03/27/2008 Farm Bureau Market Report

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Grain & Soybean Date: March 27, 2008 Soybeans Local Elevators: (Mar) EAST AR:  1247 to 1270 (NC) Summ. 1089 to 1128 River Elevators: (Mar) MISS: 1230 to 1293 ; AR & White 1260 to 1267 (NC) Summ. 1105 to 1136 Ark. Processor Bids: (Mar) 1252 to 1264  (NC) 1121 to 1126 Memphis:  (Mar) 1292 1/4 to 1297 1/4 (NC)  1128 1/2 to 1133 1/2 Riceland Foods:  (Mar) Stuttgart 1264 ; Pendleton 1270 ; West Memphis 1293 Chicago Futures: May down 24 3/4 at  1327 1/4   Jul  down  23  at  1342 1/2   Aug down 28  at  1328   Nov down 36  at  1208 1/2   Nov '09 down 24  at  1151   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were pushed lower throughout today’s trading session. A big Brazilian crop and prospects of 71.5 million acres or more, being planted in ’08 in the U.S. contributed to the negative undertone. This could also be profit taking after big early week gains as the trade looks ahead to Monday’s planting intentions report. November resistance is $12.66 to $13, with support in the $11.90 to $11.50 range. Corn continued to show greater strength than beans or wheat with modest gains in old crop. December resistance is the $5.90 contract high. Wheat Cash bid for new crop at Memphis  849 1/2 to 852 1/2; Bids to farmers at Local Elevators 818-843; River Elevators 815-851; Chicago Futures: May down  19  at  1014    Jul down 16 1/2  at  1016    Sep down  23  at  1028    Dec down  11  at  1043    Jul '09 down  5  at  990    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  942 to 965; Bids to farmers at River Elevators 855-918; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   548 1/2 to 550 1/2;   new crop at Memphis   519 to 524; Bids to farmers at River Elevators  526 to 543 Chicago Futures: May up  3 1/4  at  555 1/2    Jul up  2 1/4  at  567 1/4    Sep up  1  at  569    Dec unchanged    at  568 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were lower again today. It is still a strong possibility that this market has put in a major top. So far, July is holding at support at $10. The recent ups and downs have been mostly fund driven, and not really the result of any fundamental factors. Cotton & Rice  Date: March 27, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 89 at  6590   Greenwood down  89 at 6590 New York Futures: May down  93  at  7286    Jul down  105  at  7615    Dec down  119  at  8294    Mar '09 down  112  at  8547    May '09 down  65  at  8734  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton ran into resistance near 85 cents in early trading and ended the session lower. 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. Rice Long Grain Cash Bid for  Mar 1264/cwt  to  - - -   Apr/May 1555/cwt  to  - - - Chicago Futures: May up  8 1/2  at  1930 1/2    Jul up  5  at  1955    Sep unchanged    at  1740    Nov down  4  at  1746    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures followed yesterday’s pattern and closed mixed with small gains in old crop contracts. May resistance at $19.55 is being tested daily. 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. Cattle & Hogs  Date: March 27, 2008 Cattle As reported by Federal-State Market News, receipts were 2,910 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold $2-5 instances $10 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to 126   500 to 550 lbs. 106 to 116   600 to 700 lbs. 93 to 103  Medium & Large Frame 2   400 to 450 lbs. 107 to 117 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. 91 to 101 Slaughter Cows, Boners 44.50   to   50 Light Weight 34 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   64.50, high dressing 65-68 Midwest Steers   were steady to $.50 higher   at   87   to   88.50 Panhandle Steers   were steady to $1 lower   at   87   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 125 to 131.50   600 to 650 lbs. 108 to 119 Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Apr down 152 at 8862   Jun down 145 at 8860 Feeders: May down 192 at 10262   Aug down 217 at 10687 Cattle Comment Cattle were lower across the board, with the nearby April and June live contracts leading the way. Fund selling was the driving factor, but uncertainty about the strength of beef demand this spring is also a factor. Wholesale movement has been slow, apparently buyers are worried that economic woes will impact consumer choices. Feeders were lower on strength in corn and carryover weakness from the live pit. Hogs Peoria: were     steady   at   27.5   to   28 Chicago Futures: Apr up 55 at 5797   Jun down 57 at 7037 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mostly lower. June could retest the contract low of $70.10. Huge slaughter totals are being recorded, and frozen stocks are already burdensome. Poultry  Date: March 27, 2008 Eggs New York:  Ex. Lg. 158-162; Lg. 156-160; Med. 132-136; 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 about steady to weak. Supplies of all sizes were at least adequate to readily available for trade needs. In production areas, live supplies were moderate at desirable to heavy 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