Daily Arkansas Market Report for 5/1/2007
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Grain & Soybean Date: May 01, 2007
Soybeans
Local Elevators:
(May) EAST AR: 690 to 717
(NC) Summ. 727 to 750
River Elevators
(May) MISS: 706 to 718 ; AR & White 696 to 716
(NC) Summ. 726 to 750
Ark. Processor Bids: (May) 709 to 716 (NC) 747 to 750
Memphis: (May) 724 1/4 to 728 1/4 (NC) 749 1/2 to 753 1/2
Riceland Foods: (NC) Stuttgart 716 ; Pendleton 717 ; West Memphis 718
Chicago Futures: Jul up 13 1/4 at 756 1/4
Aug up 12 at 761 1/2
Nov up 12 3/4 at 783 1/2
Jan '08 up 14 1/4 at 793 3/4
Nov '08 up 14 1/2 at 819
Today's Arkansas LDP rate for soybeans is 0¢
Wheat
Cash bid for new crop at Memphis 471 to - - -;
Bids to farmers at Local Elevators 447-458;
River Elevators 448-464;
Chicago Futures: Jul up 5 1/2 at 501
Sep up 2 1/4 at 510 3/4
Dec up 3 3/4 at 520 3/4
Jul '08 down 3 at 489
Jul '09 unchanged at 490
Today's Arkansas LDP rate for wheat is 0¢
Grain Sorghum
Cash bid for new crop at Memphis 588 to 596;
Bids to farmers at
River Elevators 571-636;
Today's Arkansas LDP rate for sorghum is 0¢
Corn
Cash bid for May at Memphis 372 1/2 to 378 1/2;
New crop at Memphis 342 1/4 to 343 1/4;
Bids to farmers at River Elevators 353 to 366
Chicago Futures: Jul up 10 at 377 1/2
Sep up 11 3/4 at 377 1/4
Dec up 14 at 378 1/2
Dec '08 up 12 1/4 at 392
Today's Arkansas LDP rate for corn is 0¢
Grain Comment
Soybeans made a strong move today, as the market appears focused on the good weather as opposed to the slow progress in corn planting. A good planting window over the next 10 days would limit any potential switch back to soybeans. Technically, November closed above $7.80 and could move higher. Weather will be the key.
After strong declines early, July wheat made a late rally to close the day above $5. Early reports coming from a Kansas wheat tour strengthened the bearish tone as participants thought the wheat crop had the potential to partially recover from freeze damage sustained earlier. The late rally in wheat was the result of profit taking, and is unlikely a signal that prices are headed higher. Wheat will be hard pressed to sustain these late gains given the news from tour that confirms USDA's bearish assessment.
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Cotton & Rice Date: May 01, 2007
Cotton
Spot Price, Grade 41 Staple 34: Memphis down 104 at 4347
Greenwood down 104 at 4347
New York Futures: Jul down 104 at 4822
Oct down 120 at 5125
Dec down 140 at 5276
Mar '08 down 135 at 5570
Dec '08 down 162 at 5933
This week's LDP rate for cotton is 10.10 cents.
The estimate for next week is 11.16 cents.
Cotton Comment
December cotton gapped lower and closed at the bottom of an extended range. Technically, the gap lower open kept the market under pressure despite a heavily oversold situation. This market is due a rebound but traders are looked at the obvious – a potential 10 million bale carryover and a '07 crop of 18 million bales or more. Factor in slow exports and a continued downward spiral in domestic use and the logical outcome appears to be still lower prices. In addition changes in loan redemption and forfeiture rules leave producers in an awkward position. Equity offers are limited while producers face additional costs if they forfeit their loan. Obviously merchants know this and equity offers aren't likely to improve unless exports increase sharply.
Rice
Long Grain Cash Bid for May 900 to 904/cwt
Jun 900/cwt to - - -
Chicago Futures: Jul up 3 at 1033
Sep up 1 at 1064
Nov up 1 at 1094
Jan '08 up 4 at 1121
Today's Arkansas LDP rate for long grain rice is is 0¢ cents
medium grain rice is 0¢ cents
Rice Comment
Rice was virtually unchanged as November remained in a very narrow consolidation just below downtrend resistance. Retracement objectives of $10.80 and $10.62 would come into play with a downturn, while the next upside resistance is $11.15 to $11.25. 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: May 01, 2007
Cattle
As reported by Federal-State Market News, receipts were 1,139 head at sales in Fort Smith & Marshall.
Compared with last week, feeder steers sold $3-$4 lower, heifers steady to $1 higher.
Steers:
Medium & Large Frame 1 400 to 450 lbs. 119 to 129
500 to 550 lbs. 111 to 121
600 to 650 lbs. 105 to 113
to lbs. to
Medium & Large Frame 2 400 to 450 lbs. 105 to 115
Heifers:
Medium & Large Frame 1 400 to 450 lbs. 110 to 120
Medium & Large Frame 2 400 to 450 lbs. 96 to 106
Slaughter Cows, Boners 46 to 50
Light Weight 36 to 38
Bulls, Yield Grade 1 1000 to 2100 lbs. 59 to 64, high dressing 66.50-71
Midwest Steers n/a at - - - to - - -
Panhandle Steers n/a at - - - to - - -
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 down 25 at 9387
Dec up 7 at 9642
Feeders: Aug down 25 at 11260
Oct down 2 at 11150
Hogs
Peoria: were $1 higher at 47.5 to 48
Chicago Futures: Jun up 42 at 7552
Oct down 30 at 6720
Sheep
St. Paul Sheep shorn slaughter lambs choice end prime 110-125 lbs. were at n/a to - - -
Livestock Comment
Live cattle could not sustain yesterday's gains and closed the day with modest loses. While beef cut-outs and other products continue to post gains. The market continues to look for fresh fundamentals to get itself moving again.
May hogs closed just off daily highs to post modest gains on the day. Continued strong demand for hogs both from the domestic and export markets continue to support hog prices. Hog prices will have resistance at 76.60 before they can approach contract highs of 77.75.
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Poultry Date: May 01, 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
Trade sentiment was steady to fully steady in the Northeast and West; steady to instances weak in the Midwest. Supplies of all sizes were generally sufficient to handle current trade needs. In production areas, live supplies were mixed but mostly desirable. The Composite Weighted Average price for 04/30/07 was 78.35 compared to 78.37 a week earlier, and 57.86 a year ago.
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