Daily Arkansas Market Report for 4/3/2007
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Grain & Soybean Date: April 03, 2007
Soybeans
Local Elevators:
(Apr) EAST AR: 705 to 732
(NC) Summ. 750 to 773
River Elevators
(Apr) MISS: 724 to 742 ; AR & White 719 to 740
(NC) Summ. 750 to 773
Ark. Processor Bids: (Apr) 727 to 731 (NC) 770 to 773
Memphis: (Apr) 747 3/4 to 748 3/4 (NC) 767 1/4 to 772 1/4
Riceland Foods: (NC) Stuttgart 736 ; Pendleton 737 ; West Memphis 738
Chicago Futures: May down 15 1/4 at 763 3/4
Jul down 15 1/4 at 780 1/2
Aug down 15 at 786
Nov down 14 at 807 1/4
Nov '08 down 10 at 825
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 376 3/4 to 379 3/4;
Bids to farmers at Local Elevators 364-375;
River Elevators 361-380;
Chicago Futures: May down 9 at 419
Jul down 7 1/4 at 434 3/4
Sep down 7 at 447
Jul '08 down 5 1/2 at 465 1/2
Jul '09 down 2 at 475
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 546 to 558;
Bids to farmers at
River Elevators 505-570;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 339 1/4 to 344 1/4;
New crop at Memphis 321 to 322;
Bids to farmers at River Elevators 317 to 330
Chicago Futures: May down 8 1/2 at 346 1/4
Sep down 4 1/4 at 362
Dec down 2 at 367 1/2
Dec '08 up 5 1/4 at 385 3/4
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
After a relatively quiet morning soybeans took a nosedive and closed lower for the day. Fundamentals are unchanged since last week's planting intentions report so the market is still settling out from that. Key support is an uptrend line that moves 6 to 8 cents higher each week and is currently just above $8.00. Additional support is seen at $7.80. Look for the market to be sideways to slightly higher as long as the support holds.
July wheat continued to decline today. Wheat prices are having difficulty finding anything to support prices as crop conditions continues to improve and corn prices remain weak. The next support level for wheat is $4.21; however given the recent declines support at this level will be weak at best.
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Cotton & Rice Date: April 03, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis down 19 at 4930
Greenwood down 19 at 4930
New York Futures: May down 19 at 5305
Jul down 34 at 5444
Oct down 60 at 5700
Dec down 66 at 5875
Dec '08 down 30 at 6500
This week's LDP rate for cotton is 8.60 cents.
The estimate for next week is 8.69 cents.
Cotton Comment
Cotton was lower today as it appears to have not taken very long for the market to adjust to a potentially smaller U.S. crop. A 20% cut in the projected acreage for '07 would suggest an 18 to 19 million bale crop and the possibility of some reduction in growing stocks. Actually plantings may fall below the recent projection since weather appears to have favored corn planting across the cotton belt. But even few acres will need to see a vigorous export program, as the U.S. mill industry continues to shrink. Current resistance for December futures is 60 to 61 cents. Support starts at 58 cents.
Rice
Long Grain Cash Bid for Apr/May 922/cwt to - - -
n/a - - - to - - -
Chicago Futures: May down 5 at 1017
Jul down 3 at 1053 1/2
Sep down 4 at 1088
Nov down 5 at 1116
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice was slightly lower today as the market retraced a smaller portion of recent gains. A smaller '07 crop suggests a smaller crop and further declines in U.S. ending stocks. For now the U.S. market continues to suffer from slow milled exports and concern about the biotech situation. But, continued tightening of world stocks will eventually put the U.S. back in the mix and a much smaller crop should allow for improved prices down the line. November futures next upside objective is $10.99, with the contract high of $11.38 a strong possibility.
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Cattle & Hogs Date: April 03, 2007
Cattle
As reported by Federal-State Market News, receipts were 1,040 head at sales in Fort Smith & Marshall.
Compared with last week, feeder steers sold unevenly, near steady.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 129 to 139
500 to 550 lbs. 118 to 128
600 to 700 lbs. 107 to 115
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 114 to 124
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 115 to 125
Medium & Large Frame 2 400 to 450 lbs. 107 to 117
Slaughter Cows, Boners 41 to 47
Light Weight 26 to 34
Bulls, Yield Grade 1 1000 to 2100 lbs. 58.50 to 62.50, high dressing 63-67
Midwest Steers were $3 higher to $1 lower at 95 to - - -
Panhandle Steers were $1 higher to $1 lower at 95 to - - -
Oklahoma City Feeders Steers - - - to - - - lbs. - - - to - - -
- - - to - - - lbs. - - - to - - -
Heifers - - - to - - - lbs. - - - to - - -
- - - to - - - lbs. - - - to - - -
Chicago Futures:
Live Cattle: Apr down 47 at 9852
Jun down 140 at 9500
Feeders: Apr up 37 at 11057
Aug unchanged at 11210
Hogs
Peoria: were $1 higher at 39.5 to 40
Chicago Futures: Apr up 35 at 6537
Jun up 55 at 7607
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
Cattle prices found some resistance and were unable to break the $100 mark today. Upon meeting the resistance price declined slightly to close with modest losses on the day. Prices fell as the cash market remained quiet and more cattle were sent to auction to take advantage of the recent price swing.
Lean hog prices saw another day of modest gains. Lean hog prices closed just off the day's high at $65.38. A firm cash market and a strong export market have packers maintaining an aggressive pace.
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Poultry Date: April 03, 2007
Eggs
New York: Ex. Lg. 97-101; Lg. 95-99; Med. 76-80;
Chicago: Ex. Lg. 93-101; Lg. 91-99; Med. 73-81;
Eastern Region Turkeys
Hens: 8-16 lbs. 73-74
Toms: 16-24 lbs. 73-74
Delmarva Broilers
U.S. Grade A
Trade sentiment was generally steady in all areas. Supplies of all sizes were more than sufficient to handle trade needs. In production areas, live supplies were moderate. Weights were mixed, but mostly desirable. The Composite Weighted Average price for 04/02/07 was 78.66 compared to 78.71 a week earlier, and 89.92 a year ago.
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