Daily Arkansas Market Report for 4/16/2007
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Grain & Soybean Date: April 16, 2007
Soybeans
Local Elevators:
(Apr) EAST AR: 685 to 712
(NC) Summ. 726 to 749
River Elevators
(Apr) MISS: 701 to 713 ; AR & White 689 to 709
(NC) Summ. 725 to 749
Ark. Processor Bids: (Apr) 704 to 711 (NC) 746 to 749
Memphis: (Apr) 715 to 718 (NC) 744 1/2 to 750 1/2
Riceland Foods: (NC) Stuttgart ; Pendleton ; West Memphis
Chicago Futures: May down 2 at 736
Jul down 1 3/4 at 753 1/4
Aug down 3 at 760
Nov down 1 1/4 at 782 1/2
Nov '08 down 3/4 at 817 1/4
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 452 1/4 to 458 1/4;
Bids to farmers at Local Elevators 428-442;
River Elevators 423-448;
Chicago Futures: May down 3 1/4 at 475 1/4
Jul down 1 3/4 at 488 1/4
Sep down 1 1/2 at 497 1/2
Jul '08 down 4 1/2 at 494 1/2
Jul '09 down 5 at 493
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 590 to 599;
Bids to farmers at
River Elevators 538-602;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 359 1/4 to 364 1/4;
New crop at Memphis 344 to 347;
Bids to farmers at River Elevators 338 to 351
Chicago Futures: May down 4 3/4 at 364 1/4
Sep down 4 1/4 at 382
Dec down 4 3/4 at 390 1/4
Dec '08 down 2 1/4 at 397 1/2
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans were a little lower today, but declines were limited by prospects of improving weather for corn planting across the Midwest. November continues to hold above support around $7.80, should that give way the next support is the January gap area around $7.45.
After last week's gains, wheat posted modest declines today, as it waits on this afternoon's crop condition report. Wheat traded sideways today with only a 5 cent trading range. Traders are still cautious as it looks like this week's report will show a continued decline in crop quality. In Arkansas, extension service is reporting severe damage to wheat in Northeast Arkansas, and is still accessing damage across Central Arkansas.
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Cotton & Rice Date: April 16, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis down 99 at 4663
Greenwood down 99 at 4663
New York Futures: May down 99 at 5038
Jul down 90 at 5200
Oct down 90 at 5495
Dec down 95 at 5680
Dec '08 down 70 at 6410
This week's LDP rate for cotton is 9.65 cents.
The estimate for next week is 9.58 cents.
Cotton Comment
Cotton was under pressure again today with big across the board losses recorded. Old crop May is making new contract lows on a daily basis and has little support until it reaches the October '06 low of 47.8 cents. New crop December has penetrated support at 58 cents and is not far from the mid-February contract low of 56.27 cents. Big ending stocks just keep getting bigger as exports have failed to reach expectations. It is likely that ending stocks could be 10 million bales by the end of the 06-07 marketing year. Probable U.S. WTO challenges against China on piracy issues could bring retaliation, and cotton may be what suffers. Not what the industry needs at this point.
Rice
Long Grain Cash Bid for Apr/May 921/cwt to - - -
n/a - - - to - - -
Chicago Futures: May up 4 at 1016
Jul up 5 at 1055
Sep up 7 at 1089
Nov up 3 at 1118
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
November rice reversed early small declines to close slightly higher and just above trendline resistance. A close above $11.23 to $11.28 would complete a potential head and shoulders bottom with an upside objective around $11.80 or so. However, there is additional resistance at $11.40 and the contract high of $11.58. Old crop May has less upside potential with current slow milled export sales keeping mills operating at reduced capacity. The international market is steady at best with some of the recent inquiries being directed at lower priced India inventories.
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Cattle & Hogs Date: April 16, 2007
Cattle
As reported by Federal-State Market News, receipts were 2,385 head at sales in Ash Flat & Springdale.
Compared with last week, feeder steers sold $1-$2 lower.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 128 to 138
500 to 550 lbs. 116 to 125
600 to 700 lbs. 110 to 120
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 123 to 133
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 112 to 122
Medium & Large Frame 2 400 to 450 lbs. 107 to 117
Slaughter Cows, Boners 46 to 52
Light Weight 36 to 42
Bulls, Yield Grade 1 1000 to 2100 lbs. 60 to 68, high dressing 68-71.50
Midwest Steers were $2 lower at 95 to 99.50
Panhandle Steers were $5-$7 lower at 92 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: Jun up 20 at 9290
Aug up 22 at 9127
Feeders: May up 80 at 10852
Aug up 77 at 11077
Hogs
Peoria: were $1 higher at 42.5 to 43
Chicago Futures: May up 70 at 7665
Jun up 85 at 7785
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
After trading down most of the day, live cattle prices rallied late to post modest gains today. A suspected top in the wholesale beef prices and a weakening cash market have pressured prices recently. June cattle prices have support at $91.
May lean hogs continued last week's price rally today to close at $76.65/cwt. Prices appear to be making a run at the contract high of $77.75/cwt set back in February. Lean hog prices are being supported by a strong cash market, which shows tighter supplies during a seasonal strengthening in demand.
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Poultry Date: April 16, 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
Majority prices were mostly unchanged in all areas when compared to previous week. Trade sentiment was generally steady on whole product. In production areas, live supplies were mostly moderate. Weights were desirable to heavy, but mostly desirable.
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