Daily Arkansas Market Report for 4/23/2007
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Grain & Soybean Date: April 23, 2007
Soybeans
Local Elevators:
(April) EAST AR: 670 to 697
(NC) Summ. 709 to 732
River Elevators
(April) MISS: 686 to 701 ; AR & White 679 to 699
(NC) Summ. 710 to 732
Ark. Processor Bids: (April) 689 to 696 (NC) 729 to 732
Memphis: (April) 710 1/4 to 711 1/4 (NC) 727 3/4 to 733 3/4
Riceland Foods: (April) Stuttgart 696 ; Pendleton 697 ; West Memphis 698
Chicago Futures: May down 2 at 721 1/4
July down 2 1/4 at 738
Aug down 1 1/2 at 745 1/2
Nov down 1 3/4 at 765 3/4
Nov '08 down 1 1/2 at 800
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 475 1/2 to 477 1/2;
Bids to farmers at Local Elevators 450-460;
River Elevators 448-466;
Chicago Futures: May down 8 at 494
July down 9 1/4 at 505 1/2
Sept down 4 1/4 at 512 1/2
July '08 up 1 1/2 at 494 1/2
July '09 down 1/2 at 490
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 554 to 572;
Bids to farmers at
River Elevators 541-605;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 354 1/4 to 359 1/4;
New crop at Memphis 326 to 329;
Bids to farmers at River Elevators 332 to 345
Chicago Futures: May down 8 1/4 at 352 1/4
Sept down 6 1/2 at 364
Dec down 6 1/4 at 368 1/2
Dec '08 unchanged at 384 1/4
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
November soybeans were able to recover some of their early losses to close only down marginally. Despite news that corn plantings are going in as planned, soybeans are unable to find enough support to cause prices to increase. Soybean prices continue to be pressured by large carryover forecast for this fall. However, the weak dollar is drawing some interest in U.S. soybean exports during a time when South America usually dominates the market. While soybean prices are not experiencing gains, they are also not breaking key support levels at around $7.60, which means they are not filling in the gap left back in January. From a technical standpoint this gap gives soybean prices an upward potential of $8.80.
Wheat prices posted strong losses today. Many traders saw today as a good opportunity for profit taking as prices over the last few weeks rebounded to close to contract highs. Before today, July Wheat prices had increased $0.90 per bushel following the Easter Freeze. However, the market appears to be starting to corrective move as traders begin taking profits as the market is technically oversold. Prices were unable to break contact highs set back in February. Downside potential is limited in the market ;however, improving weather in other major wheat producing countries will add some pressure to prices here in the U.S.
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Cotton & Rice Date: April 23, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis down 58 at 4676
Greenwood down 58 at 4676
New York Futures: May down 54 at 4910
July down 58 at 5151
Oct down 45 at 5475
Dec down 40 at 5655
Dec '08 down 35 at 6360
This week's LDP rate for cotton is 9.65 cents.
The estimate for next week is 9.81 cents.
Cotton Comment
After gains on Friday, December cotton prices experienced another day of declines. Large cotton carryover forecast for this fall continues to pressure cotton prices. The strong cotton sales reported last week have done little to support prices, as many traders feel these sales will not be shipped this season. There is little technical or fundamental support in the cotton market, gains in the cotton market will be difficult to sustain until something positive occurs in the fundamentals.
Rice
Long Grain Cash Bid for April 950/cwt to - - -
May 900 to 950/cwt
Chicago Futures: May down 4 at 1005
July down 9 at 1039
Sept down 9 at 1069
Nov down 10 at 1098
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice prices experienced modest declines today. Rice prices have been unable to sustain any kind of upward movement over the last few weeks. We are still waiting for rice to close in the $11.23 to 11.28 range to complete the potential head and shoulders which would place rice potential upside objectives at $11.80.
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Cattle & Hogs Date: April 23, 2007
Cattle
As reported by Federal-State Market News, receipts were 2571 head at sales in Ash Flat & Springdale.
Compared with last week, feeder steers sold steady to $3 lower.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 122 to 132
500 to 550 lbs. 119 to 129
600 to 700 lbs. 109 to 117.5
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 120 to 124
Heifers:
Medium & Large Frame 1 500 to 550 lbs. 103 to 113
Medium & Large Frame 2 400 to 450 lbs. 106 to 116
Slaughter Cows, Boners 45 to 52
Light Weight 35 to 43
Bulls, Yield Grade 1 1000 to 2100 lbs. 57 to 64
Midwest Steers were steady to $1.50 lower at 95 to 96.50
Panhandle Steers were steady to $1 lower at 95 to 96.50
Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -
- - - to - - - lbs. - - - to - - -
Heifers - - - to - - - lbs. - - - to - - -
- - - to - - - lbs. - - - to - - -
Chicago Futures:
Live Cattle: June up 87 at 9315
Aug up 100 at 9162
Feeders: May up 152 at 10897
Aug up 172 at 11247
Hogs
Peoria: were steady to $2 higher at 46 to 46.5
Chicago Futures: May up 7 at 7665
June down 55 at 7650
Sheep
St. Paul n/a at - - - to - - -
Livestock Comment
Despite expectations that prices would decline today given the cattle-on-feed report released last Friday, live cattle prices posted strong gains today. Today's gains recovered much of last week's losses leading up to the USDA report. Stronger than expected cash prices in the plains states helped add some much needed support to the market. Gains from the cash market maybe short lived as cash prices are expected to weaken in the near future. Cattle prices have support at $91-92.
Lean hogs experienced modest gains today. Hog prices are moving close to resistance levels at the contract high of 77.75. Tight hog supplies continue to push prices higher despite news that frozen pork stocks were higher than expected. The market will have difficulty reaching new highs as the market is beginning to run out of steam and is in danger of being oversold.
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Poultry Date: April 23, 2007
Eggs
New York: Ex. Lg. 96-100; Lg. 94-98; Med. 81-85;
Chicago: Ex. Lg. 85-93; Lg. 83-91; Med. 70-78;
Eastern Region Turkeys
Hens: 8-16 lbs. 74-76
Toms: 16-24 lbs. 74-76
Delmarva Broilers
U.S. Grade A
Majority prices were irregular, ranging higher in the West, lower in the East, and unchanged to lower in the Midwest when compared to previous week. Trade sentiment was firm in the West, steady elsewhere. Supplies of all sizes were usually more than sufficient to handle trade needs. In production areas, live supplies were moderate. Weights desirable to heavy.
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