Daily Arkansas Market Report for 4/10/2007
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Grain & Soybean Date: April 10, 2007
Soybeans
Local Elevators:
(Apr) EAST AR: 689 to 716
(NC) Summ. 734 to 754
River Elevators
(Apr) MISS: 708 to 719 ; AR & White 698 to 718
(NC) Summ. 730 to 754
Ark. Processor Bids: (Apr) 706 to 715 (NC) 751 to 754
Memphis: (Apr) 726 1/2 to - - - (NC) 749 1/2 to 753 1/2
Riceland Foods: (NC) Stuttgart 715 ; Pendleton 716 ; West Memphis 717
Chicago Futures: May down 6 1/2 at 742 1/2
Jul down 6 at 760 1/2
Aug down 7 1/4 at 765 1/2
Nov down 5 3/4 at 787 1/2
Nov '08 down 4 3/4 at 824
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 427 to 429;
Bids to farmers at Local Elevators 403-414;
River Elevators 401-419;
Chicago Futures: May up 10 1/4 at 457 3/4
Jul up 12 at 474
Sep up 9 1/2 at 483
Jul '08 up 3 at 483
Jul '09 up 3 at 486
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 596 to 606;
Bids to farmers at
River Elevators 546-611;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 363 to 369;
New crop at Memphis 346 3/4 to - - -;
Bids to farmers at River Elevators 343 to 356
Chicago Futures: May up 5 1/2 at 369
Sep up 5 at 381 1/4
Dec up 8 at 394 1/2
Dec '08 up 3 at 480
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans closed lower again today with November crowding key support at $7.80. The U.S. supply demand number showed slightly lower exports and domestic use with ending stocks increased 20 million bushels to 615 million bushels. World numbers were also increased with foreign production adjusted 4.1 million metric tons higher. Projected stocks rose 3.52 mmt to 61.02 mmt. Most of the gain was in South America with Argentina production rising from 44 to 45.5 mmt, and Brazil's production going from 57 to 58.8 mmt. The market appears to be anticipating some of the corn acreage moving back to beans as weather is expected to shrink the corn planting window.
Wheat prices experienced another day of gains, as tightening stocks and cold weather concerned traders. Today's USDA report tightened U.S. wheat stocks by 50 million bushels, allowing wheat to start out with gains. Prices rose to $4.63/bu, before falling off that slightly to close at $4.58/bu. Wheat prices will likely continue to trade last weekend's frost for at least the next few days, as it will take a number of days to assess the damage. If wheat prices continue to rise, as they will begin to face some resistance at $4.80.
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Cotton & Rice Date: April 10, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis down 12 at 4794
Greenwood down 12 at 4794
New York Futures: May down 12 at 5169
Jul down 13 at 5342
Oct up 6 at 5610
Dec down 5 at 5804
Dec '08 up 20 at 6460
This week's LDP rate for cotton is 8.62 cents.
The estimate for next week is 9.71 cents.
Cotton Comment
Cotton ended the day a little lower as the market showed little reaction to the USDA supply demand report. The U.S. balance sheet indicated a small downward correction in production of 160,000 bales. However smaller domestic use and a smaller export number more than offset the production and raised projected ending stocks 400,000 bales to 9.2 million. On the world side, only minor adjustments were seen in the overall report. China's numbers were adjusted to show 500,000 bales less imports, the same adjustment that was made in U.S. exports. 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 926 to 927/cwt
May 927/cwt to - - -
Chicago Futures: May up 1 1/2 at 1022 1/2
Jul unchanged at 1058
Sep unchanged at 1090
Nov up 2 at 1117
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
The April U.S. supply demand report for rice featured a 1 million cwt increase in imports which caused a similar adjustment in projected ending stocks. Otherwise the numbers were unchanged from March. Even less adjustments were made in world numbers. Futures were steady to slightly higher as the market is in a wait and see mode with respect to possible weekend weather damage and actual '07 plantings. 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 10, 2007
Cattle
As reported by Federal-State Market News, receipts were 940 head at sales in Fort Smith & Marshall.
Compared with last week, feeder steers sold mostly steady.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 126 to 136
500 to 550 lbs. 116 to 126
600 to 700 lbs. 108 to 118
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 115 to 125
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 113 to 123
Medium & Large Frame 2 400 to 450 lbs. 104 to 114
Slaughter Cows, Boners 47 to 51
Light Weight 36 to 38
Bulls, Yield Grade 1 1000 to 2100 lbs. 56 to 60, high dressing $62.50-$66
Midwest Steers n/a at - - - to - - -
Panhandle Steers n/a at - - - 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: Apr down 62 at 10027
Jun down 90 at 9580
Feeders: Apr down 95 at 11095
Aug down 67 at 11315
Hogs
Peoria: were $1 higher at 41.5 to 42
Chicago Futures: Apr down 25 at 6477
Jun up 10 at 7592
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
Nearby cattle futures declined today, the strength in the cash market was no match for the technical liquidation prior to contract expiration. Other contracts also felt pressured from the nearby technical trading. However, a strong cash market for beef cutouts and improving packer margins should help support prices in the near term and offset some of the declines from higher corn prices. June live cattle prices downward potential is limited as prices should find support around $93/cwt.
Lean hog prices traded choppy again today. April prices rallied back most of the afternoon, but lost steam late to close at near the daily low. In general, hogs found support in the today's USDA report that forecast 2007 pork exports at 3.34 billion lbs, up more than 11 percent from 2006 levels.
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Poultry Date: April 10, 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
Trade sentiment was steady to about steady in the West, steady in the Midwest, but at least steady in the East. Supplies of all sizes were usually sufficient to handle trade needs. In production areas, live supplies were moderate. Weights were mixed, but mostly desirable. The Composite Weighted Average price for 04/09/07 was $78.73 compared to $78.66 a week earlier, and $59.37 a year ago.
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