Daily Arkansas Market Report for 4/4/2007
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Grain & Soybean Date: April 04, 2007
Soybeans
Local Elevators:
(Apr) EAST AR: 707 to 734
(NC) Summ. 748 to 771
River Elevators
(Apr) MISS: 721 to 739 ; AR & White 717 to 737
(NC) Summ. 748 to 771
Ark. Processor Bids: (Apr) 724 to 733 (NC) 768 to 771
Memphis: (Apr) 749 to 750 (NC) 767 1/4 to 771 1/4
Riceland Foods: (NC) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a
Chicago Futures: May down 2 3/4 at 761
Jul down 2 3/4 at 777 3/4
Aug down 1 1/2 at 784 1/2
Nov down 2 at 805 1/4
Nov '08 down 4 at 821
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 388 to 392;
Bids to farmers at Local Elevators 375-386;
River Elevators 372-391;
Chicago Futures: May up 12 1/4 at 431 1/4
Jul up 11 1/4 at 446
Sep up 10 1/2 at 457 1/2
Jul '08 up 6 1/2 at 472
Jul '09 up 3 at 478
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 569 to 581;
Bids to farmers at
River Elevators 529-593;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for April at Memphis 352 1/4 to 354 1/4;
New crop at Memphis 334 to - - -;
Bids to farmers at River Elevators 328 to 341
Chicago Futures: May up 13 at 359 1/4
Sep up 12 at 374
Dec up 13 at 380 1/2
Dec '08 up 9 1/4 at 395
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans ended the day lower after trading a fairly narrow range to either side of yesterday's close. Cold, wet weather appears to be working in favor of additional bean acreage in the Midwest. The quick decline in corn following the planting intentions report, coupled with a stable to higher bean market, has likely moved acres to beans as well. Rising Brazilian crop estimates will add pressure in coming months.
July wheat found some much desired gains today and closed up 11 cents. Wheat prices followed corn higher today as traders followed technical signs that both markets had oversold following last Friday's bearish USDA report. In addition to this, the frost that is forecast in major U.S. growing regions and the drought conditions in China are providing some fundamental support to the market. It is still too early to say wheat is done with its downward movement as wheat supplies are still strong and export demand remains weak. However, if the frost does do any significant damage to the wheat crop, which is not forecast at this time, then wheat may find some stronger support for higher prices.
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Cotton & Rice Date: April 04, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis up 21 at 4951
Greenwood up 21 at 4951
New York Futures: May up 21 at 5326
Jul up 30 at 5474
Oct up 40 at 4740
Dec up 42 at 5917
Dec '08 up 35 at 6535
This week's LDP rate for cotton is 8.60 cents.
The estimate for next week is 8.60 cents.
Cotton Comment
Cotton continues in a consolidation mode following last week's planting intentions report. While the report indicated big cuts in '07 that may be sufficient to meet demand needs unless China becomes a bigger factor. Domestic use continues to decline with '07 utilization just above 5 million bales. Exports of 13 to 14 million bales would suggest annual production of 18 and 19 million bales. Just about the expected production from 12 million acres. Weather will obviously be a big factor in the final outcome, but either demand or supply is going to have to change to get the market off dead center. Look for December to remain in a narrow range below resistance at 60 to 61 cents.
Rice
Long Grain Cash Bid for n/a - - - to - - -
n/a - - - to - - -
Chicago Futures: May up 6 at 1023
Jul up 5 1/2 at 1059
Sep up 3 at 1091
Nov up 4 at 1120
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 adjusts to prospects of a significantly smaller crop in '07. Acreage prospects have declined as a result of GMO issues with two major varieties, strong corn and soybean values, and high production costs. In recent days there has been some improvement in the milled rice area as the U.S. completed fresh business with Cuba and Iraq. Additional export sales are needed to get the market in a positive mode. November futures have resistance at $11.28, $11.40 and the contract high of $11.58. Corresponding points for the September contract are $10.99, $11.16 and $11.38.
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Cattle & Hogs Date: April 04, 2007
Cattle
As reported by Federal-State Market News, receipts were 1,453 head at sales in Conway, Ola & Pocahontas.
Compared with last week, feeder steers sold steady to $3 higher, heifers steady to $1 higher.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 125 to 135
500 to 550 lbs. 112 to 122
600 to 700 lbs. 105 to 115
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 115 to 125
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 110 to 120
Medium & Large Frame 2 400 to 450 lbs. 104 to 114
Slaughter Cows, Boners 44 to 49
Light Weight 32 to 35
Bulls, Yield Grade 1 1000 to 2100 lbs. 58 to 62.50, high dressing 63.50-66.50
Midwest Steers were $1 lower to $1 higher at 94 to 96
Panhandle Steers were $1 lower to $1 higher at 94 to 96
Oklahoma City Feeders Steers 500 to 550 lbs. 119 to 126
600 to 650 lbs. 114 to 124
Heifers 500 to 550 lbs. 115 to 123
600 to 650 lbs. 106.50 to 113.50
Chicago Futures:
Live Cattle: Apr up 52 at 9905
Jun up 55 at 9555
Feeders: Apr up 22 at 11080
Aug up 25 at 11235
Hogs
Peoria: were unchanged at 39.5 to 40
Chicago Futures: Apr unchanged at 6537
Jun down 47 at 7560
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
Live cattle ended the day up moderately across the board. Nearby April cattle are being supported by strong cash prices, while other contracts saw some technical selling and profit taking after yesterday's lows. June live cattle closed the day at $95.55 at just above trend line support. June live cattle prices have support at $94.50, but will face resistance at $96.50 and $99.75, if it hopes to exceed $100/cwt like the April contract.
April lean hogs were supported by a firm cash market and closed the day with gains; however May hogs saw moderate declines as weak packer margins caused some concern over demand in the near term. There is no sign of cutbacks yet, but if prices don't firm up soon packers will be less likely to compete for hogs.
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Poultry Date: April 04, 2007
Eggs
New York: Ex. Lg. 92-96; Lg. 90-94; Med. 72-76;
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 steady to fully steady in the West, and steady elsewhere. Supplies of all sizes were more than sufficient to handle limited trade needs. In production areas, live supplies were moderate. Weights were mixed, but mostly desirable.
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