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Arkansas Farm Bureau Daily Commodity Report

A comprehensive daily commodity market report for Arkansas agricultural commodities with cash markets, futures and insightful analysis and commentary from Arkansas Farm Bureau commodity analysts.

Noteworthy benchmark price levels of interest to farmers and ranchers, as well as long-term commodity market trends which are developing. Daily fundamental market influences and technical factors are noted and discussed.

Soybeans

HighLow
Cash Bids11761084
New Crop11411068
 

Riceland Foods

 
Cash BidsStuttgart: - - -Pendleton: - - -
New CropStuttgart: - - - Pendleton:
 

Futures:
SOYBEANS
High Low Last Change
Jul '16 1182.00 1122.00 1175.00 +30.50
Aug '16 1181.50 1120.50 1174.25 +33.75
Sep '16 1169.00 1104.75 1162.25 +39.25
Nov '16 1160.75 1092.00 1153.25 +40.75
Jan '17 1155.50 1088.00 1148.25 +39.75
Mar '17 1115.00 1056.75 1104.75 +31.25
May '17 1098.50 1046.50 1088.00 +28.50
Jul '17 1096.50 1048.50 1085.25 +27.00
Aug '17 1034.50 1034.50 1065.25 +23.25
DTN Click here for info on Exchange delays.

Arkansas Daily Grain Report

FOB Memphis Elevator Crops

Soybean Comment

Soybeans surprised the market and continued to pull higher today. New crop soybeans traded in a 68-cent range today after a volatile day. Soybeans started out the day with another strong export sales report after the USDA reported another week of stronger sales and exports. This was followed by an acreage report where the USDA forecasted more soybean acres, but they were near the average trade estimate a neutral number for the market. As far as stocks goes this was about the only real bearish number received by the soybean market as the USDA forecasted 870 million bushels of soybeans in storage compared to a trade estimate of 829 million bu with a range from 775 – 862 million bu. While the estimate was higher than trade guesses, further increases in the Brazilian Real relative to the dollar today has traders optimistic about U.S. soybean export prospects. The market will continue to digest these numbers and may need additional help to push past resistance near contract highs. Look for soybeans to begin to come under pressure as the gap widens between corn and soybean prices.



Wheat

HighLow
Cash Bids441375
New Crop440410
 

Futures:
WHEAT
High Low Last Change
Jul '16 438.75 423.00 431.25 +1.75
Sep '16 453.50 436.00 445.50 +1.00
Dec '16 473.00 456.50 465.50 +0.25
Mar '17 490.50 474.50 483.25 -1.00
May '17 501.00 486.50 493.75 -1.00
Jul '17 508.25 495.25 502.00 -0.50
Sep '17 516.00 507.00 511.75 0.00
Dec '17 531.25 519.00 526.25 -0.25
Mar '18 539.25 539.25 539.50 -0.50
DTN Click here for info on Exchange delays.

Arkansas Daily Grain Report

FOB Memphis Elevator Crops

Wheat Comment

Wheat prices managed modest gains today after a mixed report. Wheat prices started the day with more positive demand news as both exports and sales were strong again this week. As for the supply side, USDA forecast for acreage was roughly a million acres above trade expectations at 50.18 million acres. Wheat stocks on the other hand came in near trade expectations at 981 million bushels compared to a trade estimate of 982 million bu. The market remains near contract lows but stronger demand is helping underpin prices at this tim, but if soybeans were to loose momentum wheat could see additional losses.



Grain Sorghum

HighLow
Cash Bids372250
New Crop348255
 

Arkansas Daily Grain Report

FOB Memphis Elevator Crops



Corn

HighLow
Cash Bids395355
New Crop395359
 

Futures:
CORN
High Low Last Change
Jul '16 377.50 355.75 358.75 -14.00
Sep '16 382.25 360.25 365.50 -12.25
Dec '16 387.75 365.25 371.25 -11.75
Mar '17 395.25 373.25 379.50 -10.75
May '17 398.25 378.75 384.50 -9.75
Jul '17 401.25 382.50 389.25 -8.25
Sep '17 386.00 376.50 382.75 +0.50
Dec '17 391.50 380.00 388.75 +2.25
Mar '18 399.00 390.00 397.00 +3.00
DTN Click here for info on Exchange delays.

Arkansas Daily Grain Report

FOB Memphis Elevator Crops

Corn Comment

Corn closed sharply lower today after the release of three bearish USDA Report. The day started out with a new export sales were sales were down 46% from last week and 59% from the 4-week average. While exports were stronger this week the market continues to worry about demand as sales continued their multi week slide after strong sales to end the month of May. So after raising concerns about demand the USDA released the acreage and quarterly stocks report which were both above trade expectations. The trade expected 92.896 million acres of corn, but were given 94.148 million acres; an increase of 547,000 acres from the March Planting intentions of 93.601 million acres. Additionally, the market expected June 1 stocks to total 4.528 billion bushels with a range from 4.437-4.650 billion bu; instead the USDA estimated 4.722 billion bu in storage on June 1. All this combined to push corn prices even lower today as new crop corn ended down 11.5-cents. Sharp losses over the last 11 days has taken 77-cents off of corn prices, with the increases in acres the market is likely to remain under even more pressure as weather forecasts improve for major growing regions. Corn needs to see demand begin to pick back up in order to help support prices. Just for a matter of reference, last year the market expected the USDA to lower soybean acreage from Prospective Planting Forecast of 84.635 million acres, but was surprised with higher acreage in this report as the USDA forecasts 85.139 million acres; however, by the end of the marketing year in January 2016 the USDA had lowered acreage to 82.7 million acres, so the market was right in June.



Cotton

Futures:
COTTON
High Low Last Change
Jul '16 63.08 63.08 62.82 -1.68
Oct '16 67.1 64.72 64.62 -1.6
Dec '16 66.42 64.15 64.17 -1.68

Memphis, TN Cotton and Tobacco Programs

Cotton Comment

Cotton futures charted a bearish reversal today in reaction to the USDA acreage report. US acreage was reported at 10.023 million acres. That is up from the March 1 Planting Intentions total of 9.562 million and last year's total of 8.85 million acres. Today's losses give the market a bearish appearance, but the uptrend drawn off the February low remains intact, with support currently around 63.64 cents. Better exports last week gave the market a boost Thursday, thanks to some weakness in the dollar. Weekly export sales were 58,700 bales for 2015-2016 delivery and 138,300 for 2016-2017 delivery.



Rice

HighLow
Long Grain Cash Bids- - -- - -
Long Grain New Crop- - -- - -
 

Futures:
ROUGH RICE
High Low Last Change
Jul '16 1072.5 1047.5 1050.5 -14.0
Sep '16 1105.0 1058.5 1064.5 -25.5
Nov '16 1123.5 1090.0 1093.0 -25.5
Jan '17 1119.0 1113.0 1116.0 -26.0
Mar '17 1160.0 1131.0 1136.5 -26.0
May '17 1155.5 -26.0
Jul '17 1169.5 -26.0
DTN Click here for info on Exchange delays.

Rice Comment

Rice futures posted sharp losses in reaction to the acreage report. USDA says 3.212 million acres of rice were planted nationwide. In Arkansas, the total is a whopping 1.581 million acres: 1.43 million acres of long grain and 150,000 acres of medium grain. Crop conditions remain generally favorable, with 68% of the crop rated good to excellent for the second week in a row. September violated support at $10.70 today, and there is little technical support above $9.90. Weekly export sales this week totalled 84,100 metric tons for 15-16 delivery.



Cattle

Futures:
Live Cattle:
LIVE CATTLE
High Low Last Change
Jun '16 120.000 118.675 120.000 +1.100
Aug '16 115.700 114.275 114.825 +0.700
Oct '16 115.325 113.950 114.650 +0.700
Dec '16 115.400 114.375 114.950 +0.575
Feb '17 114.575 113.625 114.300 +0.500
Apr '17 113.625 112.800 113.500 +0.500
Jun '17 107.850 106.925 107.725 +0.700
Aug '17 106.700 105.700 106.625 +0.850
DTN Click here for info on Exchange delays.
Feeders:
FEEDER CATTLE
High Low Last Change
Aug '16 145.100 143.300 144.300 +1.250
Sep '16 144.000 142.125 143.500 +1.450
Oct '16 142.300 140.425 141.975 +1.525
Nov '16 139.575 137.775 139.450 +1.650
Jan '17 135.300 133.500 135.175 +1.700
Mar '17 132.000 130.225 132.000 +1.750
Apr '17 131.000 130.100 131.000 +1.200
May '17 129.175 129.175 129.700 +1.200
DTN Click here for info on Exchange delays.

Arkansas Prices
Charlotte Livestock Auction
Green Forest Livestock Auction
Ratcliff Livestock Auction

Oklahoma City
El Reno Livestock Market, El Reno, OK

Cattle Comment

Improving trade volumes and stronger cash prices helped push cattle prices higher on Thursday, continued weakness in the corn market after multiple USDA reports were bearish today also helped support cattle prices today. Live cattle continue to try and establish a bottom which is helping propel feeders higher.



Hogs

Futures:
LEAN HOGS
High Low Last Change
Jul '16 83.300 82.625 82.850 -0.250
Aug '16 83.625 82.650 83.275 -0.050
Oct '16 71.800 70.900 71.700 +0.050
Dec '16 64.400 63.450 64.200 +0.175
Feb '17 67.525 66.625 67.350 +0.225
Apr '17 71.325 70.325 71.150 +0.350
May '17 75.625 +0.250
Jun '17 79.350 78.550 79.350 +0.500
Jul '17 78.725 78.575 78.750 -0.050
DTN Click here for info on Exchange delays.

Hog Comment



Shell Eggs

Daily Midwest Regional Eggs
Daily New York Eggs

National Turkeys

Weekly Weighted Average Prices for Whole Young Turkeys

Delmarva Broilers

Daily Southern Broiler/Fryers