Daily Arkansas Market Report for 4/30/2007
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Grain & Soybean Date: April 30, 2007
Soybeans
Local Elevators:
(Apr) EAST AR: 678 to 705
(NC) Summ. 714 to 737
River Elevators
(Apr) MISS: 694 to 706 ; AR & White 683 to 703
(NC) Summ. 715 to 737
Ark. Processor Bids: (Apr) 696 to 704 (NC) 734 to 737
Memphis: (Apr) 711 to 715 (NC) 736 3/4 to 740 3/4
Riceland Foods: (NC) Stuttgart 704 ; Pendleton 705 ; West Memphis 706
Chicago Futures: Jul up 4 1/2 at 743
Aug up 4 at 749 1/2
Nov up 4 1/4 at 770 3/4
Jan '08 up 3 at 779 1/2
Nov '08 up 3 1/2 at 804 1/2
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 465 1/2 to - - -;
Bids to farmers at Local Elevators 442-453;
River Elevators 441-459;
Chicago Futures: Jul down 17 at 495 1/2
Sep down 12 1/2 at 508 1/2
Dec down 12 at 517
Jul '08 down 4 1/2 at 492
Jul '09 unchanged at 490
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 560 to 571;
Bids to farmers at
River Elevators 554-618;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 360 1/2 to 370;
New crop at Memphis 327 1/2 to 331 1/2;
Bids to farmers at River Elevators 343 to 356
Chicago Futures: Jul down 6 1/4 at 367 1/2
Sep down 3 at 365 1/2
Dec '07 down 3 at 364 1/2
Dec '08 unchanged at 379 3/4
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
After dropping down to the post January report gap November soybeans have traded sideways. Today was an up day but November will need to close above $7.80 to put the market in an upmode. Support is $7.50 to $7.45. Weather remains the key and that is highly variable. Inability to get corn planted in a timely manner will add to potential pressure on beans.
July wheat prices fell sharply today to close below $5. Wheat prices continue their corrective pull back. Reports of rain in major growing regions overseas are adding to the downward pressure on wheat prices. Today's crop progress report that was released after the market closed will not likely help prices tomorrow as it shows the nations crop condition better than last week. According to the report 56% of the crop is in good to excellent condition this week compared to 54% last week.
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Cotton & Rice Date: April 30, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis down 74 at 4451
Greenwood down 74 at 4451
New York Futures: Jul down 74 at 4926
Oct down 68 at 5245
Dec down 60 at 5416
Mar '08 down 50 at 5705
Dec '08 down 75 at 6095
This week's LDP rate for cotton is 10.10 cents.
The estimate for next week is 11.16 cents.
Cotton Comment
Cotton futures remain under pressure with old crop pushing toward the late '06 low of 46.5 cents. Exports have improved with China taking increased amounts of U.S. cotton, but the likelihood of reaching USDA's current projection is slim. That suggests further upward adjustments in ending stocks. The Easter freeze has also pushed some corn acreage back to cotton. How much will not be known for a while. Technically, cotton is oversold and due a rebound, but upside will be limited.
Rice
Long Grain Cash Bid for May/Jun 900/cwt to - - -
- - - - - - to - - -
Chicago Futures: Jul down 1 1/2 at 1030
Sep down 3 at 1063
Nov down 1 at 1093
Jan down 1 at 1117
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice futures were basically unchanged as the market traded in a narrow range just below a downtrend. November futures have downward retracement objectives at $10.80 and $10.62. The market is still looking at a slow export pace and remains concerned about the impact of GMO traits in U.S. rice. Most U.S. mills are operating well below capacity and that will likely remain the case.
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Cattle & Hogs Date: April 30, 2007
Cattle
As reported by Federal-State Market News, receipts were 2,011 head at sales in Ash Flat & Springdale.
Compared with last week, feeder steers sold $4-$5 lower, heifers $1-$2 lower, instances $4 lower.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 117 to 127
500 to 550 lbs. 115 to 124
600 to 700 lbs. 91 to 101
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 116 to 124
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 111 to 121
Medium & Large Frame 2 400 to 450 lbs. 105 to 115
Slaughter Cows, Boners 45 to 51
Light Weight 35 to 41
Bulls, Yield Grade 1 1000 to 2100 lbs. 58 to 63.50, high dresing 64-68
Midwest Steers were $3.50 lower to $.25 higher at 93 to 96.75
Panhandle Steers were quoted at 95 to 97.50
Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -
n/a to - - - lbs. - - - to - - -
Heifers n/a to - - - lbs. - - - to - - -
n/a to - - - lbs. - - - to - - -
Chicago Futures:
Live Cattle: Jun up 85 at 9412
Dec up 57 at 9635
Feeders: Aug up 137 at 11285
Oct up 112 at 11152
Hogs
Peoria: were $.5 higher at 46.5 to 47
Chicago Futures: Jun up 52 at 7510
Oct up 85 at 6750
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
June live cattle prices gapped higher today to close at 94.25. Live cattle are being supported by declining corn prices and continued strength in the cash market. Strong gains in the cash market will be difficult to maintain without some fresh new fundamentals.
May hogs posted strong gains as they recovered from Friday's lows. Stronger than expected demand from packers combined with a narrowing of the gap between cash and futures prices caused prices to strengthen today. Hog prices have strong resistance at 76.60 before they can approach contact highs of 77.75.
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Poultry Date: April 30, 2007
Eggs
New York: Ex. Lg. 106-110; Lg. 104-108; Med. 95-99;
Chicago: Ex. Lg. 95-103; Lg. 93-101; Med. 85-93;
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 all areas compared to previous week. Trade sentiment was mostly steady. Supplies of all sizes were usually sufficient to satisfy trade needs. In production areas, live supplies were moderate. Weights were irregular, but mostly desirable.
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