Daily Arkansas Market Report for 4/13/2007
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Grain & Soybean Date: April 13, 2007
Soybeans
Local Elevators:
(Apr) EAST AR: 687 to 714
(NC) Summ. 727 to 750
River Elevators
(Apr) MISS: 703 to 715 ; AR & White 691 to 711
(NC) Summ. 727 to 750
Ark. Processor Bids: (Apr) 706 to 713 (NC) 747 to 750
Memphis: (Apr) 719 to 720 (NC) 745 3/4 to 749 3/4
Riceland Foods: (NC) Stuttgart 713 ; Pendleton 714 ; West Memphis 715
Chicago Futures: May down 1/4 at 738
Jul down 1 1/2 at 755
Aug up 1/2 at 763
Nov down 3/4 at 783 3/4
Nov '08 down 1 at 818
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 454 to 455;
Bids to farmers at Local Elevators 430-444;
River Elevators 425-450;
Chicago Futures: May up 20 1/2 at 478 1/2
Jul up 16 at 490
Sep up 14 at 499
Jul '08 up 10 at 506
Jul '09 up 6 at 498
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 596 to 607;
Bids to farmers at
River Elevators 546-611;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 364 to 366;
New crop at Memphis 346 1/4 to - - -;
Bids to farmers at River Elevators 343 to 356
Chicago Futures: May up 10 1/4 at 369
Sep up 8 1/4 at 386 1/4
Dec up 7 3/4 at 395
Dec '08 up 3 at 399 3/4
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans ended the day narrowly mixed with November again testing key support around $7.80. This is positive, but there are some technical signals that are negative and suggest further declines. The next key support is around the January report gap at $7.45. Weather in the Midwest is shading to the negative side for soybeans with potential planting delays indicating acreage moving from corn.
Wheat prices saw another day of strong gains. Traders appear to be increasingly concerned about the winter wheat crop. After last week's cold snap, the percentage of winter wheat fields in good/excellent shape dropped from 71% to 64%, nationwide. This is expected to decline when the USDA releases Monday's crop condition report, as weather has remained cold throughout most of the country. Snow is even being reported in the western plains. July wheat, approached $5.00 today, but closed just below that at $4.90.
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Cotton & Rice Date: April 13, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 25 at 4762
Greenwood up 25 at 4762
New York Futures: May up 25 at 5137
Jul up 9 at 5290
Oct down 5 at 5585
Dec down 10 at 5775
Dec '08 down 7 at 6740
This week's LDP rate for cotton is 9.65 cents.
The estimate for next week is 9.66 cents.
Cotton Comment
Cotton closed mixed with little evidence of improving fundamentals. There have been some reports of big pending export sales, but no confirmation as of yet. December dropped below 58 cents and is potentially headed to the next support at 56.3 cents. Old contract May is just a week away from first notice day and there has been a significant decline in open interest this week. 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 917 to 926/cwt
May 917/cwt to - - -
Chicago Futures: May up 17 at 1012
Jul up 17 at 1050
Sep up 15 at 1082
Nov up 17 at 1115
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
November rice futures made a sharp rebound to close the week on a positive note, closing right at the bottom of last week's consolidation area. November remains in a downtrend with resistance just above today's high. Inability to close above that level on Monday keeps retracement objectives of $10.80 and $10.62 open. While a close above that brings resistance at the contract high of $11.58 into play. The international market is showing a slightly weaker undertone and 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.
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Cattle & Hogs Date: April 13, 2007
Cattle
As reported by Federal-State Market News, receipts were 7,200 head at sales in Arkansas this week.
Compared with last week, feeder steers sold steady to $1 higher, heifers sold steady to $1 lower.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 128 to 138
500 to 550 lbs. 120 to 130
600 to 700 lbs. 108 to 118
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 117 to 127
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 47 to 52
Light Weight 34 to 41
Bulls, Yield Grade 1 1000 to 2100 lbs. 58 to 64, high dressing 64-69.50
Midwest Steers were $2-$1.50 lower at 97 to 97.50
Panhandle Steers were $2 lower at 97 to - - -
Oklahoma City Feeders Steers 500 to 550 lbs. 121 to 142
600 to 650 lbs. 116.25 to 129
Heifers 500 to 550 lbs. 108 to 121
600 to 650 lbs. 104 to 114.50
Chicago Futures:
Live Cattle: Jun up 22 at 9270
Aug up 35 at 9105
Feeders: May up 67 at 10772
Aug up 35 at 11000
Hogs
Peoria: were unchanged at 41.5 to 42
Chicago Futures: May up 30 at 7595
Jun up 45 at 7700
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
Live cattle trade was mixed today with the nearby April contract closing down, while the other contract closed with modest gains. June and August contract flirted with their support levels of $92 and $90/cwt, respectively before bouncing back this morning. Live cattle have some near term fundamental support for higher prices in that wholesale prices are higher and cattle on feed is lower. Given this price declines in the near term are limited.
Lean hogs closed with another day of gains. Firm cash hog and wholesale pork prices are providing good support, but concerns over negative packer margins are limiting gains in the market.
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Poultry Date: April 13, 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. 74-76
Toms: 16-24 lbs. 74-76
Delmarva Broilers
U.S. Grade A
Trade sentiment was generally steady on whole product with majority prices unchanged in the major terminal markets. Supplies of all sizes were adequate to current trade needs. In production areas, live supplies were moderate to heavy with some weekend slaughter planned.
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