03/28/2008 Farm Bureau Market Report

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Grain & Soybean Date: March 28, 2008 Soybeans Local Elevators: (Mar) EAST AR:  1187 to 1210 (NC) Summ. 1040 to 1079 River Elevators: (Mar) MISS: 1170 to 1233 ; AR & White 1198 to 1204 (NC) Summ. 1056 to 1085 Ark. Processor Bids: (Mar) 1200 to 1204  (NC) 1077 to - - - Memphis:  (Mar) 1232 1/4 to 1237 1/4 (NC)  1079 1/2 to 1089 1/2 Riceland Foods:  (Mar) Stuttgart 1204 ; Pendleton 1244 ; West Memphis 1233 Chicago Futures: May down 60 at  1267 1/4   Jul  down  57 1/2  at  1285   Aug down 61  at  1267   Nov down 49  at  1159 1/2   Nov '09 down 41 1/2  at  1109 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed sharply lower as early trading took several contracts near the new expanded trading limit of 70 cents. Early consensus about Monday’s planting intentions report indicate 71.5 million acres or more for ’08. This combined with rumors the farmer strike in Argentina may near an end to pressure the market ahead of the report. November tested support at $11.50 and isn’t far away from last week’s low of $11.34. Corn rallied to close higher at the close. This reflects growing concern about planting expectations. December resistance is $5.90 to $6.00. Wheat Cash bid for new crop at Memphis  828 to 831; Bids to farmers at Local Elevators 796-821; River Elevators 793-829; Chicago Futures: May down  25  at  989    Jul down 21 1/2  at  996    Sep down  28  at  1000    Dec down  23  at  1020    Jul '09 down  20  at  970    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  951 to 974; Bids to farmers at River Elevators 866-929; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   553 1/2 to 555 1/2;   new crop at Memphis   526 1/4 to 531 1/4; Bids to farmers at River Elevators  531 to 549 Chicago Futures: May up  5 1/2  at  561    Jul up  6 1/4  at  573 1/2    Sep up  7  at  576    Dec up  7 1/2  at  576    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures are now trending lower. It is still a strong possibility that this market has put in a major top. Recent weather woes in soft red winter wheat territory have not turned the market around. The trade is expecting to see total wheat seedings of 63.625 million acres in Monday’s report. Cotton & Rice  Date: March 28, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 122 at  6468   Greenwood down  122 at 6468 New York Futures: May down  113  at  7177    Jul down  92  at  7527    Dec down  116  at  8183    Mar '09 down  144  at  8406    May '09 down  160  at  8475  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures were trimmed again as the market closed lower of the 3rd day in a row. However, gains on Monday and Tuesday left the market higher for the week. Support is last week’s low of 76.34 cents, resistance is 85.5 and then 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. Rice Long Grain Cash Bid for  Mar 1575/cwt  to  - - -   Apr/May 1600/cwt  to  - - - Chicago Futures: May down  37  at  1967 1/2    Jul down  45  at  2000    Sep down  29  at  1769    Nov down  23  at  1769    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures gapped sharply higher at the open and held substantial gains at the close. Old crop continued to gain relative to new crop July moving above $20. Going into Monday’s planting intentions report it is clear the very tight world stocks situation is still driving this market. Sales in Vietnam, Thailand and India are at a virtual standstill as “nominal quotes” are approaching $800 per metric tonne. U.S. quotes remain in the $700-$725 range. Cattle & Hogs  Date: March 28, 2008 Cattle As reported by Federal-State Market News, receipts were 16,165 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $2-4 lower, instances $7 lower. Feeder heifers sold unevenly, mostly $3-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113 to 123   500 to 550 lbs. 106 to 116   600 to 700 lbs. 96 to 106  Medium & Large Frame 2   400 to 450 lbs. 104 to 114 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. 91 to 101 Slaughter Cows, Boners 46   to   52 Light Weight 35 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   65, high dressing 66-70 Midwest Steers   were $1 higher to $.50 lower   at   88   to   - - - Panhandle Steers   remained   at   87   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 down 97 at 8765   Jun down 72 at 8787 Feeders: May down 35 at 10227   Aug down 20 at 10667 Cattle Comment Cattle posted across-the-board losses again today. 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 $1     higher   at   28.5   to   29 Chicago Futures: Apr up 12 at 5810   Jun steady at 7037 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mostly lower. June set a new low before closing unchanged. Huge slaughter totals are being recorded, and frozen stocks are already burdensome. Poultry  Date: March 28, 2008 Eggs New York:  Ex. Lg. 153-157; Lg. 151-155; Med. 127-131; 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 mostly about steady. Demand was mostly fair at best and trading usually limited to regular commitments; however, hopes for improvement are evident as first of the month approaches. Supplies of all sizes were more than sufficient to easily handle 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