Daily Arkansas Market Report for 4/11/2007
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Grain & Soybean Date: April 11, 2007
Soybeans
Local Elevators:
(Apr) EAST AR: 696 to 723
(NC) Summ. 735 to 758
River Elevators
(Apr) MISS: 712 to 724 ; AR & White 699 to 719
(NC) Summ. 735 to 758
Ark. Processor Bids: (Apr) 710 to 722 (NC) 755 to 758
Memphis: (Apr) 728 1/2 to - - - (NC) 753 3/4 to 757 3/4
Riceland Foods: (NC) Stuttgart 722 ; Pendleton 723 ; West Memphis 724
Chicago Futures: May up 4 at 746 1/2
Jul up 3 1/2 at 764
Aug up 4 1/4 at 769 3/4
Nov up 4 1/4 at 791 3/4
Nov '08 up 2 1/2 at 826 1/2
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 424 3/4 to 428 3/4;
Bids to farmers at Local Elevators 400-411;
River Elevators 398-421;
Chicago Futures: May down 1 1/2 at 456 1/4
Jul down 3 1/4 at 470 3/4
Sep down 1 1/4 at 481 3/4
Jul '08 down 3 at 486
Jul '09 down 4 1/2 at 490 1/2
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 583 to 594;
Bids to farmers at
River Elevators 573-596;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 355 3/4 to 360 3/4;
New crop at Memphis 339 1/2 to - - -;
Bids to farmers at River Elevators 335 to 348
Chicago Futures: May down 8 1/4 at 360 3/4
Sep down 7 1/4 at 379 1/2
Dec down 6 3/4 at 387 3/4
Dec '08 down 1 1/2 at 398 1/2
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans bounced back to close a little higher today. Technical support at $7.80 for the November contract held yesterday's downturn. Several factors appear to be negative and could push beans lower. The South American crop was increased significantly in yesterday's report, while U.S. exports and domestic use were reduced. This increased U.S. projected ending stocks to 615 million bushels. Concern that weather delays will push acreage back to beans is also adding downside pressure.
Wheat trade was choppy, and closed the day down slightly. Concerns about the weekend freeze were overshadowed by wet weather across most of the winter wheat area, which should help wheat recover from some of the damage. However, the extent of the damage is still unclear; so until the damage is assessed prices are unlikely to experience any large price movements.
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Cotton & Rice Date: April 11, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 13 at 4807
Greenwood up 13 at 4807
New York Futures: May up 13 at 5182
Jul up 18 at 5360
Oct up 25 at 5635
Dec up 40 at 5844
Dec '08 n/a at - - -
This week's LDP rate for cotton is 8.62 cents.
The estimate for next week is 9.71 cents.
Cotton Comment
Cotton continued to trade in a narrow range before closing with small gains. Otherwise the market again 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 914 to 926/cwt
May 914/cwt to - - -
Chicago Futures: May down 13 1/2 at 1008
Jul down 11 1/2 at 1046 1/2
Sep down 10 at 1080
Nov down 10 at 1107
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice lost ground today as another shipment of rice to a country in the European Union was found to contain traces of LL601. This was a shipment of pre-packaged long grain rice to Sweden. At this writing, 6 of 16 tested containers were found to have LL601 traces, another 14 containers have been tested with results yet to be reported. Yesterday's reports contained few changes and was seen as a non-factor. The international trade is basically steady although there are reports that some purchases have moved from Thailand to India where the price is a little lower. Overall demand in Thailand and Vietnam is slow. Vietnam's price is now just $10 to $15 below the Thai price. In the U.S. last weekend's freeze caused some damage to the emerged crop, but the question is whether it will recover. November fell below a narrow consolidation area and has support around $11.00.
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Cattle & Hogs Date: April 11, 2007
Cattle
As reported by Federal-State Market News, receipts were 1,461 head at sales in Conway, Ola & Pocahontas.
Compared with last week, feeder steers and heifers sold $2-$4 higher.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 125 to 135
500 to 550 lbs. 112 to 122
600 to 650 lbs. 108 to 114
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 114 to 124
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 112 to 122
Medium & Large Frame 2 400 to 450 lbs. 105 to 115
Slaughter Cows, Boners 44 to 51
Light Weight 35 to 37
Bulls, Yield Grade 1 1000 to 2100 lbs. 57.50 to 63.50, high dressing 64.50-69.50
Midwest Steers were quoted at 96 to 97
Panhandle Steers were quoted at 97 to 98
Oklahoma City Feeders Steers 500 to 550 lbs. 130 to 136.50
600 to 650 lbs. 120.50 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 down 35 at 9992
Jun down 117 at 9462
Feeders: Apr down 85 at 11010
Aug down 40 at 11275
Hogs
Peoria: were unchanged at 41.5 to 42
Chicago Futures: Apr down 2 at 6475
Jun up 47 at 7640
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
Nearby live cattle took a relatively minor hit compared to June and August contracts which closed down more than a $1/cwt. A combination of slowing consumer demand due to high prices, talk that the wholesale beef market has topped, and weak packer margins all contributed in the markets weakness today. Despite the large declines today, June live cattle prices downward potential is limited as prices should find support around $93/cwt.
Nearby lean hogs found little support as traders continue to liquidate contracts, which expire next Monday. This added pressure to the lightly traded May contract. However, strong cash prices and indications of a tightening hog supplies should help support hog prices. May hogs have support at $74.00/cwt.
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Poultry Date: April 11, 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 about steady to fully steady in the West, steady in the Midwest, and at least steady in the East. Supplies of all sizes were usually sufficient to satisfy trade needs. In production areas, live supplies were moderate. Weights were desirable to heavy, but mostly desirable.
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