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Arkansas Farm Bureau Daily Commodity Report

The economic importance of agriculture cannot be overstated, so the Farm Bureau provides a comprehensive daily market report for Arkansas crops with cash markets, futures and insightful analysis and commentary from Arkansas Farm Bureau commodity analysts. The report includes wheat, rice, cotton, livestock and grain commodity prices and comments.

The report provides noteworthy benchmark rice, wheat, cotton, livestock and grain commodity prices of interest to farmers and ranchers, as well as long-term commodity market trends for Arkansas crops which are developing. Daily fundamental market influences and technical factors are noted and discussed.

Grain & Soybean Date: May 17, 2013

Soybeans

Local Elevators:
(May) EAST AR: 1452 to 1512
(NC) Summ. 1213 to 1236
River Elevators:
(May) MISS: 1519 to 1534 ; AR & White 1454 to 1499
(NC) Summ. 1200 to 1246
Ark. Processor Bids: (May) 1474 to 1484 (NC) 1218 to 1226
Memphis: (May) 1528 1/2 to 1538 1/2 (NC) 1248 1/4 to - - -
Riceland Foods: (May) Stuttgart - - - ; Pendleton - - -
(NC) Stuttgart - - - ; Pendleton - - -

Chicago Futures:	July	up	21	at	1448 1/2
	Aug	up	24 1/2	at	1378 1/2
	Sept	up	18	at	1289 1/2
	Nov	up	10 3/4	at	1228 1/4
	Jan	up	10 1/2	at	1235 1/4
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans were sharply higher with biggest gains in old crop to end the week. July futures moved above resistance at $14.36 and closed just under $14.50. There are several layers of resistance between the close and $14.83. Above that you have resistance at $15.50 and then $16. New Crop closed higher despite indications that soybean plantings will likely be over 78 million acres this year. Big export sales to China and unknown destinations provided additional support. Gains were limited by a sharp rise in the dollar.

Wheat
Cash bid for May at Memphis 695 1/4 to 698 1/4;

Bids to farmers at Local Elevators	653-663;
River Elevators	659-699;

Chicago Futures:	July	down	4 1/2	at	683 1/4
	Sept	down	5	at	691
	Dec	down	5 1/2	at	707 1/2
	March	down	5 3/4	at	724 1/4
	May	down	4 3/4	at	731 1/2
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for May at Memphis 1094 to 1166;

Bids to farmers at River Elevators	1014-1050;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	May at Memphis 697 3/4 to - - -;
	New Crop at Memphis 536 to 546;
Bids to farmers at River Elevators	660 to 698

Chicago Futures:	July	up	11 1/4	at	652 3/4
	Sept	up	2 1/4	at	556
	Dec	up	4 1/2	at	519 1/2
	March	up	4 1/4	at	530
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat futures continued lower and July is in a position to test support at $6.65. The condition of the crop remains a positive factor for prices. Informa released their planting intentions for spring wheat this morning at 12.4 million acres, slightly below USDA’s latest estimate of 12.7 million.

Corn closed mixed with old crop registering gains. New crop was generally 4 to 5 cents lower with December dipping below $5.20. The big question was how much corn was planted this week. There is no doubt there were a lot of acres – somewhere between 30 and 40 million. The biggest ever was over 36 million acres in May 1992. That means a lot of corn will be impacted by weather the last of July when it pollinates.

Cotton & Rice Date: May 17, 2013

Cotton

Spot Price, Grade 41 Staple 34:	Memphis up 38 at 8341
	Greenwood up 38 at 8341

New York Futures:	July	up	38	at	8641
	Oct	up	61	at	8620
	Dec	up	57	at	8590
	March	up	46	at	8567
	May	up	39	at	8563
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton ended the day a little higher as December futures remain in a consolidation pattern near 86 cents. Slow planting has been supportive while big world stocks could be a problem. That depends on what China does. Continued buying on their part means less cotton available to the rest of the world.

Rice

Long Grain Cash Bid for	May	- - -	to	- - -
	NC	- - -	to	- - -

Chicago Futures:	July	down	4 1/2	at	1523 1/2
	Sept	down	3	at	1504
	Nov	down	3	at	1519
	Jan	down	3	at	1536 1/2
	March	down	3	at	1536 1/2
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice was under modest pressure in a light trade to end the week. Overall demand for U.S. rice remains steady to firm with tightening stocks and potentially smaller plantings in 2013 supporting the market. Big Asian stocks remain a factor.

Cattle & Hogs Date: May 17, 2013

Cattle
As reported by Federal-State Market News, receipts were 9,405 head at sales in Arkansas this week. Compared with last week, feeder steers sold mostly firm to $4 higher .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	165.00	to	- - -

	500	to	550 lbs.	148.00	to	- - -

	600	to	650 lbs.	135.00	to	- - -

Medium & Large Frame 2	400	to	450 lbs.	137.00	to	- - -
Heifers:
Medium & Large Frame 1	500	to	550 lbs.	135.00	to	- - -

Medium & Large Frame 2	400	to	450 lbs.	130.00	to	- - -

Slaughter Cows, Boners 75.00   to   82.00
Light Weight 62.00 to 68.00
Bulls, Yield Grade 1 1000   to   2100 lbs.   90.00   to   97.00
Midwest Steers   were   at   125.00   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers	450	to	500 lbs.	150.50	to	173.00
	500	to	550 lbs.	148.00	to	169.00
Heifers	450	to	500 lbs.	135.00	to	153.50
	500	to	550 lbs.	128.00	to	145.50

Chicago Futures:

Live Cattle:	June	down	50	at	11940
	Aug	down	117	at	11855
Feeders:	May	down	112	at	13390
	Aug	down	175	at	14337

Cattle Comment
Cattle futures were lower across the board, despite the fact that cutout values set a new record high this week. Packer margins are solidly in the black. Futures are trading at a discount to cash prices. The trade is looking ahead to the cattle on feed report, and expects to see placements up 12% from last year.

Hogs
Peoria: were $3 lower to $1 higher at 58.00 to 60.00

Chicago Futures:	June	down	135	at	9152
	July	down	157	at	9097

Hogs Comment
June hogs look to be topping. The chart took on a bearish appearance today as futures charted a big bearish reversal. Support begins at $90. Packer margins remain in the red, thus limiting upside potential.

Poultry Date: May 17, 2013

Eggs

New York:	Ex. Lg. 136-140; Lg. 134-138; Med. 115-119;
Chicago:	Ex. Lg. 110-118; Lg. 108-116; Med. 92-100;

National Turkeys

Hens:	8-16 lb.	97.43
Toms:	16-24 lb.	97.53

Delmarva Broilers
U.S. Grade A
Prices are firm to higher in all regions when compared to the previous week's pricing. Offerings are light to moderate. Demand into both retail and food service channels is mixed ranging light to good with best movement into fast food channels. Sizes are in a desirable range. Floor stocks are balanced to short. Market activity is moderate to active.