Daily Arkansas Market Report for 4/24/2007
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Grain & Soybean Date: April 24, 2007
Soybeans
Local Elevators:
(April) EAST AR: 659 to 686
(NC) Summ. 696 to 719
River Elevators
(April) MISS: 675 to 689 ; AR & White 667 to 687
(NC) Summ. 697 to 719
Ark. Processor Bids: (April) 678 to 685 (NC) 716 to 719
Memphis: (April) 696 3/4 to 698 3/4 (NC) 715 1/4 to 721 1/4
Riceland Foods: (April) Stuttgart 685 ; Pendleton 686 ; West Memphis 687
Chicago Futures: May down 11 1/2 at 709 3/4
July down 11 3/4 at 726 1/4
Aug down 12 3/4 at 732 3/4
Nov down 12 1/2 at 753 1/4
Nov '08 down 9 3/4 at 790 1/4
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 467 1/2 to 469 1/2;
Bids to farmers at Local Elevators 442-452;
River Elevators 440-458;
Chicago Futures: May down 10 1/2 at 483 1/2
July down 8 at 497 1/2
Sept down 6 1/2 at 506
July '08 down 7 1/4 at 487 1/4
July '09 down 8 at 482
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 562 to 579;
Bids to farmers at
River Elevators 555-620;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 362 1/2 to 368 1/2;
New crop at Memphis 330 3/4 to 333 3/4;
Bids to farmers at River Elevators 342 to 355
Chicago Futures: May up 8 1/4 at 360 1/2
Sept up 4 3/4 at 368 3/4
Dec up 4 at 372 1/2
Dec '08 up 2 at 386 1/4
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
November soybean prices continue to decline. Rain in the Midwest is pressuring prices down as traders think some corn acres will actually be planted to soybeans. Adding to the bearish picture for soybeans is the fact that record stocks at the end of the marketing year should be enough to keep U.S. soybean supplies healthy despite the decline in production. The global soybean picture is not much better as global production growth continues to outpace global consumption growth. Strong yields in both the U.S. and South America will be more than enough to supply Asia's growing demand. November soybean prices will likely find some technical support in the coming days, as soybean prices appear to be over sold. Hopefully this will occur soon, as soybean prices are looking like they may close the gap set back in January.
Wheat prices took another hit today. Yesterday's progress report showed wheat quality down only 1 percent from last week to 54% in good or excellent condition. This is surprising given all the damage that has been reported across the country. The report showed 64% of Arkansas's wheat crop in poor or very poor shape. This report caused prices to gap lower, which will put some pressure on prices to keep falling. After flirting with trend line support prices closed just above support levels today.
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Cotton & Rice Date: April 24, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis down 79 at 4597
Greenwood down 79 at 4597
New York Futures: May down 42 at 4868
July down 79 at 5072
Oct down 75 at 5400
Dec down 90 at 5565
Dec '08 down 100 at 6260
This week's LDP rate for cotton is 9.65 cents.
The estimate for next week is 9.86 cents.
Cotton Comment
December cotton set new contract lows today. After sharp declines cotton prices were able to recoup some of their losses to close down only 90. Cotton prices came under pressure today as China reported March cotton exports down 48 percent from last year. This is not good for U.S. cotton as it depends on China to buy most of its cotton. Cotton prices have seen little reaction to the production decline forecast in the planting report, as large carryover stocks will offset much of the reduction.
Rice
Long Grain Cash Bid for April 880 to 900/cwt
May 880 to 900/cwt
Chicago Futures: May down 9 1/2 at 996
July down 12 at 1027
Sept down 7 at 1062
Nov down 5 at 1093
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice prices fell again today. The rally we experienced following the March stock and the planting intentions report just can't sustain its self. Instead bearish news like U.S. mills operating at less than 50 percent capacity and slow U.S. rice exports appear to be dominating the market and pressuring rice prices lower. Prices have been unable to finish the head-and-shoulders it started, which would have added some much needed technical support in the market. Rice prices have support at $10.90.
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Cattle & Hogs Date: April 24, 2007
Cattle
As reported by Federal-State Market News, receipts were 485 head at sales in Marshall.
Compared with last week, feeder steers sold weak to $3 lower.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 125 to 132
500 to 550 lbs. 117 to 124
600 to 650 lbs. 107 to 115
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 108 to 118
Heifers:
Medium & Large Frame 1 500 to 550 lbs. 103 to 110.50
Medium & Large Frame 2 400 to 450 lbs. 100 to 108
Slaughter Cows, Boners 47.5 to 51
Light Weight 36 to 41
Bulls, Yield Grade 1 1000 to 2100 lbs. 58 to 62.50
Midwest Steers n/a at - - - to - - -
Panhandle Steers n/a at - - - to - - -
Oklahoma City Feeders Steers 500 to 550 lbs. 128 to 129
550 to 600 lbs. 119.75 to 128.25
Heifers 500 to 550 lbs. 105 to 113
550 to 600 lbs. 104 to 109
Chicago Futures:
Live Cattle: June up 15 at 9330
Aug down 2 at 9160
Feeders: May up 15 at 10912
Aug down 37 at 11210
Hogs
Peoria: were unchanged at 46 to 46.5
Chicago Futures: May down 80 at 7585
June down 105 at 7545
Sheep
St. Paul n/a at - - - to - - -
Livestock Comment
June live cattle experienced modest gains. The April contract declined as traders liquidated long positions prior to contract expiration. Midwest cash prices remain strong; however packers continue to buy only what they need as they feel feedlot prices are too strong.
Hog prices fell today. Recent price strength caused some concern that the market was over bought this may be the beginning of a corrective measure; however down side potential is limited. Hog prices have strong support at $75. This combined with the strengthening corn market reduces the downside potential for lean hogs.
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Poultry Date: April 24, 2007
Eggs
New York: Ex. Lg. 100-124; Lg. 98-102; Med. 86-90;
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
Trade sentiment was generally steady. Supplies of all sizes were adequate to ample for trade needs. In production areas, live supplies were moderate at mostly desirable weights.
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