Daily Arkansas Market Report for 4/18/2007
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Grain & Soybean Date: April 18, 2007
Soybeans
Local Elevators:
(Apr) EAST AR: 665 to 692
(NC) Summ. 703 to 726
River Elevators
(Apr) MISS: 676 to 693 ; AR & White 666 to 686
(NC) Summ. 703 to 726
Ark. Processor Bids: (Apr) 684 to 691 (NC) 723 to 726
Memphis: (Apr) 697 1/2 to 698 1/2 (NC) 721 1/2 to 729 1/2
Riceland Foods: (NC) Stuttgart 691 ; Pendleton 692 ; West Memphis 693
Chicago Futures: May down 3 at 474 1/2
Jul down 1 3/4 at 489
Sep down 3 at 496 1/2
Nov down 11 at 759 1/2
Nov '08 down 12 at 791 1/2
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 458 to 461;
Bids to farmers at Local Elevators 433-443;
River Elevators 432-449;
Chicago Futures: May down 3 at 474 1/2
Jul down 1 3/4 at 489
Sep down 3 at 496 1/2
Jul '08 down 2 at 493 1/2
Jul '09 down 3 at 495
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 574 to 583;
Bids to farmers at
River Elevators 536-600;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 364 1/2 to 368 1/2;
New crop at Memphis 338 1/4 to 341 1/4;
Bids to farmers at River Elevators 342 to 355
Chicago Futures: May up 10 1/4 at 363 1/2
Sep up 10 at 375 1/4
Dec up 2 at 381 1/2
Dec '08 down 3 1/4 at 387 3/4
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans were again hit by heavy selling which was in response to yesterday's November close below strong support near $7.80. As indicated 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 prices posted modest losses today. After posting gains the last few days, traders are beginning to feel the crop may not be as bad as once thought. However, the extent of the damage to winter wheat crop is still unclear.
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Cotton & Rice Date: April 18, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 64 at 4749
Greenwood up 64 at 4749
New York Futures: May up 43 at 5016
Jul up 64 at 5224
Oct up 59 at 5520
Dec up 54 at 5699
Dec '08 up 5 at 6375
This week's LDP rate for cotton is 9.65 cents.
The estimate for next week is 9.71 cents.
Cotton Comment
Cotton finally made an up-tick and closed higher. Old crop May is still in position to make new contract lows 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 936/cwt to - - -
n/a - - - to - - -
Chicago Futures: May unchanged at 1011
Jul up 1 at 1051
Sep up 2 at 1083
Nov up 1 at 1113
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice closed mixed and is still in position to move 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 18, 2007
Cattle
As reported by Federal-State Market News, receipts were 1,551 head at sales in Conway, Ola & Pocahontas.
Compared with last week, feeder steers and heifers sold steady to $2 lower.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 127 to 137
500 to 550 lbs. 117 to 127
600 to 650 lbs. 110 to 118
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 112 to 122
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 110 to 120
Medium & Large Frame 2 400 to 450 lbs. 100 to 110
Slaughter Cows, Boners 46 to 52
Light Weight 36 to 41
Bulls, Yield Grade 1 1000 to 2100 lbs. 60 to 63, high dressing 63-65.50
Midwest Steers were quoted at 95 to - - -
Panhandle Steers were quoted at 95 to - - -
Oklahoma City Feeders Steers 500 to 550 lbs. 125 to 132
600 to 650 lbs. 117.50 to 125
Heifers 550 to 600 lbs. 107 to 115
650 to 700 lbs. 98.50 to 106.25
Chicago Futures:
Live Cattle: Apr down 52 at 9712
Jun down 45 at 9282
Feeders: Apr down 57 at 10727
Aug down 65 at 11127
Hogs
Peoria: were unchanged at 44.5 to 45
Chicago Futures: May down 60 at 7580
Jun down 85 at 7660
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
Live cattle prices finished the day with moderate losses. Concern that Friday's report will show stronger cattle on feed numbers caused many traders to liquidate long positions. June cattle have support at $91.
Lean hogs finished the day down today. Speculative selling triggered by yesterday's weak close led to further weakening today. Hog prices are having difficulty finding support in the cash market as packer margins remain negative.
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Poultry Date: April 18, 2007
Eggs
New York: Ex. Lg. 90-94; Lg. 88-92; Med. 74-78;
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 firm in the West, but steady elsewhere. Supplies of all sizes were at least adequate to satisfy trade needs. In production areas, live supplies were moderate. Weights were in a full range, but mostly desirable.
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