Grain & Soybean Date: June 12, 2007
Due to the market report comments being updated, we have updated and are now re-sending the report.
Soybeans
Local Elevators:
(June) EAST AR: 762 to 789
(NC) Summ. 802 to 824
River Elevators:
(June) MISS: 782 to 793 ; AR & White 765
to 785
(NC) Summ. 787 to 824
Ark. Processor Bids: (June) 788 to - - -
(NC) 823 to 824
Memphis:
(June) 787 1/2 to 792 1/2 (NC)
802 1/4 to 816 1/4
Riceland Foods:
(NC) Stuttgart 788 ; Pendleton
789 ; West Memphis 793
| Chicago Futures: |
July |
down |
3 1/2 |
at |
826 1/2 |
| |
Aug |
down |
3 3/4 |
at |
834 1/4 |
| |
Nov |
down |
3 1/4 |
at |
860 1/4 |
| |
Jan |
down |
2 1/2 |
at |
870 3/4 |
| |
Nov '08 |
down |
2 1/2 |
at |
882 1/2 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans ended lower. This market remains highly volatile with big moves the last few days. The market remains overbought and ripe for a setback. The next long term resistance is located around $9.03. November’s support is $8.43, and then $8.23.
Wheat
Cash bid for June at Memphis 512 to 520;
| Bids to farmers at Local Elevators |
491-500; |
| River Elevators |
484-515; |
| Chicago Futures: |
July |
up |
9 |
at |
565 |
| |
Sept |
up |
8 1/2 |
at |
580 1/4 |
| |
Dec |
up |
9 3/4 |
at |
593 1/2 |
| |
July '08 |
up |
4 1/2 |
at |
566 |
| |
July '09 |
up |
8 |
at |
564 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for new crop at Memphis 656 to 667;
| Bids to farmers at River Elevators |
609-673; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
June at Memphis
391 1/2 to 396 1/2; |
| |
New crop at Memphis
365 1/2 to 368 1/2; |
| Bids to farmers at River Elevators |
370 to 383 |
| Chicago Futures: |
July |
down |
2 1/2 |
at |
393 1/2 |
| |
Sept |
down |
2 1/2 |
at |
402 1/2 |
| |
Dec '07 |
down |
1/2 |
at |
405 1/2 |
| |
Dec '08 |
down |
1 1/4 |
at |
415 1/4 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat futures were higher again today in reaction to the monthly supply/demand report. The trade was expecting a small increase in production, but what we got was a 6 million bushel decrease in the estimate, thanks to poor yield estimates in places like Oklahoma. The lowest world ending stocks estimate in 30 years also added support. Corn retraced yesterday's gains. Yesterdays' report showed a 50 million bushel cut in the export projection.
Cotton & Rice Date: June 12, 2007
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 32 at
4810 |
| |
Greenwood down
32 at 4810 |
| New York Futures: |
July |
down |
32 |
at |
5160 |
| |
Oct |
down |
40 |
at |
5530 |
| | Dec |
down |
45 |
at |
5729 |
| | March |
down |
55 |
at |
5980 |
| | Dec '08 |
down |
35 |
at |
6450 |
| This week's LDP rate for cotton is |
6.76 cents |
| |
The estimate for next week is |
5.22 cents |
Cotton Comment
Cotton continued to trade in a narrow range and closed lower. December remains in position to move toward the bull flag objective at 59 cents. Planting remains a little behind schedule with a rating of 84% compared to a 5 year average of 91%. A huge loan redemption over the last two weeks leaves only 2.76 million bales in the loan. Merchants are looking to hedge those redemptions as the market moves higher. Wet weather in parts of Texas and dry weather in the mid-South and Southeast may impact the final plantings with some acreage expected to move to beans. There are hopes that China will add an additional 5 million bales to their TRQ.
Rice
| Long Grain Cash Bid for |
Aug |
1063/cwt |
to |
- - - |
| |
Sept |
1063/cwt |
to |
- - - |
| Chicago Futures: |
July |
up |
33 |
at |
1075 |
| | Sept |
up |
28 1/2 |
at |
1111 |
| | Nov |
up |
25 1/2 |
at |
1138 |
| | Jan |
up |
25 |
at |
1164 |
| | n/a |
|
- - - |
at |
- - - |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice was sharply higher again today. The slow export situation doesn't appear likely to change in the near future or perhaps even into the new crop harvest. At the same time Thailand is actively shipping against prior sales. Both Thailand and Vietnam are expected to be active participants in a 300,000 metric tonne tender by the Philippines.
Cattle & Hogs Date: June 12, 2007
Cattle
As reported by Federal-State Market News, receipts were 1326 head
at sales in Fort Smith and Marshall.
Compared with last week, feeder steers sold weak to $5 lower, mostly $2 to $4 lower .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
118 |
to |
128 |
|
| |
500 |
to |
550 lbs. |
111 |
to |
118 |
|
| |
600 |
to |
650 lbs. |
101 |
to |
110 |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
115 |
to |
115 |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
100 |
to |
111 |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
91 |
to |
101 |
Slaughter Cows, Boners 46 to 50
Light Weight 37 to 41
Bulls, Yield Grade 1
1000 to 2100 lbs. 60
to 65, high dressing 65-67
Midwest Steers too few to report at - - -
to - - -
Panhandle Steers too few to report at - - -
to - - -
Oklahoma City Feeders
|
| Steers |
500 |
to |
550 lbs. |
124 |
to |
136.10 |
| |
550 |
to |
600 lbs. |
115.5 |
to |
121.25 |
| Heifers |
500 |
to |
550 lbs. |
107.5 |
to |
114 |
| |
550 |
to |
600 lbs. |
106.5 |
to |
113.5 |
Chicago Futures:
| Live Cattle: |
Aug |
up |
30 |
at |
9030 |
| |
Dec |
up |
42 |
at |
9495 |
| Feeders: |
Aug |
up |
57 |
at |
10812 |
| |
Oct |
up |
55 |
at |
10825 |
Cattle Comment
Cattle futures ended higher, but fundamentals remain negative. Big supplies of cattle, weakness in dressed beef values and high corn prices are all taking their toll on the market. The next support for June is just below $89.
Hogs
Peoria: were steady
at 44.5 to 45
| Chicago Futures: |
Aug |
up |
150 |
at |
7512 |
| |
Oct |
up |
100 |
at |
6835 |
Sheep
St. Paul n/a at - - -
to - - -
Hogs Comment
Hog futures ended higher, despite a negative fundamental situation. Packers are expected to reduce slaughter operations because of declining margins. Deferred contracts are being supported by higher corn prices, which are spurring expectations for decreased hog production in the coming months.
Poultry Date: June 12, 2007
Eggs
| New York: |
Ex. Lg. 77-81; Lg. 75-79; Med. 60-64; |
| Chicago: |
Ex. Lg. 66-74; Lg. 64-72; Med. 50-58; |
Eastern Region Turkeys
| Hens: |
8-16 lbs. |
80-82 |
| Toms: |
16-24 lbs. |
80-82 |
| |
|
|
Delmarva Broilers
U.S. Grade A
Trade sentiment ranged steady to instances weak, but was mostly steady overall. Supplies of all sizes were at least sufficient for trade needs; floor stocks were adequate to long. In production areas, live supplies were moderate at mixed, but mostly desirable weights.