Daily Arkansas Market Report for 4/19/2007
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Grain & Soybean Date: April 19, 2007
Soybeans
Local Elevators:
(Apr) EAST AR: 667 to 694
(NC) Summ. 705 to 728
River Elevators
(Apr) MISS: 683 to 695 ; AR & White 673 to 693
(NC) Summ. 706 to 728
Ark. Processor Bids: (Apr) 686 to 693 (NC) 725 to 728
Memphis: (Apr) 704 1/4 to 705 1/4 (NC) 724 to 732
Riceland Foods: (NC) Stuttgart 693 ; Pendleton 694 ; West Memphis 695
Chicago Futures: May up 2 3/4 at 718 1/4
Jul up 2 3/4 at 735
Aug up 2 3/4 at 742 1/4
Nov up 2 1/2 at 762
Nov '08 up 2 at 793 1/2
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 476 3/4 to 479 3/4;
Bids to farmers at Local Elevators 452-462;
River Elevators 450-468;
Chicago Futures: May up 21 1/2 at 496
Jul up 18 3/4 at 507 3/4
Sep up 13 1/4 at 509 3/4
Jul '08 down 1/2 at 493
Jul '09 down 1 at 494
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 571 to 580;
Bids to farmers at
River Elevators 550-614;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 372 1/4 to 376 1/4;
New crop at Memphis 339 1/4 to 342 1/4;
Bids to farmers at River Elevators 350 to 363
Chicago Futures: May up 7 3/4 at 371 1/4
Sep up 1 at 377 1/4
Dec down 1 1/2 at 330
Dec '08 down 2 at 385 3/4
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
The Export Sales Report that was released this morning showed stronger than expected U.S. soybean exports, which helped boost soybean prices for the first time in 10 days. Strong U.S. exports come as the dollar continues to weaken relative to other currencies. While if continued this weakening could improve U.S. soybean exports this year. The fact still remains that soybean carryover will remain at near record levels. While the export sales have slowed soybean declines, any further delays in corn planting will add to the negative pressure and push soybeans towards the next support level of $7.45.
Wheat continues its weather trading with July wheat closing above $5 for the first time since February. Reports coming in from the plains states continue to be negative, causing traders to begin to wonder if damage may be permanent. Adding to the bullish tone was a weather forecast of storms and flooding throughout much of the hard red winter wheat area this weekend. Not only are there weather concerns in the U.S., but Australia and Ukraine are reporting very dry conditions. Planting in these countries should begin sometime in the next month or so. Tight supplies in these two major producers would further tighten the global market.
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Cotton & Rice Date: April 19, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis down 91 at 4658
Greenwood down 91 at 4658
New York Futures: May down 101 at 4915
Jul down 91 at 5133
Oct down 65 at 5455
Dec down 67 at 5632
Dec '08 down 40 at 6335
This week's LDP rate for cotton is 9.65 cents.
The estimate for next week is 9.65 cents.
Cotton Comment
Yesterdays' gains in cotton were short lived as prices declined today. While export sales reported the strongest week of cotton sales this marketing year, cotton shipments were down 10 percent from the previous week. This leaves May cotton 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 closed at 56.32 just above the contract low of 56.27 cents.
Rice
Long Grain Cash Bid for Apr 912/cwt to - - -
May 912/cwt to - - -
Chicago Futures: May down 4 at 1007
Jul down 4 at 1047
Sep down 4 at 1079
Nov down 8 at 1105
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice closed down marginally today; however some support could allow prices to close 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 19, 2007
Cattle
As reported by Federal-State Market News, receipts were 2,175 head at sales in Charlotte, Ratcliff & Green Forest.
Compared with last week, feeder steers sold mostly $2-$4 lower, instances $6 lower.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 122 to 132
500 to 550 lbs. 114 to 124
600 to 700 lbs. 104 to 114
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 112 to 122
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 113 to 123
Medium & Large Frame 2 400 to 450 lbs. 106 to 114
Slaughter Cows, Boners 46 to 51
Light Weight n/a to - - -
Bulls, Yield Grade 1 1000 to 2100 lbs. 58 to 64, high dressing 64-68.75
Midwest Steers were quoted at 95 to - - -
Panhandle Steers were quoted at 95 to - - -
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 67 at 9645
Jun down 10 at 9272
Feeders: Apr up 2 at 10730
Aug down 22 at 10807
Hogs
Peoria: were unchanged at 44.5 to 45
Chicago Futures: May up 87 at 7667
Jun up 100 at 7760
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
Live cattle finished another day of modest declines. Technical selling prior to this week's USDA report are putting pressure on prices; however stronger demand is evident as weekly slaughter are up from both last week and year ago levels. Sales of cattle were slow today as feedlots will not drop to packer's asking price. Packers are counting on this weeks USDA report to show a higher number cattle on feed, which would cause prices to decline. June cattle remain above support at $91.
Lean hogs recovered yesterday's losses as wholesale pork trade and cash prices strengthen today. However, hogs will likely have difficulty sustaining these gains as packer margins remain negative. In addition to this, there is concern whether pork demand will continue to remain strong as cutout prices are 14 percent above year-ago levels. May lean hogs have support at $75/cwt.
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Poultry Date: April 19, 2007
Eggs
New York: Ex. Lg. 95-99; Lg. 93-97; Med. 79-83;
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, steady in the Midwest, and steady to about steady in the East. Supplies of all sizes were usually at least adequate to available to satisfy trade needs. In production areas, live supplies were moderate at mixed weights. According to the National Agricultural Statistics Service (NASS) for the week ending 14-Apr-07, broiler egg sets were up 2%, and chick placements, the number of fryers available for marketing during the week ending 26-May-07 was estimated at 162.7 million head a week earlier.
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