Daily Arkansas Market Report for 4/12/2007
--------------------------------------------------------------------------
Grain & Soybean Date: April 12, 2007
Soybeans
Local Elevators:
(Apr) EAST AR: 687 to 714
(NC) Summ. 728 to 751
River Elevators
(Apr) MISS: 703 to 715 ; AR & White 691 to 711
(NC) Summ. 727 to 751
Ark. Processor Bids: (Apr) 701 to 713 (NC) 748 to 751
Memphis: (Apr) 720 1/4 to - - - (NC) 746 1/2 to 750 1/2
Riceland Foods: (NC) Stuttgart 713 ; Pendleton 714 ; West Memphis 715
Chicago Futures: May down 8 1/4 at 738 1/4
Jul down 7 1/2 at 756 1/2
Aug down 7 1/4 at 762 1/2
Nov down 7 1/2 at 789 1/2
Nov '08 down 7 1/2 at 819
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 432 to 438;
Bids to farmers at Local Elevators 403-414;
River Elevators 401-431;
Chicago Futures: May up 1 3/4 at 458
Jul up 3 1/4 at 474
Sep up 3 1/4 at 485
Jul '08 up 3 at 489
Jul '09 up 1 1/2 at 492
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 583 to 593;
Bids to farmers at
River Elevators 529-593;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 353 3/4 to 358 3/4;
New crop at Memphis 338 to - - -;
Bids to farmers at River Elevators 333 to 346
Chicago Futures: May down 2 at 358 3/4
Sep down 1 1/2 at 378
Dec down 1/2 at 337 1/4
Dec '08 down 1 3/4 at 396 3/4
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans were hit by a disappointing export sales number. While everyone knew sales would be switching to South America at some point the market appears to be hard but real numbers. Technically, November again tested key support around $7.80 before ending just above that level. The next support below this is the top of the January report gap at $7.45.
Wheat posted modest gains today. After following corn down most of the morning, price began to rebound as traders began reacting to earlier news of lows in the lower 20's across much of the western plains last night. Reports continue to come in on the severity of damage to wheat from last weekends freeze. The University of Arkansas Extension service released their damage report which showed frozen stems and heads. Agents continue to assess the damage and will be releasing more information soon.
--------------------------------------------------------------------------
Cotton & Rice Date: April 12, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis down 70 at 4737
Greenwood down 70 at 4737
New York Futures: May down 70 at 5112
Jul down 79 at 5281
Oct down 45 at 5590
Dec down 59 at 5785
Dec '08 down 11 at 6487
This week's LDP rate for cotton is 8.62 cents.
The estimate for next week is 9.63 cents.
Cotton Comment
Cotton was hit by another price reversal as the market showed no followthrough on yesterday's upturn. Declines carried December futures below key support near 58 cents and left it in position to possibly move to the next level at 56.3 cents. This week's USDA report provided more evidence of the poor export and domestic use situation. Projected ending stocks were increased to 9.2 million bales. This is likely not the last adjustment in the projected ending stocks, as some are already touting it at or near 10 million bales. So, even with a big adjustment in plantings, the total supply available next year will be huge. Upside potential will be limited without planting problems, or weather related situation during the growing or harvesting seasons.
Rice
Long Grain Cash Bid for Apr 900 to 926/cwt
May 900/cwt to - - -
Chicago Futures: May down 14 at 995
Jul down 13 1/2 at 1033
Sep down 13 at 1067
Nov down 9 at 1098
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
November rice continued yesterday's downturn with a gap lower opening and consistent pressure throughout the session. It appears the discovery of LL601 traces in a recent shipment to Sweden is weighing on the market. This adds to a slightly weaker undertone in the international market where some purchasers appear to be taking advantage of cheaper price levels in India. As noted earlier Vietnamese prices are a little closer to Thai values than normal and export sales have slowed in both major export countries. Weekend freezes damaged some emerged rice, but the overall extent has yet to be determined. November futures closed right on the 32% retracement objective of $10.98. The other retracement objectives are $10.80 and $10.62.
--------------------------------------------------------------------------
Cattle & Hogs Date: April 12, 2007
Cattle
As reported by Federal-State Market News, receipts were 1,715 head at sales in Charlotte, Ratcliff & Green Forest.
Compared with last week, feeder steers sold steady to $1 higher, heifers steady to $2 higher.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 128 to 138
500 to 118 lbs. 118 to 128
600 to 700 lbs. 106 to 116
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 120 to 130
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 114 to 124
Medium & Large Frame 2 400 to 450 lbs. 107 to 117
Slaughter Cows, Boners 44 to 49
Light Weight 35 to 37
Bulls, Yield Grade 1 1000 to 2100 lbs. 55 to 62, high dressing 62-69
Midwest Steers were $3-$2 higher at 99 to - - -
Panhandle Steers were $1-$2 higher at 98 to 99
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 257 at 9735
Jun down 215 at 9247
Feeders: Apr down 225 at 10785
Aug down 240 at 11035
Hogs
Peoria: were unchanged at 41.5 to 42
Chicago Futures: Apr up 40 at 6515
Jun up 15 at 7655
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
Live cattle closed down sharply today. Prices seem to have collapsed as corn prices continue to weaken; moreover, increasing speculation that there will be more cattle on feed than earlier expectations. Adding to the collapse was large amounts of technical selling triggered by yesterday's weak close. Prices have dropped below earlier support levels now have stronger support at $90/cwt and $86/cwt.
Lean hogs continue to trade choppy and sideways, posting very modest gains today. Technical buying and tight supplies in the Midwest have helped boost hog futures; however, declines in the cattle market and weak packer margins have limited gains. Packers are still working to get caught up from last weeks holiday and are bidding up cash prices causing lower margins. Strong cash prices are supporting hog futures at this time, if these prices weaken hog futures are likely to decline.
--------------------------------------------------------------------------
Poultry Date: April 12, 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. 73-75
Toms: 16-24 lbs. 73-75
Delmarva Broilers
U.S. Grade A
Trade sentiment was steady in all areas. Supplies of all sizes were usually sufficient to satisfy needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights. According to the National Agricultural Statistics Service for the week ending 07-Apr-07, broiler egg sets were up 1% when compared to a year ago. Based on the preliminary chick placements, the number of fryers available for marketing during the week ending 19-May-07 was estimated at 162.2 million head compared to 161.7 million head a week earlier.
-----------------------------------------------------
HOW TO UNSUBSCRIBE
You are receiving this newsletter because you requested that your email address be added to the Arkansas Farm Bureau Daily Market Report.
To unsubscribe or change your subscription information, go to
http://www.arfb.com/commodity/daily_rpt_email.asp
-----------------------------------------------------
QUESTIONS OR COMMENTS?
If you have any comments or questions about this e-newsletter please
e-mail us at mktrpt@arfb.com
Arkansas Farm Bureau
10720 Kanis Road
Little Rock, AR 72211
501-224-4400
Copyright 2005
Arkansas Farm Bureau, Inc.
All rights reserved
--------------------------------------------------------------------------
No comments:
Post a Comment