Grain & Soybean Date: July 30, 2010Soybeans
Local Elevators:
(July) EAST AR: 1043 to 1048
(NC) Summ. 977 to 999
River Elevators:
(July) MISS: 1040 to 1081 ; AR & White 1038
to 1046
(NC) Summ. 979 to 1017
Ark. Processor Bids: (July) 989 to 1055
(NC) 988 to 989
Memphis:
(July) 1017 1/2 to 1065 (NC)
1007 to 1010
Riceland Foods:
(July) Stuttgart 1055 ; Pendleton
1048 ; West Memphis 1081
| Chicago Futures: | Sept | up | 19 1/4 | at | 1012 |
| | Nov | up | 17 | at | 1005 |
| | Jan 11 | up | 15 1/2 | at | 1011 |
| | Mar 11 | up | 14 3/4 | at | 1013 |
| | May 11 | up | 13 | at | 1012 1/4 |
| | Today's Arkansas LDP rate for soybeans is: | 0¢ |
Soybean Comment
November beans gapped higher. Investment funds were big buyers as they followed wheat. Export demand remains good with new crop sales ahead of this year’s record pace. A weaker dollar remains positive for exports. For the most part, weather remains favorable and yields should be good. November closed above psychological resistance at $10. The next level of resistance is the chart gap between $10.14 ½ and $10.20.
Wheat
Cash bid for July at Memphis 611 1/2 to - - -;
| Bids to farmers at Local Elevators | - - -; |
| River Elevators | 588-637; |
| Chicago Futures: | Sept | up | 34 | at | 661 1/2 |
| | Dec | up | 34 1/4 | at | 693 3/4 |
| | Mar 11 | up | 30 1/2 | at | 713 1/2 |
| | May 11 | up | 26 1/4 | at | 714 1/2 |
| | July 11 | up | 21 1/2 | at | 710 1/4 |
| | Today's Arkansas LDP rate for wheat is: | 0¢ |
Grain Sorghum
Cash bid for July at Memphis 673 to 691;
| Bids to farmers at River Elevators | 584-659; |
| Today's Arkansas LDP rate for sorghum is: | 0¢ |
Corn
| Cash bid for | July at Memphis
377 3/4 to - - -; |
| | New Crop at Memphis
372 3/4 to - - -; |
| Bids to farmers at River Elevators | 363 to 381 |
| Chicago Futures: | Sept | up | 13 1/2 | at | 392 3/4 |
| | Dec | up | 13 | at | 406 3/4 |
| | Mar 11 | up | 12 1/4 | at | 418 3/4 |
| | May 11 | up | 11 1/2 | at | 425 1/2 |
| | Today's Arkansas LDP rate for corn is: | 0¢ |
Grain Comment
Wheat gapped significantly higher. Resistance on the weekly continuation is seen at the 2009 high of $7.27. The market is technically overbought, though, and a correction could come quickly. This is a weather rally, and weather rallies are often overdone.
December corn closed above psychological resistance at $4 and less than three cents below resistance at the recent high. The market backed off the day’s highs but still ended the day with positive numbers. This still looks like a big crop which will limit upside potential as we approach harvest.
Cotton & Rice Date: July 30, 2010
Cotton
| Spot Price, Grade 41 Staple 34: | Memphis up 168 at
8161 |
| | Greenwood up
168 at 8161 |
| New York Futures: | Oct | up | 168 | at | 8236 |
| | Dec | up | 185 | at | 7876 |
| | Mar 11 | up | 108 | at | 7629 |
| | May 11 | up | 100 | at | 7680 |
| | July 11 | up | 85 | at | 7747 |
| This week's LDP rate for cotton is | 0 cents |
| | The estimate for next week is | 0 cents |
Cotton Comment
Cotton hopped on the bandwagon and posted strong gains. Strong export demand is a rallying point as we move toward harvest. A crop of more than 19 million bales is expected as conditions generally remain favorable. The Texas crop is expected to be very good while some areas in the Midsouth and southeast are facing dry conditions and heavy insect pressure. Exports are projected to be more than 14 million bales with China a major importer. Today’s December close above previous resistance at 77 cents will open the market for a retest of recent highs near 80 cents.
Rice
| Long Grain Cash Bid for | July | 835/cwt | to | - - - |
| | Aug/Nov | 955/cwt | to | - - - |
| Chicago Futures: | Sept | up | 41 1/2 | at | 1055 1/2 |
| | Nov | up | 42 1/2 | at | 1082 |
| | Jan 11 | up | 42 1/2 | at | 1108 |
| | Mar 11 | up | 42 1/2 | at | 1134 1/2 |
| | May 11 | up | 42 | at | 1163 1/2 |
| Today's Arkansas LDP rate for long grain rice is | 0¢ |
| medium grain rice is | 0¢ |
Rice Comment
Rice futures also posted sharp gains today, but fundamentals remain negative. A big 2010 U.S. crop and big Thai intervention stocks will limit upside potential. Another Iraqi tender is anticipated, but U.S. price levels would likely need to be as much as $40 lower to get strong consideration. With a big harvest just weeks away, U.S. mills will need new sales.
Cattle & Hogs Date: July 30, 2010Cattle
As reported by Federal-State Market News, receipts were 8,669 head
at sales in Arkansas this week.
Compared with last week, feeder steers sold mostly steady to $2 higher .
| Steers: |
| Medium & Large Frame 1 | 400 | to | 450 lbs. | 133.50 | to | - - - |
|
| | 500 | to | 550 lbs. | 119.50 | to | - - - |
|
| | 600 | to | 650 lbs. | 113.50 | to | - - - |
|
| Medium & Large Frame 2 | 400 | to | 450 lbs. | 118.00 | to | - - - |
Heifers: |
| Medium & Large Frame 1 | 500 | to | 550 lbs. | 111.00 | to | - - - |
|
| Medium & Large Frame 2 | 400 | to | 450 lbs. | 109.25 | to | - - - |
Slaughter Cows, Boners 52.00 to 59.00
Light Weight 37.00 to 46.00
Bulls, Yield Grade 1
1000 to 2100 lbs. 68.00
to 74.00
Midwest Steers - - - at - - -
to - - -
Panhandle Steers were at 93.00
to - - -
Oklahoma City Feeders
|
| Steers | 550 | to | 600 lbs. | 110.00 | to | 126.75 |
| | 600 | to | 650 lbs. | 113.00 | to | 123.00 |
| Heifers | 550 | to | 600 lbs. | 106.00 | to | 120.00 |
| | 600 | to | 650 lbs. | 101.00 | to | 116.50 |
Chicago Futures:| Live Cattle: | Aug | up | 80 | at | 9265 |
| | Oct | up | 112 | at | 9460 |
| Feeders: | Aug | steady | | at | 11372 |
| | Nov | up | 37 | at | 11472 |
Cattle Comment
December cattle recovered all of yesterday’s gains and then some. The market found support this week at $95.25. Speculative buying buoyed the cattle market as well.
HogsPeoria: were steady
at 51.00 to 53.00
| Chicago Futures: | Aug | up | 97 | at | 8582 |
| | Dec | up | 47 | at | 7540 |
Sheep
St. Paul - - - at - - -
to - - -
Hogs Comment
Hog futures were higher again today. Cash hog and pork prices are moving higher, with pork bellies setting new record highs. December is trading at contract-high levels.
Poultry Date: July 30, 2010Eggs
| New York: | Ex. Lg. 86-90; Lg. 84-88; Med. 64-68; |
| Chicago: | Ex. Lg. 80-88; Lg. 78-86; Med. 55-63; |
Eastern Region Turkeys| Hens: | 8-16 lbs | 98.00 |
| Toms: | 16-24 lbs | 99.50 |
| | | |
Delmarva BroilersU.S. Grade APrice trend for whole broilers and fryers is steady. Offerings are moderate. Demand is light to moderate entering the weekend and for end of the month business. Market activity is slow to moderate. In the parts structure, movement is moderate. In production areas, live supplies are light to moderate. Weights are desirable to light due to severe heat. The market activity is slow to moderate on parts.