Daily Arkansas Market Report for 4/2/2007
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Grain & Soybean Date: April 02, 2007
Soybeans
Local Elevators:
(Apr) EAST AR: 720 to 747
(NC) Summ. 764 to 787
River Elevators
(Apr) MISS: 734 to 754 ; AR & White 734 to 752
(NC) Summ. 764 to 787
Ark. Processor Bids: (Apr) 742 to 746 (NC) 784 to 787
Memphis: (Apr) 761 to 763 (NC) 781 1/4 to 786 1/4
Riceland Foods: (NC) Stuttgart 746 ; Pendleton 747 ; West Memphis 748
Chicago Futures: May up 17 3/4 at 779
Jul up 17 3/4 at 795 3/4
Aug up 18 at 801
Nov up 16 1/4 at 821 1/4
Nov '08 up 13 at 835
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 384 to 387;
Bids to farmers at Local Elevators 371-382;
River Elevators 368-387;
Chicago Futures: May down 10 at 428
Jul down 11 3/4 at 442
Sep down 15 at 454
Jul '08 down 11 at 471
Jul '09 down 9 at 473
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 547 to 562;
Bids to farmers at
River Elevators 521-586;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 338 3/4 to 352 3/4;
New crop at Memphis 325 1/4 to 327 1/4;
Bids to farmers at River Elevators 326 to 339
Chicago Futures: May down 19 3/4 at 354 3/4
Sep down 15 at 366 1/4
Dec down 14 at 369 1/2
Dec '08 up 1/4 at 380 1/2
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans bounced off trendline support near $8 and closed on a strong note. While corn traded limit down most of the day, soybeans moved higher. This could rebalance plantings with higher bean prices attracting acreage from corn. November moved above last week's high before closing right on that level. This sets the stage for a possible move to the $8.43 contract high some time.
Wheat was sharply lower in concert with corn. However, the market did bounce back to close off the lows. Continued crop improvement and weakness in corn contributed to the weak undertone.
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Cotton & Rice Date: April 02, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 33 at 4949
Greenwood up 33 at 4949
New York Futures: May down 33 at 5324
Jul down 28 at 5478
Oct down 13 at 5760
Dec down 6 at 5941
Dec '08 up 32 at 6530
This week's LDP rate for cotton is 8.60 cents.
The estimate for next week is 8.36 cents.
Cotton Comment
After trading to both sides of Friday's close cotton ended the day slightly lower. Last week's report was near the average projected prior to the release. Total plantings were projected to be 12.15 million acres, a 20% cut from '06. Arkansas with 830,000 acres was down 29%, while Mississippi dropped 40% to just 740,000 acres. Similar percentage cuts were seen in Louisiana and North Carolina. Texas cut 700,000 acres, but just 11%. Recent good weather across the south might have resulted in bigger cuts than projected, as corn remained at high prices levels. This acreage would project production around 18 million bales and could cut into stocks with a vigorous export program. While the initial market reaction was slightly lower, we could see new crop improve and move toward the 60.7 cents resistance.
Rice
Long Grain Cash Bid for Apr/May 907/cwt to - - -
n/a - - - to - - -
Chicago Futures: May up 14 at 1022
Jul up 13 1/2 at 1056 1/2
Sep up 18 at 1092
Nov up 21 at 1146
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice reversed early declines to close the day with good gains. A 7% decline in overall '07 plantings and 8% decline in long grain suggests a real tightening of stocks. Arkansas is projected to plant 13% less rice, with small increases noted in California, Louisiana and Texas. The market continues to suffer from slow milled exports and concern about the biotech situation. But, continued tightening of world stocks will eventually put the U.S. back in the mix and a much smaller crop should allow for improved prices down the line. November futures next upside objective is $10.99, with the contract high of $11.38 a strong possibility.
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Cattle & Hogs Date: April 02, 2007
Cattle
As reported by Federal-State Market News, receipts were 2,284 head at sales in Ash Flat & Springdale.
Compared with last week, feeder steers sold weak to $3 lower, heifers sold steady to firm, instances $3 higher.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 126 to 136
500 to 550 lbs. 118 to 128
600 to 700 lbs. 104 to 114
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 119 to 129
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 112 to 122
Medium & Large Frame 2 400 to 450 lbs. 104 to 114
Slaughter Cows, Boners 42 to 47
Light Weight 33 to 39
Bulls, Yield Grade 1 1000 to 2100 lbs. 53 to 59
Midwest Steers were quoted at 92 to 96
Panhandle Steers were $1 lower to $1 higher at 94 to 96
Oklahoma City Feeders Steers 600 to 650 lbs. 123 to 131
650 to 700 lbs. 112 to 122.50
Heifers 500 to 550 lbs. 113.50 to 122
600 to 650 lbs. 110.75 to 113.50
Chicago Futures:
Live Cattle: Apr up 140 at 9900
Jun up 152 at 9640
Feeders: Apr up 145 at 11020
Aug up 107 at 11210
Hogs
Peoria: were unchanged at 38.5 to 39
Chicago Futures: Apr up 117 at 6502
Jun down 12 at 7552
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
Cattle continued to move higher as the market reacted to lower corn values and ideas the wholesale market has bottomed. Seasonally, it is a time when beef demand and price tend to rise. April futures appear poised to make another run at the $103 level.
April futures were mixed with April leading the move to the upside. Packers are competing for early week supplies as we head into the Easter holiday. Upside is limited with recent big supplies capping gains.
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Poultry Date: April 02, 2007
Eggs
New York: Ex. Lg. 102-106; Lg. 100-104; Med. 81-85;
Chicago: Ex. Lg. 93-101; Lg. 91-99; Med. 73-81;
Eastern Region Turkeys
Hens: 8-16 lbs. 72-74
Toms: 16-24 lbs. 72-74
Delmarva Broilers
U.S. Grade A
Majority prices were unchanged in the West and Midwest, but lower in the East when compared to previous week. Trade sentiment was generally steady. Supplies of all sizes were more than sufficient to handle limited trade needs. In production ares, live supplies were moderate at mostly desirable weights.
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