Grain & Soybean Date: April 22, 2008 Soybeans
Local Elevators:
(April) EAST AR: 1315 to 1340
(NC) Summ. 1169 to 1196
River Elevators:
(April) MISS: 1305 to 1361 ; AR & White 1328 to 1334
(NC) Summ. 1175 to 1206
Ark. Processor Bids: (April) 1313 to 1333 (NC) 1194 to - - -
Memphis: (April) 1361 3/4 to 1362 3/4 (NC) 1207 to - - -
Riceland Foods: (April) Stuttgart 1333 ; Pendleton 1340 ; West Memphis 1361
Chicago Futures: | May | up | 59 1/4 | at | 1374 3/4 |
| July | up | 59 | at | 1389 1/2 |
| Aug | up | 58 1/2 | at | 1379 |
| Nov | up | 41 1/2 | at | 1277 |
| Nov '09 | up | 41 | at | 1249 |
| Today's Arkansas LDP rate for soybeans is: | 0¢ |
Soybean Comment
Soybeans closed sharply higher but appeared to again be a follower as corn reacted to slow plantings as indicated by Mondays crop progress report. No doubt increased rain chances over the next 6 to 10 days boosted support for corn. That in turn pulled soybeans higher. Soybeans showed greater strength in old crop contracts as the market attempts to ration dwindling supplies. The absence of Argentina from the export scene contributed underlying support. Last weeks high of $13.15 ½ is resistance for November.
Wheat
Cash bid for new crop at Memphis 739 to 741;
Bids to farmers at Local Elevators | 698-726; |
River Elevators | 696-739; |
Chicago Futures: | May | up | 6 | at | 851 3/4 |
| July | up | 6 1/2 | at | 866 |
| Sept | up | 6 1/2 | at | 880 1/2 |
| Dec | up | 7 1/2 | at | 898 |
| July '09 | up | 2 1/2 | at | 892 1/2 |
| Today's Arkansas LDP rate for wheat is: | 0¢ |
Grain Sorghum
Cash bid for April at Memphis 990 to 999;
Bids to farmers at River Elevators | 907-970; |
Today's Arkansas LDP rate for sorghum is: | 0¢ |
Corn
Cash bid for | April at Memphis 576 1/4 to 577 1/4; |
| New crop at Memphis 571 1/4 to - - -; |
Bids to farmers at River Elevators | 559 to 574 |
Chicago Futures: | May | up | 14 | at | 594 1/4 |
| July | up | 14 | at | 607 3/4 |
| Sept | up | 13 | at | 616 1/4 |
| Dec | up | 13 3/4 | at | 619 |
| Today's Arkansas LDP rate for corn is: | 0¢ |
Grain Comment
Wheat closed slightly higher but could not muster much upside movement even with strong gains in corn and beans. This seems to confirm growing weakness and suggests additional downside movement in the near future. Penetration of support between $8.30 and $8.40 could push July toward $7.75.
Cotton & Rice Date: April 22, 2008
Cotton
Spot Price, Grade 41 Staple 34: | Memphis up 140 at 6525 |
| Greenwood up 140 at 6525 |
New York Futures: | May | up | 137 | at | 7080 |
| July | up | 140 | at | 7475 |
| Dec | up | 139 | at | 8303 |
| March '09 | up | 142 | at | 8701 |
| May '09 | up | 142 | at | 8812 |
This week's LDP rate for cotton is | 0 cents |
| The estimate for next week is | 0 cents |
Cotton Comment Cotton finally found support and moved higher for the day. It remains obvious that cotton supplies are more than adequate even with the lower 08 U.S. planting intentions. Futures have been less than reflective of marketing conditions as indicated by the last of buying activity and the inability of producers to book 08 production. Cotton is underpriced relative to other crops and thus the big drop in plantings for the second year in a row. As stocks tighten, cotton price should rise in order to compete for acreage perhaps in late 08 or early 09.
Rice
Long Grain Cash Bid for | April | 2200/cwt | to | - - - |
| May/June | 2200/cwt | to | - - - |
Chicago Futures: | May | up | 50 | at | 2385 |
| July | up | 50 | at | 2420 |
| Sept | up | 50 | at | 2200 |
| Nov | up | 50 | at | 2180 |
| - - - | | - - - | at | - - - |
Today's Arkansas LDP rate for long grain rice is | 0¢ |
medium grain rice is | 0¢ |
Rice Comment Rice futures moved limit up today, quickly negating development of yesterdays potential island reversal top. As indicated, yesterdays fundamentals remain unchanged with tight worldwide supplies and potential hoarding in a number of areas. Limited supplies and sellers are being reflected in historic price movement. Further gains are possible and likely probable, but producers must be aware that the market can reverse quickly. Current price levels reflect good profit potential, although producers have limited opportunities to take advantage of it. Limited cash pricing opportunities may force producers to take risk management into their hands- that is, hedge on the board and be prepared to meet margin calls if the market continues to move higher.
Cattle & Hogs Date: April 22, 2008 Cattle
As reported by Federal-State Market News, receipts were 409 head at sales in Marshall. Compared with last week, feeder steers sold steady to $2 higher, heifers $1-$4 higher .
Steers: |
Medium & Large Frame 1 | 400 | to | 450 lbs. | 113.62 | to | - - - |
|
| 500 | to | 550 lbs. | 107.39 | to | - - - |
|
| 600 | to | 650 lbs. | 105.47 | to | - - - |
|
Medium & Large Frame 2 | 400 | to | 450 lbs. | 104.44 | to | - - - |
Heifers: |
Medium & Large Frame 1 | 500 | to | 550 lbs. | 97.27 | to | - - - |
|
Medium & Large Frame 2 | 400 | to | 450 lbs. | 90.43 | to | - - - |
Slaughter Cows, Boners 46.50 to 51
Light Weight 35 to 40
Bulls, Yield Grade 1 1000 to 2100 lbs. 64 to 65
Midwest Steers n/a at - - - to - - -
Panhandle Steers n/a at - - - to - - -
Oklahoma City Feeders
|
Steers | 500 | to | 550 lbs. | 114 | to | 119.5 |
| 550 | to | 600 lbs. | 111 | to | 118 |
Heifers | 500 | to | 550 lbs. | 96 | to | 104.5 |
| 550 | to | 600 lbs. | 94 | to | 103.5 |
Chicago Futures: Live Cattle: | June | up | 15 | at | 9210 |
| Aug | up | 20 | at | 9800 |
Feeders: | May | up | 5 | at | 10607 |
| Aug | down | 2 | at | 10907 |
Cattle Comment
Cattle futures closed higher as cutout values improved significantly. With the summer grilling season approaching, this is a positive sign. The market appears to be reacting positively to last weeks agreement with Korea and a positive Cattle On Feed report, but June will need to close above resistance at the recent high of $93.15.
Hogs Peoria: were steady at 37.5 to 38
Chicago Futures: | June | up | 70 | at | 7367 |
| Oct | up | 57 | at | 7370 |
Sheep St. Paul n/a at - - - to - - -
Hogs Comment
Hogs reversed yesterdays losses, as the market seems to have accounted for big stocks that were reported last week. Strong exports are helping, but it is apparent that supplies remain burdensome.
Poultry Date: April 22, 2008 Eggs
New York: | Ex. Lg. 116-120; Lg. 114-118; Med. 101-105; |
Chicago: | Ex. Lg. 105-113; Lg. 103-111; Med. 91-99; |
Eastern Region Turkeys Hens: | 8-16 lbs. | 86-88 |
Toms: | 16-24 lbs. | 86-88 |
| | |
Delmarva Broilers U.S. Grade ATrade sentiment was mixed, but at least steady. Retail demand was fair to moderate, best for active features. Supplies of all sizes were usually sufficient to closer balanced for trade needs. In production areas, live supplies were moderate. Weights were mixed, but mostly desirable.
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