03/25/2008 Farm Bureau Market Report

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Grain & Soybean Date: March 25, 2008 Soybeans Local Elevators: (Mar) EAST AR:  1220 to 1242 (NC) Summ. 1119 to 1158 River Elevators: (Mar) MISS: 1210 to 1267 ; AR & White 1232 to 1244 (NC) Summ. 1135 to 1166 Ark. Processor Bids: (Mar) 1232 to 1236  (NC) 1151 to 1156 Memphis:  (Mar) 1272 to 1277 (NC)  1159 to 1164 Riceland Foods:  (Mar/Apr) Stuttgart 1236 ; Pendleton 1242 ; West Memphis 1265 Chicago Futures: May up 50 at  1307   Jul  up  50  at  1322   Aug up 50  at  1316   Nov up 50  at  1239   Nov '09 up 50  at  1175   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment For the second day in a row soybeans were up the limit of 50 cents across the board. Index funds appear to be repurchasing contracts that were dumped during last week’s big slide. Fundamentals are unchanged with tightening U.S. stocks, an expected increase in ’08 plantings and harvesting of a huge South American crop. Argentina is maintaining a hold on soybean exports despite protests of farmers. This pushed a big Chinese purchase to the U.S. Corn also moved limit higher in most contracts amid concerns about this year’s plantings and potential for acreage to move to soybeans as a result of recent flooding. November soybeans have resistance around $13, if not before. December corn may not find resistance until the contract high of $5.90. Wheat Cash bid for new crop at Memphis  900 1/2 to 903 1/2; Bids to farmers at Local Elevators 869-886; River Elevators 866-898; Chicago Futures: May up  47 1/2  at  1067 1/2    Jul up 50  at  1068 1/2    Sep up  53 1/2  at  1082 1/2    Dec up  51  at  1090 1/2    Jul '09 up  38 1/2  at  1028    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  942 to 946; Bids to farmers at River Elevators 838-900; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   536 3/4 to 539 3/4;   new crop at Memphis   510 to 515; Bids to farmers at River Elevators  514 to 529 Chicago Futures: May up  20  at  544 3/4    Jul up  20  at  557    Sep up  20  at  560    Dec up  20  at  559 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted solid gains but closed well off the day’ high. The tight supply situation continues to be the driving force behind this market. Demand has held up surprisingly well in the face of historically high prices. However, the 2008 crop should replenish global supplies. It is still a strong possibility that this market has put in a major top. Key support remains $10 for the July contract. Cotton & Rice  Date: March 25, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 108 at  6713   Greenwood up  108 at 6713 New York Futures: May up  135  at  7440    Jul up  132  at  7755    Dec up  270  at  8485    Mar '09 up  255  at  8729    May '09 up  236  at  8799  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton made strong gains again today as the market tended to follow the grain complex higher. December hit resistance at 85 cents and backed off slightly. The next retracement objective and potential resistance is 87.4 cents. While the big move in cotton earlier this month was overdone, it appears there is solid support around the break out point. Look for this support to continue although it is obvious that export demand is declining. A smaller ’08 acreage will help bring the supply side of the market into better balance. Weather factors may alter planting intentions which are to be released a week from today. Flooding in Arkansas, Missouri and parts of the delta could push corn to beans or cotton. While dry conditions in Texas could bring cotton back into the mix. For now look for December futures to have support just above 76 cents. Initial resistance is around 85 cents. Rice Long Grain Cash Bid for  Mar 1575/cwt  to  - - -   Apr/May 1600/cwt  to  - - - Chicago Futures: May up  50  at  1903 1/2    Jul up  50  at  1930    Sep up  50  at  1765    Nov up  50  at  1770    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice quickly moved to limit up, closing there for the second day in a row. Overall fundamentals remain positive with tight U.S. and world supplies limiting availability. India is maintaining a minimum Export Price which moves higher as the market gets close. Vietnam sales are limited by available supply and Thailand is awaiting further market developments. Improvement of available supplies is expected to be limited and overall market outlook remain firm to higher. Old crop May futures have resistance at the week before last high of $19.55. New crop November is testing resistance at the contract high of $17.71 and we will likely see a higher level tomorrow. Cattle & Hogs  Date: March 25, 2008 Cattle As reported by Federal-State Market News, receipts were 1,097 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold unevenly, mostly steady to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 104 to 114   500 to 550 lbs. 107 to 117   600 to 650 lbs. 98 to 108  Medium & Large Frame 2   400 to 450 lbs. 110 to 115 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 104 to 114  Medium & Large Frame 2   400 to 450 lbs. 93 to 103 Slaughter Cows, Boners 46   to   50 Light Weight 32 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   61   to   65, high dressing 65-69 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: Apr up 72 at 9115   Jun steady at 9085 Feeders: May down 25 at 10612   Aug down 27 at 11035 Cattle Comment Cattle futures were mixed with feeders under pressure from limit gains in corn. The market was expecting demand to pick up after Easter, but so far that hasn’t materialized. Wholesale movement has been slow, apparently buyers are worried that economic woes will impact consumer choices. Frozen stocks were down 9% in last week’s report, however. Hogs Peoria: were     steady   at   27.5   to   28 Chicago Futures: Apr up 160 at 5790   Jun up 110 at 7260 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mostly higher. Nearby contracts posted solid gains, mostly on expectations for seasonal improvement in cash prices. Huge slaughter totals are being recorded, however, and that could limit the upside. Friday’s quarterly pig crop report should shed more light on the situation. Poultry  Date: March 25, 2008 Eggs New York:  Ex. Lg. 163-167; Lg. 161-165; Med. 138-142; Chicago:  Ex. Lg. 154-162; Lg. 152-160; Med. 131-139; Eastern Region Turkeys Hens: 8-16 lbs. 82-84 Toms: 16-24 lbs. 82-84   Delmarva Broilers U.S. Grade A Trade sentiment was steady to about steady. Supplies of all sizes were more than sufficient to satisfy trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights. ---------------------------------------- HOW TO UNSUBSCRIBE You are receiving this newsletter because you requested that your e-mail address be added to the Arkansas Farm Bureau Market Report. To unsubscribe or change your subscription information, go to http://www.arfb.com/commodity_marketing/email/ ---------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at mktrpt@arfb.com Arkansas Farm Bureau 10720 Kanis Road Little Rock, AR 72211 501-224-4400 Copyright 2008 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use