Daily Arkansas Market Report for 4/26/2007
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Grain & Soybean Date: April 26, 2007
Soybeans
Local Elevators:
(April) EAST AR: 667 to 694
(NC) Summ. 705 to 728
River Elevators
(April) MISS: 683 to 697 ; AR & White 675 to 695
(NC) Summ. 706 to 728
Ark. Processor Bids: (April) 686 to 693 (NC) 725 to 728
Memphis: (April) 695 1/4 to 708 1/4 (NC) 728 1/4 to 730 1/4
Riceland Foods: (April) Stuttgart 693 ; Pendleton 694 ; West Memphis 695
Chicago Futures: May down 3 1/4 at 718 1/4
July down 2 3/4 at 735
Aug down 2 1/4 at 741 1/2
Nov down 2 1/4 at 762 1/4
Nov '08 down 3 1/2 at 796
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 491 to 493;
Bids to farmers at Local Elevators 467-478;
River Elevators 466-484;
Chicago Futures: May up 3/4 at 507
July up 1/2 at 521
Sept up 1/4 at 527 3/4
July '08 down 3 at 499
July '09 up 2 at 492
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 577 to 582;
Bids to farmers at
River Elevators 564-629;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 366 3/4 to 371 3/4;
New crop at Memphis 336 to 339;
Bids to farmers at River Elevators 347 to 360
Chicago Futures: May down 6 1/2 at 364 3/4
Sept down 4 1/4 at 374
Dec down 5 1/2 at 387
Dec '08 down 4 1/2 at 384 1/2
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
November soybean prices continue to decline. 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. 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.
Wheat prices were slightly higher today. This week'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. The new contract high set yesterday will likely be resistance over the next few sessions.
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Cotton & Rice Date: April 26, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis down 124 at 4524
Greenwood down 124 at 4524
New York Futures: May down 120 at 4770
July down 124 at 4999
Oct down 133 at 5300
Dec down 118 at 5482
Dec '08 down 95 at 6185
This week's LDP rate for cotton is 9.65 cents.
The estimate for next week is 10.10 cents.
Cotton Comment
December cotton was sharply lower again today after a little upturn yesterday. Exports to China are 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 893 to 900/CWT
May 893 to 900/CWT
Chicago Futures: May down 12 at 988
July down 9 at 1026
Sept down 7 at 1063
Nov down 10 at 1092
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. Rice prices have support at $10.90.
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Cattle & Hogs Date: April 26, 2007
Cattle
As reported by Federal-State Market News, receipts were 2164 head at sales in Charlotte & Green Forest.
Compared with last week, feeder steers sold steady to $1 higher, heifers mostly steady.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 125 to 135
500 to 550 lbs. 117 to 127
600 to 700 lbs. 104 to 114
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 116 to 126
Heifers:
Medium & Large Frame 1 500 to 550 lbs. 104 to 114
Medium & Large Frame 2 400 to 450 lbs. 100 to 110
Slaughter Cows, Boners 44 to 50
Light Weight 35 to 40
Bulls, Yield Grade 1 1000 to 2100 lbs. 57 to 64
Midwest Steers were $2.50 higher at 96.5 to - - -
Panhandle Steers were $2 to $2.50 higher at 96 to 96.5
Oklahoma City Feeders Steers 500 to 550 lbs. 126 to 137
550 to 600 lbs. 118 to 121
Heifers 500 to 550 lbs. 106 to 111.50
550 to 600 lbs. 100 to 104
Chicago Futures:
Live Cattle: June down 62 at 9270
Aug down 32 at 9147
Feeders: May up 17 at 10815
Aug down 2 at 11097
Hogs
Peoria: were unchanged at 46 to 46.5
Chicago Futures: May down 115 at 7507
June down 97 at 7517
Sheep
St. Paul n/a at - - - to - - -
Livestock Comment
June live cattle experienced declines again today. 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 26, 2007
Eggs
New York: Ex. Lg. 106-110; Lg. 104-108; Med. 95-99;
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 in all areas. Supplies of all sizes were at least adequate to satisfy trade needs. Floor stocks were in balance to long. In production areas, live supplies were moderate at mixed, but mostly desirable weights. According to National Agricultural Statistics Service, broiler egg sets were up 4% and chick placements were up 1% when compared to a year ago. Based on the preliminary chick placements, the number of fryers available for marketing during the week ending June 02, 2007 was estimated at 163.2 million head compared to 162.7 million head a week earlier.
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