Daily Arkansas Market Report for 4/25/2007
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Grain & Soybean Date: April 25, 2007
Soybeans
Local Elevators:
(April) EAST AR: 671 to 698
(NC) Summ. 708 to 731
River Elevators
(April) MISS: 687 to 700 ; AR & White 678 to 698
(NC) Summ. 708 to 731
Ark. Processor Bids: (April) 690 to 697 (NC) 728 to 731
Memphis: (April) 708 1/2 to 710 1/2 (NC) 726 1/2 to 732 1/2
Riceland Foods: (April) Stuttgart 697 ; Pendleton 698 ; West Memphis 699
Chicago Futures: May up 11 3/4 at 721 1/2
July up 11 1/2 at 737 3/4
Aug up 11 at 743 3/4
Nov up 11 1/4 at 764 1/2
Nov '08 up 9 1/4 at 799 1/2
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 490 1/2 to 492 1/2;
Bids to farmers at Local Elevators 465-475;
River Elevators 463-481;
Chicago Futures: May up 22 3/4 at 506 1/4
July up 23 at 520 1/2
Sept up 21 1/2 at 527 1/2
July '08 up 14 3/4 at 502
July '09 up 8 at 490
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 574 to 592;
Bids to farmers at
River Elevators 575-639;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 373 1/4 to 379 1/4;
New crop at Memphis 340 1/4 to 343 1/4;
Bids to farmers at River Elevators 353 to 366
Chicago Futures: May up 10 3/4 at 371 1/4
Sept up 9 1/2 at 378 1/4
Dec up 7 at 379 1/2
Dec '08 up 2 3/4 at 389
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybean prices are experiencing modest gains today. Soybean prices right now are following corn prices which have begun to climb again as between 80% and 90% of the Corn Belt will see rain today or tomorrow. Poor conditions have hindered corn plantings all season. It is looking unlikely that all of the forecast 90 million acres of corn will be planted this year. This means some acres will shift to soybeans. This threat is keeping the pressure on soybean prices at this time. Additional acres added to our already record carryover, would make it difficult for soybeans to keep up with the wheat and corn markets.
July wheat came out of the gate strong today. Prices spiked up to a new contract high of $5.27 around mid-morning before declining slightly and closing at a $5.20. Today's gains came as more funds entered the market and news of hard red wheat crop continues to decline. This looks like a good time to sell wheat if you haven't already, as prices are beginning to show signs of overheating. Wheat prices are likely to experience some correction in the next few days; however, if crop conditions are as bad as some are saying prices have the potential to go higher.
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Cotton & Rice Date: April 25, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 51 at 4648
Greenwood up 51 at 4648
New York Futures: May up 22 at 4890
July up 51 at 5123
Oct up 33 at 5433
Dec up 35 at 5600
Dec '08 up 20 at 6280
This week's LDP rate for cotton is 9.65 cents.
The estimate for next week is 10.07 cents.
Cotton Comment
December cotton prices saw very light trading today after setting new contract lows yesterday. Cotton prices cannot find any support, prices broke new lows yesterday despite planting progress being down significantly from previous years. Tomorrow's export sales report is expected to be relatively weak. The sentiment of the trade is that even with strong sales it will be difficult to reach current export goals.
Rice
Long Grain Cash Bid for April 900 to 905/cwt
May 900 to 905/cwt
Chicago Futures: May up 4 at 1000
July up 8 at 1035
Sept up 8 at 1070
Nov up 9 at 1102
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice prices saw very modest gains today. Mill and export demand continue to be very weak. Mill bids are around 50 cents per cwt less than seller's offers, and barge bids are 75 cents per cwt less than seller's offers. Prices around the globe are steady to down right now. Rice prices are likely to continue to trade sideways to down until some new fundamental occur and push the market.
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Cattle & Hogs Date: April 25, 2007
Cattle
As reported by Federal-State Market News, receipts were 1256 head at sales in Conway and Pocahontas.
Compared with last week, feeder steers under 600 lbs. $3 to $5 lower, over 600 lbs. weak to $1 lower.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 120 to 130
500 to 550 lbs. 113 to 123
600 to 650 lbs. 105 to 115
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 110 to 120
Heifers:
Medium & Large Frame 1 500 to 550 lbs. 102 to 112
Medium & Large Frame 2 400 to 450 lbs. 93 to 103
Slaughter Cows, Boners 46 to 50.5
Light Weight 35 to 38
Bulls, Yield Grade 1 1000 to 2100 lbs. 58 to 64
Midwest Steers were at 94 to - - -
Panhandle Steers were at 94 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. 112.5 to 116.5
550 to 600 lbs. 110 to 116.6
Chicago Futures:
Live Cattle: June up 2 at 9332
Aug up 20 at 9180
Feeders: May down 115 at 10797
Aug down 110 at 11100
Hogs
Peoria: were unchanged at 46 to 46.5
Chicago Futures: May up 37 at 7622
June up 70 at 7615
Sheep
St. Paul n/a at - - - to - - -
Livestock Comment
After a strong opening, June live cattle prices fell sharply; however, prices recovered their losses to close the day up slightly. Positive packer margins and strong cash prices have helped to support prices. Live cattle have support between $91 and $92 per cwt.
May hogs closed the day up slightly. Strong exports continue to support prices; however if prices continue to rise they may price themselves out of some markets. Strong cash prices combined with improving packer margins have increased demand for hogs.
The sentiment was steady in all areas. Supplies of all sizes were at least sufficient to handle trade needs. Floor stocks were in a full range. In production areas, live supplies were moderate. Weights were mixed, but mostly desirable.
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Poultry Date: April 25, 2007
Eggs
New York: Ex. Lg. 103-107; Lg. 101-105; Med. 91-95;
Chicago: Ex. Lg. 83-93; 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
The sentiment was steady in all areas. Supplies of all sizes were at least sufficient to handle trade needs. Floor stocks were in a full range. In production areas, live supplies were moderate. Weights were mixed, but mostly desirable.
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