Grain & Soybean Date: June 21, 2007
Soybeans
Local Elevators:
(Jun) EAST AR: 761 to 788
(NC) Summ. 782 to 804
River Elevators:
(Jun) MISS: 774 to 792 ; AR & White 767
to 787
(NC) Summ. 781 to 808
Ark. Processor Bids: (Jun) 780 to - - -
(NC) 803 to 804
Memphis:
(Jun) 791 1/2 to 793 1/2 (NC)
798 3/4 to 799 3/4
Riceland Foods:
(NC) Stuttgart 780 ; Pendleton
788 ; West Memphis 792
| Chicago Futures: |
Jul |
up |
20 1/2 |
at |
818 1/2 |
| |
Aug |
up |
21 3/4 |
at |
826 |
| |
Nov |
up |
22 3/4 |
at |
851 3/4 |
| |
Jan |
up |
24 1/2 |
at |
861 1/2 |
| |
Nov '08 |
up |
16 3/4 |
at |
872 3/4 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybean prices were unable to hold yesterday’s gains and fell sharply today. Soybean prices continue to be supported by strong exports; however, strong technical signals pressured soybean prices lower today. When soybean prices fell below trendline support today this triggered a technical sell off of soybean contracts. Soybean losses are limited as weather concerns, strong demand, and continued strengthening in the Brazilian Real continue to provide a solid base for soybean prices.
Wheat
Cash bid for June at Memphis 556 to - - -;
| Bids to farmers at Local Elevators |
531-543; |
| River Elevators |
525-558; |
| Chicago Futures: |
Jul |
up |
1 |
at |
606 |
| |
Sep |
up |
6 |
at |
622 |
| |
Dec |
up |
4 1/2 |
at |
628 |
| |
Jul '08 |
up |
1 1/2 |
at |
573 |
| |
Jul '09 |
unchanged |
|
at |
553 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for new crop at Memphis 655 to 664;
| Bids to farmers at River Elevators |
595-659; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
June at Memphis
388 to 389; |
| |
new crop at Memphis
359 3/4 to - - -; |
| Bids to farmers at River Elevators |
368 to 381 |
| Chicago Futures: |
Jul |
down |
9 1/4 |
at |
385 |
| |
Sep |
down |
9 1/2 |
at |
394 3/4 |
| |
Dec '07 |
down |
7 1/4 |
at |
399 |
| |
Dec '08 |
down |
5 3/4 |
at |
407 1/4 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat futures ended higher but July failed to challenge resistance at the contract high of $6.18 ½. Weekly export sales totals were supportive at 19.9 million bushels. Corn was under pressure because of forecasts for beneficial rains this weekend across the Corn Belt.
Cotton & Rice Date: June 21, 2007
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 30 at
5500 |
| |
Greenwood down
30 at 5500 |
| New York Futures: |
Jul |
up |
75 |
at |
5650 |
| |
Oct |
up |
30 |
at |
6000 |
| | Dec |
up |
8 |
at |
6150 |
| | Mar |
down |
5 |
at |
6385 |
| | Dec '08 |
up |
5 |
at |
6830 |
| This week's LDP rate for cotton is |
5.14 cents |
| |
The estimate for next week is |
3.03 cents |
Cotton Comment
Cotton ended mixed. December was higher, but failed to challenge yesterday’s high of 62.1 cents. A move above that level could signal a move toward the contract high of 63.8 cents. Old crop July left a gap last week, that could be a measuring gap with an upside objective around 59 cents. Continued dry weather in the southeast, particularly in Alabama and Georgia, plus parts of the mid-South are creating concern about ’07 production. Clearly ’07 plantings were below the March intentions of 12.15 million acres. In addition China has depleted their stocks and are expected to import almost 5 million bales over the next 3 months. Technically, the market is in an overbought position and some retracement of gains is likely. But the bar has been raised and old resistance, 60.7 cents, now becomes support.
Rice
| Long Grain Cash Bid for |
Jun/Jul |
889/cwt |
to |
- - - |
| |
Aug/Sep |
1055/cwt |
to |
- - - |
| Chicago Futures: |
Jul |
down |
11 |
at |
1065 |
| | Sep |
down |
10 |
at |
1102 |
| | Nov |
down |
9 |
at |
1130 |
| | Jan |
down |
7 |
at |
1153 |
| | n/a |
down |
- - - |
at |
- - - |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice moved lower, but could be forming a bull flag formation, which would have an upside objective around $12.20. The current volatility in all the markets suggests nothing is out of the question. Slow export movement indicates the market is high relative to what is being paid. However, that could change and the shorter supply could pull importers back into play. Declining world stocks are another factor that plays into higher prices at some point.
Cattle & Hogs Date: June 21, 2007
Cattle
As reported by Federal-State Market News, receipts were 3,145 head
at sales in Charlotte, Ratcliff & Green Forest.
Compared with last week, feeder steers sold weak to $4 lower .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
116 |
to |
126 |
|
| |
500 |
to |
550 lbs. |
113 |
to |
123 |
|
| |
600 |
to |
700 lbs. |
106 |
to |
116 |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
114 |
to |
123 |
Heifers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
105 |
to |
115 |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
102 |
to |
112 |
Slaughter Cows, Boners 44 to 51
Light Weight n/a to - - -
Bulls, Yield Grade 1
1000 to 2100 lbs. 56
to 63, high dressing 63-67
Midwest Steers were quoted at 87
to - - -
Panhandle Steers were quoted at 87
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 |
57 |
at |
8992 |
| |
Dec |
down |
37 |
at |
9535 |
| Feeders: |
Aug |
steady |
|
at |
10810 |
| |
Oct |
down |
10 |
at |
10840 |
Cattle Comment
Cattle futures turned mostly lower. Nearby June was under pressure from its premium to cash prices. Support for August begins between $89.40 and $89.50.
Hogs
Peoria: were steady
at 49.50 to 50
| Chicago Futures: |
Aug |
down |
40 |
at |
7345 |
| |
Oct |
down |
12 |
at |
6652 |
Sheep
St. Paul sheep shorn slaughter lambs at n/a
to - - -
Hogs Comment
Hog futures were lower again today. Futures’ premium to cash and ideas that product values have topped added to the negative undertone. Initial support for August is at $73.
Poultry Date: June 21, 2007
Eggs
| New York: |
Ex. Lg. 93-97; Lg. 91-95; Med. 65-69; |
| Chicago: |
Ex. Lg. 70-78; Lg. 68-76; Med. 50-58; |
Eastern Region Turkeys
| Hens: |
8-16 lbs. |
83 |
| Toms: |
16-24 lbs. |
83 |
| |
|
|
Delmarva Broilers
U.S. Grade A
Trade sentiment was generally steady in all areas. In production areas, live supplies were moderate at weights in a full range. According to the National Agricultural Statistics Service for the week ending 16-Jun-07, broiler egg sets were up 4%, and chick placements were up 2% when compared to a year ago. Based on the preliminary chick placements, the number of fryers available for marketing during the week ending 28-Jul-2007 was estimated at 166.9 million head a week earlier.