recent buying by China is expected to continue. Huge end of year stocks remain a drag on the market, although small U.S. plantings and weather problems could help reduce the ’07 crop significantly. There appeared to be little market reaction to yesterday’s announced approval of Monsanto’s purchase of D&PL, if certain conditions were met.
Rice
| Long Grain Cash Bid for |
Aug/Nov |
1015/cwt |
to |
- - - |
| |
n/a |
- - - |
to |
- - - |
| Chicago Futures: |
Jul |
down |
2 |
at |
1019 |
| | Sep |
down |
3 |
at |
1058 |
| | Nov |
down |
1 |
at |
1090 |
| | Jan |
down |
1 |
at |
1115 |
| | Mar |
unchanged |
|
at |
1143 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice traded in a narrow range again today before closing lower. 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: June 01, 2007
Cattle
As reported by Federal-State Market News, receipts were 10,120 head
at sales in Arkansas this week.
Compared with last week, feeder steers sold steady to $2 lower .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
121 |
to |
131 |
|
| |
500 |
to |
550 lbs. |
114 |
to |
124 |
|
| |
600 |
to |
700 lbs. |
103 |
to |
113 |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
112 |
to |
122 |
Heifers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
109 |
to |
119 |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
104 |
to |
114 |
Slaughter Cows, Boners 46 to 51
Light Weight 34 to 39
Bulls, Yield Grade 1
1000 to 2100 lbs. 60
to 64.50
Midwest Steers were $1 higher to steady at 93
to - - -
Panhandle Steers were $1 higher to steady 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 |
80 |
at |
9067 |
| |
Dec |
down |
47 |
at |
9547 |
| Feeders: |
Aug |
down |
117 |
at |
11025 |
| |
Oct |
down |
87 |
at |
10990 |
Cattle Comment
Cattle futures were lower under pressure from weaker cash cattle and wholesale beef prices. Feeders continue to be under pressure from relatively high corn prices. August has key support between $90-$91.
Hogs
Peoria: were steady
at 47 to 47.5
| Chicago Futures: |
Aug |
up |
45 |
at |
7450 |
| |
Oct |
up |
90 |
at |
6805 |
Sheep
St. Paul sheep shorn slaughter lambs at n/a
to - - -
Hogs Comment
Hogs were lower in early dealings, but recovered to post gains by the end of the day. Sharp declines in the composite pork cutout have pushed packer margins into the red, and packers are cutting production and lowering cash bids as a result. August futures are testing resistance at $74.50.
Poultry Date: June 01, 2007
Eggs
| New York: |
Ex. Lg. 82-86; Lg. 80-84; Med. 68-72; |
| 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
Majority prices for next were trending unchanged in the East and West and one cent lower in the Midwest. Trade sentiment was irregular in the West, and overall no better than steady elsewhere. In production areas, live supplies were moderate at mixed, but mostly desirable weights.