Daily Arkansas Market Report for 4/27/2007
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Grain & Soybean Date: April 27, 2007
Soybeans
Local Elevators:
(Apr) EAST AR: 672 to 699
(NC) Summ. 710 to 733
River Elevators
(Apr) MISS: 688 to 700 ; AR & White 678 to 698
(NC) Summ. 710 to 733
Ark. Processor Bids: (Apr) 691 to 698 (NC) 730 to 733
Memphis: (Apr) 703 to 710 (NC) 732 1/2 to 734 1/2
Riceland Foods: (NC) Stuttgart 698 ; Pendleton 699 ; West Memphis 700
Chicago Futures: May up 4 3/4 at 723
Jul up 3 1/2 at 738 1/2
Aug up 4 at 745 1/2
Nov up 4 1/4 at 766 1/2
Nov '08 up 5 at 801
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 482 1/2 to - - -;
Bids to farmers at Local Elevators 459-470;
River Elevators 458-479;
Chicago Futures: May down 6 1/2 at 500 1/2
Jul down 8 1/2 at 512 1/2
Sep down 6 3/4 at 521
Jul '08 down 2 1/2 at 496 1/2
Jul '09 down 2 at 490
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 565 to 576;
Bids to farmers at
River Elevators 563-627;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 363 1/4 to 374 1/4;
New crop at Memphis 330 1/2 to 334 1/2;
Bids to farmers at River Elevators 348 to 361
Chicago Futures: May down 1/2 at 364 1/4
Sep down 5 1/2 at 368 1/2
Dec down 6 1/2 at 367 1/2
Dec '08 down 4 3/4 at 379 3/4
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans were steady to firm closing with small gains. The overall fundamental picture is unchanged with a big U.S. carryover and big world supplies dominating the picture. Poor corn planting conditions may ultimately force some acreage back to soybeans.
After maintaining gains yesterday, wheat prices fell today. While prices still have strong support from the fundamentals they are having difficulty maintaining highs set over the last few days. The bad news is that today's weak close is likely to carryover to Monday; however, given the current situation we are unlikely to see losses like we saw in March when prices fell dramatically. July wheat prices have support around $4.90.
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Cotton & Rice Date: April 27, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 1 at 4525
Greenwood up 1 at 4525
New York Futures: May up 20 at 4790
Jul up 1 at 5000
Oct up 13 at 5313
Dec down 6 at 5476
Dec '08 down 15 at 6170
This week's LDP rate for cotton is 10.10 cents.
The estimate for next week is 11.16 cents.
Cotton Comment
Cotton was mostly lower and the market is beginning to sound like a summer weather forecast. Huge U.S. stocks are expected to increase even more as exports likely will fail to reach the much reduced projection. China has failed to reach earlier expectations. Smaller U.S. plantings will help but even with just 12 million acres supplies will be huge.
Rice
Long Grain Cash Bid for Apr/May 900 to 903/cwt
Jun 900/cwt to - - -
Chicago Futures: May up 10 at 998
Jul up 5 1/2 at 1031 1/2
Sep up 3 at 1066
Nov up 2 at 1094
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice was steady today as the market awaits further developments. Fresh demand remains thin as mills continue to ship against recent sales to Cuba, Africa, and Haiti. Most mills are operating well below capacity. The '07 crop remains a factor with acreage projected lower again this year. Exactly how much will be planted is yet to be determined but the market is anticipating significantly less long grain.
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Cattle & Hogs Date: April 27, 2007
Cattle
As reported by Federal-State Market News, receipts were 8,275 head at sales in Arkansas this week.
Compared with last week, feeder steers sold unevenly, mostly weak to $1 lower.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 124 to 134
500 to 550 lbs. 118 to 128
600 to 700 lbs. 102 to 112
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 114 to 124
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 111 to 121
Medium & Large Frame 2 400 to 450 lbs. 104 to 114
Slaughter Cows, Boners 45 to 51
Light Weight 35 to 41
Bulls, Yield Grade 1 1000 to 2100 lbs. 58 to 64, high dressing 64-68
Midwest Steers were steady at 96.50 to - - -
Panhandle Steers n/a at - - - to - - -
Oklahoma City Feeders Steers 500 to 550 lbs. 119 to 137
600 to 650 lbs. 109 to 124
Heifers 500 to 550 lbs. 104 to 118
600 to 650 lbs. 102 to 116.85
Chicago Futures:
Live Cattle: Jun up 57 at 9327
Aug up 55 at 9202
Feeders: May up 40 at 10855
Aug up 50 at 11147
Hogs
Peoria: were unchanged at 46 to 46.5
Chicago Futures: May down 62 at 7445
Jun down 60 at 7457
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
Live cattle prices moved higher today. Prices have found support in news that South Korea has agreed to allow 6.4 MT of U.S. beef into this market. However, cattle slaughter is down this week, as the wholesale beef market remains weak. June live cattle have support at $92.
Lean hog prices experienced modest gains today as wholesale pork prices continue to strengthen. Hog prices over the last couple of weeks have traded mostly sideways, as the market looks for fresh fundamental news. July hogs have support at $74.85.
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Poultry Date: April 27, 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. 75-77
Toms: 16-24 lbs. 75-77
Delmarva Broilers
U.S. Grade A
Majority prices were unchanged in the major terminal markets when compared to a week earlier. Trade sentiment was mostly steady in shipping channels. However, some caution was noted. Supplies of all sizes were sufficient for trade needs. In production areas, live supplies were moderate. Weights were irregular, but mostly desirable.
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