03/31/2008 Farm Bureau Market Report

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Grain & Soybean Date: March 31, 2008 Soybeans Local Elevators: (Mar) EAST AR:  1117 to 1140 (NC) Summ. 970 to 1009 River Elevators: (Mar) MISS: 1100 to 1163 ; AR & White 1130 to - - - (NC) Summ. 988 to 1017 Ark. Processor Bids: (Mar) 1130 to 1134  (NC) 1007 to - - - Memphis:  (Mar) 1152 1/4 to 1157 1/4 (NC)  1019 1/2 to - - - Riceland Foods:  (Mar/Apr) Stuttgart 1134 ; Pendleton 1140 ; West Memphis 1163 Chicago Futures: May down 70 at  1197 1/4   Jul  down  70  at  1215   Aug down 70  at  1197   Nov down 70  at  1089 1/2   Nov '09 down 70  at  1039 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were hit with a double whammy today as both the stocks report and planting intentions at 7.4 million acres, up 18% from ’07 and well above pre report estimates. Big increases were noted in mid-South, the Dakotas and Nebraska. Arkansas plantings were projected to be 3.25 million acres, a 15% increase from last year. The quarterly stocks put soybeans at 1.43 billion bushels, over 70 million bushels more than anticipated. Soybeans were down the 70 cents limit with November gapping lower and closing less than 20 cents above the next support around $10.70. Corn plantings were set at 86 million acres, about 2 million below expectations. This puts corn in a precarious situation and allowed the market to close mostly higher. December briefly traded to $6.01 leaving that as potential resistance in the day’s ahead. Wheat Cash bid for new crop at Memphis  769 to 782; Bids to farmers at Local Elevators 737-762; River Elevators 734-770; Chicago Futures: May down  60  at  929    Jul down 59  at  937    Sep down  54  at  946    Dec down  60  at  960    Jul '09 down  48  at  927    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  959 to 968; Bids to farmers at River Elevators 877-939; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   558 1/4 to 559 1/4;   new crop at Memphis   539 1/2 to - - -; Bids to farmers at River Elevators  537 to 555 Chicago Futures: May up  8 1/2  at  569    Jul up  8 1/4  at  569    Sep up  8 1/4  at  584 1/2    Dec up  4 1/4  at  581    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures gapped lower today. The report was slightly bearish, with total wheat seedings coming in at 63.8 million acres, a bit above the average trade guess. However, July has pushed below support at $10, further evidence that a top has been charted. The next downward objective is around $9.20. Cotton & Rice  Date: March 31, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 234 at  6234   Greenwood down  234 at 6234 New York Futures: May down  211  at  6957    Jul down  206  at  7305    Dec down  216  at  7951    Mar '09 down  247  at  8173    May '09 down  170  at  8325  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed sharply lower today despite projected ’08 plantings of 9.39 million acres. This was in line with expectations, but some had hoped for a number under 9 million acres. Arkansas plantings were projected 24% lower at 650,000. Similar cuts were seen in registered potential gains from ’07. Declining export demand is leaving big stocks for the market to deal with. Upside potential is limited as some acreage in the Mississippi delta may move back to cotton as a result of recent flooding. All in all, the outlook for cotton is not real good. December is in position to test support at the recent low of 76.34 or the next level around 75 cents. There will be strong resistance between 80 and 85 cents. Rice Long Grain Cash Bid for  Mar 1575/cwt  to  - - -   Apr 1625/cwt  to  - - - Chicago Futures: May up  1 1/2  at  1969    Jul up  11  at  2011    Sep up  26  at  1795    Nov up  28  at  1795    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice moved higher again today as USDA planting intentions of 2.77 million acres were virtually unchanged from a year ago. In Arkansas, a 3% increase to 1.37 million acres was indicated. Cuts were noted for Louisiana, Mississippi and Missouri. It should be noted that surveys for this report were done in early March. Flooding and higher price levels could pull in some additional acreage. Overall the rice market remains bullish with tightening world stocks setting a situation in motion that in many ways resembles the wheat market earlier this year. Rice futures took everything in stride and closed higher with November pushing $18 at one point. The market appears to have further upside potential but it may be difficult with beans, wheat and cotton on the defensive. Cattle & Hogs  Date: March 31, 2008 Cattle As reported by Federal-State Market News, receipts were 2,127 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold mostly firm to $3 higher, heifers steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109 to 126   500 to 550 lbs. 100 to 123   600 to 650 lbs. 108 to 111  Medium & Large Frame 2   400 to 450 lbs. 100 to 117 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 90 to 108  Medium & Large Frame 2   400 to 450 lbs. 85 to 104 Slaughter Cows, Boners 46   to   51 Light Weight 33 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   58.50   to   64, high dressing 64-72.50 Midwest Steers   were $3 lower to steady   at   85   to   88 Panhandle Steers   were $1 lower to $2 higher   at   86   to   89 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 22 at 8742   Jun down 12 at 8775 Feeders: May down 105 at 10122   Aug down 92 at 10575 Cattle Comment Cattle futures were mostly lower on weakness in the hog pit and cash cattle market. 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. Hogs Peoria: were     steady   at   28.5   to   29 Chicago Futures: Apr down 105 at 5705   Jun down 242 at 6795 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were sharply lower. June set a new low in today’s trade. USDA’s inventory report was clearly the driving factor, with the total inventory of market hogs pegged at 106.6% of last year’s total. The average trade guess was 105.3%. Poultry  Date: March 31, 2008 Eggs New York:  Ex. Lg. 153-157; Lg. 151-155; Med. 127-131; Chicago:  Ex. Lg. 148-156; Lg. 146-154; Med. 125-133; 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. 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