Daily Arkansas Market Report for 4/20/2007
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Grain & Soybean Date: April 20, 2007
Soybeans
Local Elevators:
(Apr) EAST AR: 672 to 699
(NC) Summ. 711 to 734
River Elevators
(Apr) MISS: 688 to 702 ; AR & White 680 to 700
(NC) Summ. 711 to 734
Ark. Processor Bids: (Apr) 691 to 698 (NC) 731 to 734
Memphis: (Apr) 709 1/4 to 711 1/4 (NC) 729 1/2 to 737 1/2
Riceland Foods: (NC) Stuttgart 698 ; Pendleton 699 ; West Memphis 700
Chicago Futures: May up 5 at 723 1/4
Jul up 5 1/4 at 740 1/4
Aug up 4 3/4 at 747
Nov up 5 1/2 at 767 1/2
Nov '08 up 8 at 801 1/2
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 484 3/4 to 486 3/4;
Bids to farmers at Local Elevators 459-469;
River Elevators 457-475;
Chicago Futures: May up 6 at 502
Jul up 7 at 514 3/4
Sep up 7 at 516 3/4
Jul '08 unchanged at 493
Jul '09 down 3 1/2 at 490 1/2
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 562 to 583;
Bids to farmers at
River Elevators 530-595;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 361 1/2 to 366 1/2;
New crop at Memphis 332 1/2 to 335 1/2;
Bids to farmers at River Elevators 339 to 352
Chicago Futures: May down 10 3/4 at 360 1/2
Sep down 6 3/4 at 370 1/2
Dec down 5 1/4 at 374 3/4
Dec '08 down 1 1/2 at 384 1/4
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
November soybeans continue to feel losses from Tuesday's declines. However, soybeans and corn have been unable to sustain any kind of price trend. Soybeans are likely to come under pressure in the coming weeks if the quality of the winter wheat crop continues to deteriorate, as wheat may be tilled up to plant soybeans. Any increases in soybean area would not be good news for a market that is already expecting a record carryover into next year. November soybeans have still not filled the price gap left in January, which technically speaking gives soybeans an upside potential of $8.80. However, if news of more soybeans begins to materialize, soybeans will have a hard time moving higher.
July wheat experienced another day of solid gains. Prices are beginning to approach contract highs of $5.18. If weather in the plains states continue to deteriorate over the weekend with the forecast storms there, then we may see new highs on Monday. Wheat prices have seen strong gains since the first of April, when prices dipped to $4.42. At that time wheat outlook was very positive, what a difference a couple of weeks makes. Now many farmers and traders are wondering if there will even be a wheat crop.
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Cotton & Rice Date: April 20, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 76 at 4734
Greenwood up 76 at 4734
New York Futures: May up 49 at 4964
Jul up 76 at 5209
Oct up 65 at 5520
Dec up 63 at 5695
Dec '08 up 60 at 6395
This week's LDP rate for cotton is 9.65 cents.
The estimate for next week is 10.06 cents.
Cotton Comment
December cotton can't decide what it wants to do. Today cotton price saw a modest increase. A day after exports sales showed strongest sales of the season cotton prices post modest gains. Prices will likely continue to be very volatile as this year's carryover continues to rise and next year's crop declines. The U.S. piracy suit against China in the WTO is not what the cotton industry wants to hear. U.S. cotton exports to China are already having a difficult time competing with Indian cotton in that market. If the case begins to effect trade we could see U.S. exports weaken further, which would not be good news for this sensitive market.
Rice
Long Grain Cash Bid for Apr/May 914/cwt to - - -
n/a - - - to - - -
Chicago Futures: May up 2 at 1009
Jul up 1 at 1048
Sep down 1 at 1078
Nov up 3 at 1108
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice saw little action today and closed up marginally. Since rebounding from declines in late March, rice prices have traded mostly sideways. There has been little news from a fundamental standpoint to drive the price higher. The winter freeze suffered by other crops had little effect on rice leaving rice to trade more on the technical aspects. The marginal gains experienced today were not enough to complete the potential head and shoulders. A close above $11.23 to $11.28 would complete the head and shoulders with an upside objective around $11.80 or so. However, there is additional resistance at $11.40 and the contract high of $11.58.
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Cattle & Hogs Date: April 20, 2007
Cattle
As reported by Federal-State Market News, receipts were 9,770 head at sales in Arkansas this week.
Compared with last week, feeder steers sold $2-$6 lower.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 125 to 135
500 to 550 lbs. 114 to 124
600 to 700 lbs. 101 to 111
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 115 to 125
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 111 to 121
Medium & Large Frame 2 400 to 450 lbs. 104 to 114
Slaughter Cows, Boners 46 to 53
Light Weight 38 to 44
Bulls, Yield Grade 1 1000 to 2100 lbs. 58 to 65, high dressing 65-68.50
Midwest Steers were $1-$1.50 higher at 96 to 96.50
Panhandle Steers were $1-$1.50 higher at 96 to 96.50
Oklahoma City Feeders Steers 500 to 550 lbs. 119 to 132
600 to 650 lbs. 108.50 to 125
Heifers 500 to 550 lbs. 108 to 123
600 to 650 lbs. 97 to 115
Chicago Futures:
Live Cattle: Jun down 45 at 9227
Aug down 20 at 9062
Feeders: May down 62 at 10745
Aug down 40 at 11075
Hogs
Peoria: were unchanged at 44.5 to 46
Chicago Futures: May down 10 at 7657
Jun down 55 at 7705
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
Live cattle cannot find any support to pull prices out of their current slump. Prices continue to flirt with support levels at $91 - $92. After the markets closed this afternoon packers got the news they had been looking for. USDA report showed cattle-on-feed placements up 7 percent from 2006 levels and 12 percent from 2005 at 1.97 million head. This should add some downward pressure on Monday's market. If prices breach the $91 support level, the next support level is at $89.
After giving up most of yesterday's gains, lean hogs managed to battle back to close with only modest losses. Today's late bounce could carryover into Monday and add some support to prices. Today's declines were the result of negative packer margins reportedly causing packers to reduce their demand for hogs, which in turn weakened hog cash prices. However, packers are unlikely to sustain this weak demand as they are reportedly under bought for next week's slaughter.
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Poultry Date: April 20, 2007
Eggs
New York: Ex. Lg. 96-100; Lg. 94-98; Med. 81-85;
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 for next week were iregular, trending higher in the West, lower in the East, and unchanged in the Midwest. Supplies of all sizes were adequate to ample for trade needs. In prodcution areas, live supplies were moderate. Weights were in a full range, but mostly desirable.
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