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Arkansas Farm Bureau Daily Commodity Report

A comprehensive daily commodity market report for Arkansas agricultural commodities with cash markets, futures and insightful analysis and commentary from Arkansas Farm Bureau commodity analysts.

Noteworthy benchmark price levels of interest to farmers and ranchers, as well as long-term commodity market trends which are developing. Daily fundamental market influences and technical factors are noted and discussed.

Soybeans

HighLow
Cash Bids1008938
New Crop967897
 

Riceland Foods

 
Cash BidsStuttgart: - - -Pendleton: - - -
New CropStuttgart: - - - Pendleton: - - -
 

Futures:
SOYBEANS
High Low Last Change
May '15 981.00 966.75 969.75 -8.50
Jul '15 983.00 968.50 970.75 -9.25
Aug '15 979.50 965.25 966.75 -9.50
Sep '15 966.50 955.00 956.25 -9.25
Nov '15 964.75 950.25 952.50 -9.00
Jan '16 970.50 957.00 959.00 -9.00
Mar '16 975.00 961.25 963.00 -9.00
May '16 976.25 963.50 965.25 -9.00
Jul '16 977.25 969.75 971.00 -9.50
DTN Click here for info on Exchange delays.

Arkansas Daily Grain Report

FOB Memphis Elevator Crops

Soybean Comment

Soybeans closed sharply lower today giving back all of the week’s gains, as the November contract closed fractionally lower compared to last week. New crop soybeans are near the bottom end of the recent trading range, and given the improved weather forecast are likely destined to retest recent lows in the near future. November prices have support at $9.46, followed by $9.41, afterwards prices would not have support before recent lows near $9.33 and contract lows set last September near $9.27. As prices decline the market will be closely watching to see if export demand begins to pick up for U.S. soybeans. As weather improves the likelihood of the corn reaching the lofty goals set in the Planting Intentions Report become more likely. This would be a positive for soybeans as it would limit acreage. While acreage might not increase the USDA will likely show a larger carryover in 2015/16 next month as supply will again outpace demand in 2015. This will hold the bearish tone in the market and prevent significant gains in prices.



Wheat

HighLow
Cash Bids464450
New Crop----
 

Futures:
WHEAT
High Low Last Change
May '15 499.50 485.00 486.00 -11.75
Jul '15 502.75 487.50 488.50 -12.75
Sep '15 511.00 497.25 498.00 -12.50
Dec '15 527.50 514.00 515.00 -12.25
Mar '16 541.75 529.00 530.00 -11.75
May '16 545.75 539.00 540.00 -11.25
Jul '16 554.00 543.00 543.25 -10.25
Sep '16 552.00 -10.00
Dec '16 573.75 573.25 566.00 -9.75
DTN Click here for info on Exchange delays.

Arkansas Daily Grain Report

FOB Memphis Elevator Crops

Wheat Comment

Wheat prices closed sharply lower today giving back all of its weekly gains. For the week, July wheat is only down a penny, but that is after prices strengthening 12-cents earlier in the week. Weakness in outside markets and improving weather forecast remain a drag on the market. July wheat is again testing recent lows; the 4-week low in this market was set last week near $4.85 when prices held support at contract lows of $4.845. The market may not be as lucky this week, as outside markets are expected to move lower and little support is on the fundamental horizon. In addition to price declines, basis levels for wheat at major river elevators in the state are down between 2-cents and 11-cents this week. While prices could see some technical support for wheat prices next week, $5 will likely remain tough resistance for the market and gains above this level will be short lived.



Grain Sorghum

HighLow
Cash Bids459435
New Crop479384
 

Arkansas Daily Grain Report

FOB Memphis Elevator Crops



Corn

HighLow
Cash Bids400361
New Crop395336
 

Futures:
CORN
High Low Last Change
May '15 371.25 363.75 364.50 -6.25
Jul '15 377.25 369.50 369.75 -7.00
Sep '15 384.75 377.00 377.50 -6.75
Dec '15 395.00 387.50 388.25 -6.25
Mar '16 405.25 398.25 399.25 -6.00
May '16 412.75 406.00 407.00 -5.75
Jul '16 419.00 412.50 413.75 -5.25
Sep '16 413.25 408.25 408.00 -5.25
Dec '16 411.00 405.50 406.25 -5.75
DTN Click here for info on Exchange delays.

Arkansas Daily Grain Report

FOB Memphis Elevator Crops

Corn Comment

Corn market saw the bottom fall out of prices today as forecast improve for next week. As we enter the first of May the forecast is for a warmer and drier weather pattern across much of the major growing areas. While this week’s export sales report boasted good export numbers, it looks as though many producers are finally going to be able to get into the field next week and the tone of the market is turning bearish. December corn prices today broke support near $3.90 and are just cents above the 4-week low of $3.87, if the market breaks this level there is very little technical support for prices before the contract low of $3.64. For now prices are likely to move lower despite being oversold, and will need some fresh fundamental news to mount a sustained recovery. There remains a lot of growing days between now and harvest, but comfortable supplies combined with good planting progress will make it very difficult for prices to sustain gains, especially if weather forecasts remain favorable to crop growth.



Cotton

Futures:
COTTON
High Low Last Change
May '15 63.94 62.8 63.55 0.47
Jul '15 64.07 63.21 63.87 0.37
Dec '15 64.9 64.05 64.68 0.35

Memphis, TN Cotton and Tobacco Programs

Cotton Comment

Cotton futures were higher across the board again today. The late week rally was in reaction to the USDA export report which showed 172,000 bales sold for the week ending April 16. Planting progress is off to a slow start, with only about 8% of the crop planted. December is back within range to retest resistance at 66 cents.



Rice

HighLow
Long Grain Cash Bids- - -- - -
Long Grain New Crop- - -- - -
 

Futures:
ROUGH RICE
High Low Last Change
May '15 1009.0 998.0 998.0 -8.0
Jul '15 1032.5 1023.0 1023.0 -6.0
Sep '15 1056.0 1050.0 1049.5 -5.5
Nov '15 1074.0 -5.5
Jan '16 1098.5 -4.5
Mar '16 1103.5 -4.5
May '16 1103.5 -4.5
DTN Click here for info on Exchange delays.

Rice Comment

Rice futures ended the week on a negative note. Net export sales of 65,600 tons were not enough to spark buying interest. Although it is no surprise, 32% of the crop has been seeded compared with a five year average of 42%. Arkansas farmers are 28% planted, compared with a five year average of 44%. The market is still trading at 5 year lows. May has downside objectives of $9.48 and $9.30 on the monthly continuation chart, while July continues to hold onto support at $10 for the time being. Large stocks and the potential for another large crop continue to weigh on the market. However, if wet conditions continue, it is likely we will see a reduction in acreage.



Cattle

Futures:
Live Cattle:
LIVE CATTLE
High Low Last Change
Apr '15 161.400 158.550 161.225 +1.925
Jun '15 151.650 148.400 151.150 +2.125
Aug '15 149.900 147.050 149.500 +1.650
Oct '15 151.350 148.875 150.875 +1.300
Dec '15 152.350 149.800 151.600 +1.175
Feb '16 151.675 149.375 151.000 +0.925
Apr '16 150.625 148.425 150.000 +0.725
Jun '16 144.225 141.525 143.600 +1.625
Aug '16 141.950 139.525 141.950 +1.950
DTN Click here for info on Exchange delays.
Feeders:
FEEDER CATTLE
High Low Last Change
Apr '15 215.875 213.250 215.800 +1.525
May '15 214.725 210.625 213.625 +2.375
Aug '15 216.350 212.250 215.275 +2.325
Sep '15 215.125 211.175 214.150 +2.175
Oct '15 214.100 210.375 213.375 +2.200
Nov '15 212.800 209.350 211.950 +2.000
Jan '16 206.800 204.400 206.000 +2.325
Mar '16 204.000 201.500 204.000 +3.000
DTN Click here for info on Exchange delays.

Arkansas Prices
Arkansas Weekly Livestock Summary

Cattle Comment

Cattle prices ended the week sharply higher. Cattle prices rallied strong this week as the nearby live cattle rose more than $2/cwt and Feeder Cattle rose more than $5/cwt. After a weak start to the week with prices in both markets gapping lower on Monday it looked as if this market was heading sharply lower; however, improvements in cash prices and increased technical buying led sharp rallies during the second half of the week. The market is now looking for lower March feedlot placements in today’s USDA report to keep these gains moving into next week.



Hogs

Futures:
LEAN HOGS
High Low Last Change
May '15 72.325 71.600 71.900 -0.025
Jun '15 79.700 77.750 79.100 +0.775
Jul '15 81.050 79.250 80.450 +0.550
Aug '15 81.050 79.400 80.450 +0.425
Oct '15 71.950 71.000 71.675 +0.125
Dec '15 69.000 68.150 68.650 0.000
Feb '16 71.500 70.850 70.900 -0.350
Apr '16 73.550 73.025 73.025 -0.225
May '16 77.650 77.500 77.650 +0.225
DTN Click here for info on Exchange delays.

Hog Comment



Shell Eggs

Daily Midwest Regional Eggs
Daily New York Eggs

National Turkeys

Weekly Weighted Average Prices for Whole Young Turkeys

Delmarva Broilers

Daily Southern Broiler/Fryers