Daily Arkansas Market Report for 4/17/2007
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Grain & Soybean Date: April 17, 2007
Soybeans
Local Elevators:
(Apr) EAST AR: 673 to 700
(NC) Summ. 714 to 737
River Elevators
(Apr) MISS: 689 to 701 ; AR & White 674 to 694
(NC) Summ. 713 to 737
Ark. Processor Bids: (Apr) 692 to 699 (NC) 734 to 737
Memphis: (Apr) 702 to 705 (NC) 732 1/2 to 738 1/2
Riceland Foods: (NC) Stuttgart 699 ; Pendleton 700 ; West Memphis 701
Chicago Futures: May down 12 at 724
Jul down 12 at 741 1/4
Aug down 12 at 748
Nov down 12 at 770 1/2
Nov '08 down 13 3/4 at 803 1/2
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 458 3/4 to 460 3/4;
Bids to farmers at Local Elevators 435-445;
River Elevators 433-451;
Chicago Futures: May up 2 1/4 at 477 1/2
Jul up 2 1/2 at 490 3/4
Sep up 2 at 499 1/2
Jul '08 up 1 at 495 1/2
Jul '09 up 5 at 498
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 571 to 579;
Bids to farmers at
River Elevators 518-582;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 351 1/4 to 354 1/4;
New crop at Memphis 332 1/2 to 335 1/2;
Bids to farmers at River Elevators 330 to 343
Chicago Futures: May down 11 at 353 1/4
Sep down 11 1/2 at 370 1/2
Dec down 10 3/4 at 379 1/2
Dec '08 down 6 1/2 at 391
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans were hit by heavy selling which carried November below strong support just below $7.80. This may open the floodgate for additional declines with the January report gap, which starts at $7.45, becoming the next support. Any further delays in corn planting will add to the negative pressures on soybeans.
Wheat closed higher, but July couldn't hold early gains that pushed above $5. No doubt there are heavy crop losses in the southern soft red production areas, but jury remains out on hard red production. It is hurt, as the crop progress report indicates, but like in 1996 it may have to make a strong recovery.
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Cotton & Rice Date: April 17, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 22 at 4685
Greenwood up 22 at 4685
New York Futures: May down 65 at 4973
Jul down 40 at 5160
Oct down 34 at 5461
Dec down 35 at 5645
Dec '08 down 40 at 6510
This week's LDP rate for cotton is 9.65 cents.
The estimate for next week is 9.61 cents.
Cotton Comment
Cotton continued the recent decline. 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 916/cwt to - - -
n/a - - - to - - -
Chicago Futures: May down 5 at 1011
Jul down 5 at 1050
Sep down 4 at 1085
Nov down 4 at 1114
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice recouped a portion of early declines but ended the day slightly lower and right on 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 17, 2007
Cattle
As reported by Federal-State Market News, receipts were 1,138 head at sales in Fort Smith & Marshall.
Compared with last week, feeder steers sold steady to $2 lower.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 128 to 137
500 to 550 lbs. 118 to 128
600 to 700 lbs. 101 to 110
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 112 to 122
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 112 to 120
Medium & Large Frame 2 400 to 450 lbs. 102 to 112
Slaughter Cows, Boners 46 to 52
Light Weight 36 to 42
Bulls, Yield Grade 1 1000 to 2100 lbs. 60 to 65.75, high dressing 68-70
Midwest Steers n/a at - - - to - - -
Panhandle Steers n/a at - - - to - - -
Oklahoma City Feeders Steers 500 to 550 lbs. 125 to 132
600 to 650 lbs. 117.50 to 125
Heifers 500 to 550 lbs. n/a to - - -
600 to 650 lbs. 98 to 111.50
Chicago Futures:
Live Cattle: Apr up 35 at 9765
Jun up 37 at 9327
Feeders: Apr up 12 at 10785
Aug up 115 at 11192
Hogs
Peoria: were $2 higher at 44.5 to 45
Chicago Futures: May down 25 at 7640
Jun down 40 at 7745
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
Live cattle futures were higher despite concerns about poor export demand for beef and increasing supplies of market ready animals. Declining soybean and corn prices were a positive for feeders. June live cattle futures have support at the recent low near $92. However, this could prove to be a bear flag with a downside objective near $87.
Hog futures were lower, pressured by the current premium over cash. Fear of packers reducing slaughter added to the negative undertone. On the positive side, falling seasonal numbers limited declines.
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Poultry Date: April 17, 2007
Eggs
New York: Ex. Lg. 87-91; Lg. 85-89; Med. 70-74;
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 about steady in the West, and steady elsewhere. Supplies of all sizes were usually more than sufficient to handle trade needs. In production areas, live supplies were moderate. Weights were mixed, but mostly desirable. The Composite Weighted Average price for 04/16/07 was $78.53 compared to $78.73 a week earlier, and $58.64 a year ago.
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