Daily Arkansas Market Report for 4/9/2007
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Grain & Soybean Date: April 09, 2007
Soybeans
Local Elevators:
(Apr) EAST AR: 695 to 722
(NC) Summ. 736 to 759
River Elevators
(Apr) MISS: 714 to 727 ; AR & White 705 to 725
(NC) Summ. 736 to 759
Ark. Processor Bids: (Apr) 712 to 721 (NC) 756 to 759
Memphis: (Apr) 733 to - - - (NC) 755 1/4 to 759 1/4
Riceland Foods: (NC) Stuttgart 721 ; Pendleton 722 ; West Memphis 723
Chicago Futures: May down 11 1/2 at 749
Jul down 10 3/4 at 766 1/2
Aug down 10 1/4 at 772 3/4
Nov down 11 1/2 at 793 1/4
Nov '08 down 6 at 819 1/4
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 410 to 417;
Bids to farmers at Local Elevators 391-402;
River Elevators 389-407;
Chicago Futures: May down 2 1/2 at 447 1/2
Jul down 3 1/2 at 462
Sep down 4 at 473 1/2
Jul '08 down 2 1/2 at 480
Jul '09 unchanged at 495
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 581 to 592;
Bids to farmers at
River Elevators 536-600;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 357 1/2 to 361 1/2;
New crop at Memphis 340 to - - -;
Bids to farmers at River Elevators 337 to 350
Chicago Futures: May down 2 1/2 at 363 1/2
Sep down 1 1/4 at 380
Dec down 1/4 at 386 1/2
Dec '08 down 2 1/2 at 397
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
The winter weather blast may have taken its toll in more than one way with soybeans closing sharply lower, after making early gains. The cold snap combined with longer range rain forecasts has the market concerned that acreage will flip from corn back to beans. All the grains, corn and wheat included, failed to hold early gains. November soybeans broke trend line support and November appears set to test the next area of support near $7.80. Failure to hold here would bring retracement values at $7.50 and $7.21 into play.
Wheat opened the day with strong gains. Concern about freezing temperatures across much of the winter wheat area this weekend caused the market to rally early; however as the day continued the bearish tone returned to the market taking away most of the early gains to close with only modest gains. The extent of the wheat damage will unfold over the next few days. At this point it is unclear how much damage was actually sustained.
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Cotton & Rice Date: April 09, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis down 110 at 4806
Greenwood down 110 at 4806
New York Futures: May down 110 at 5181
Jul down 100 at 5355
Oct down 83 at 5604
Dec down 81 at 5809
Dec '08 down 72 at 6440
This week's LDP rate for cotton is 8.60 cents.
The estimate for next week is 8.62 cents.
Cotton Comment
Even increased Chinese buying doesn't seem to be enough to give cotton a boost. With grain turning lower, cotton either followed or led the decline. Tomorrow's report will likely show another adjustment in projected exports, with projected ending stocks rising to over 9 million bales. That means that even the big cut in '07 plantings will leave supplies at a very high level. Indications are that the U.S. will be the only country to make any substantial cut in '07 production. Both old and new crop contracts fell out of recent consolidation areas. May futures are near the contract low of 51.5 cents, while December is again testing 58 cents, with longer term support at 56.3 cents.
Rice
Long Grain Cash Bid for Apr 925 to 926/cwt
May 926/cwt to - - -
Chicago Futures: May down 4 at 1021
Jul down 4 1/2 at 1058
Sep down 1 at 1090
Nov down 1 at 1115
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice was slightly higher early as the market feared potential cold weather damage. As other grains decline so did rice, although the declines were minor. Overall fundamentals for rice remain unchanged, with some recent improvement in milled rice demand, and smaller intended plantings in 2007. The market still needs to see increased milled exports to help boost price. There are some indications that even less rice will be planted than shown in last month's report. Certainly seed will be a question mark as two major varieties were taken off the market because GMO issues. November futures have resistance at $11.28, $11.40 and the contract high of $11.58. Corresponding points for the September contract are $10.99, $11.16 and $11.38.
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Cattle & Hogs Date: April 09, 2007
Cattle
As reported by Federal-State Market News, receipts were 1,110 head at sales in Springdale.
Compared with last week, feeder steers under 500 lbs and all weight heifers sold firm to $3 higher, instances $6 higher, steers over 500 lbs sold mostly steady.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 132 to 142
500 to 550 lbs. 124 to 128
600 to 700 lbs. 112 to 124
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 122 to 132
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 115 to 125
Medium & Large Frame 2 400 to 450 lbs. 108 to 118
Slaughter Cows, Boners 44 to 48
Light Weight 35 to 38
Bulls, Yield Grade 1 1000 to 2100 lbs. 57 to 62
Midwest Steers were $4 lower to steady at 96 to 100.50
Panhandle Steers were $2-$2.50 lower at 98 to 100.50
Oklahoma City Feeders Steers 500 to 550 lbs. 130 to 134.25
600 to 650 lbs. 124 to 129
Heifers 500 to 550 lbs. 102.50 to 112.75
600 to 650 lbs. 106.50 to 113
Chicago Futures:
Live Cattle: Apr up 45 at 10090
Jun up 37 at 9670
Feeders: Apr up 77 at 11190
Aug up 127 at 11382
Hogs
Peoria: were $1 higher at 40.5 to 41
Chicago Futures: Apr down 15 at 6502
Jun up 22 at 7582
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
Live cattle prices posted modest gains today to close above $100/cwt. Strength in the cash market continues to support the futures prices. While prices came under pressure early as the corn prices strengthened, news that weekly sales in 5 major area markets were up significantly signaled to the market that packers are beginning to gear up for the summer grilling season.
Lean hog prices trade was choppy for most of the day, with the nearby contract closing down slightly. Nearby prices were pressured by reduced slaughter this week, due to the holiday. While other nearby prices saw modest gains, prices in October and December rallied as corn prices strengthened. Traders are speculating that the high feed cost in the fall will reduce hog populations.
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Poultry Date: April 09, 2007
Eggs
New York: Ex. Lg. 87-91; Lg. 85-89; Med. 68-72;
Chicago: Ex. Lg. 78-86; Lg. 76-84; Med. 60-68;
Eastern Region Turkeys
Hens: 8-16 lbs. 73-74
Toms: 16-24 lbs. 73-74
Delmarva Broilers
U.S. Grade A
Majority prices for next week were trending higher in the West, but mosly unchanged elsewhere. Trade sentiment was fully steady to firm in the West, but steady in all other areas. In production areas, live supplies were moderate at mostly desirable weights.
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