04/01/2008 Farm Bureau Market Report

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Grain & Soybean Date: April 01, 2008 Soybeans Local Elevators: (Apr) EAST AR:  1125 to 1148 (NC) Summ. 1027 to 1066 River Elevators: (Apr) MISS: 1114 to 1169 ; AR & White 1134 to 1140 (NC) Summ. 1045 to 1076 Ark. Processor Bids: (Apr) 1141 to 1144  (NC) 1064 to - - - Memphis:  (Apr) 1171 to - - - (NC)  1072 1/4 to 1077 1/4 Riceland Foods:  (Apr/May) Stuttgart 1141 ; Pendleton 1148 ; West Memphis 1169 Chicago Futures: May up 13 3/4 at  1211   Jul  up  19  at  1234   Aug up 27  at  1224   Nov up 57 3/4  at  1147 1/4   Nov '09 up 65 1/2  at  1105   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment After early losses soybeans made a major turnaround and closed with solid gains. Biggest gains were noted in new contracts with November falling to $10.60 before rebounding. This likely establishes the lower boundary for trading for the near term. Bigger ’08 plantings were anticipated, but yesterday’s big report showed higher acreage than expected. What the market hadn’t expected was the substantially larger stocks. The real unknown are index funds. They appear to be bailing out of this market, but they have simply been looking for a new place to buy. Wheat Cash bid for new crop at Memphis  757 1/2 to - - -; Bids to farmers at Local Elevators 713-748; River Elevators 710-762; Chicago Futures: May down  34  at  895    Jul down 24 1/2  at  912 1/2    Sep down  27 1/2  at  918 1/2    Dec down  18 1/2  at  941 1/2    Jul '09 down  19  at  910 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  989 to 998; Bids to farmers at River Elevators 898-961; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   n/a to - - -;   new crop at Memphis   553 1/2 to - - -; Bids to farmers at River Elevators  554 to 570 Chicago Futures: May up  16 3/4  at  584    Jul up  16  at  598    Sep up  14  at  598 1/2    Dec up  12  at  593    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures gapped lower for the second day in a row. Yesterday’s report was slightly bearish, with total wheat seedings coming in at 63.8 million acres, a bit above the average trade guess. The next downside objective for July is near $8.40. Cotton & Rice  Date: April 01, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 111 at  6345   Greenwood up  111 at 6345 New York Futures: May up  117  at  7051    Jul up  128  at  7408    Dec up  186  at  8109    Mar '09 up  223  at  8383    May '09 down  36  at  8200  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton again found support around 77 cents. December earlier last month fell to 76.34 cents before rebounding. Below this support, around 75 cents is expected to be solid. Yesterday’s planting intentions of 9.39 million acres was near expectations although there were some who hoped it would be below 9 million acres. Now it boils down to weather, will it be planted timely, and will moisture be sufficient for good yields? Cotton has shown amazing resiliency the last few years and yields have been very good. Export demand will also be a key. More recently sales have been slow, resulting in increasing ending stocks projections. Thus, at this point, there is little concern about having enough cotton. This limits upside with December resistance around 85 cents looking formidable. Rice Long Grain Cash Bid for  Apr 1625  to  1650/cwt   May 1650/cwt  to  - - - Chicago Futures: May down  40  at  1929    Jul down  50  at  1961    Sep down  10  at  1785    Nov down  11  at  1784    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice tripped the meter today and moved lower. However, rice charts still look positive and underlying fundamentals appear supportive even at current price levels. Tightening world stocks have most exporting countries sidelined with nominal quotes in Thailand exceeding $700 per tonne. Yesterday’s U.S. planting intentions report left the ’08 acreage virtually unchanged from ’07. Movement between long and medium grain was also unchanged. A 15,000 acre decline in Arkansas medium grain was offset by a 15,000 acre gain in California. For now resistance is recent contract highs of $20.10 for May and $18.10 for November. November has solid support around $16.32. Cattle & Hogs  Date: April 01, 2008 Cattle As reported by Federal-State Market News, receipts were 751 head at sales in Fort Smith & Marsahll.  Compared with last week, feeder steers sold $2-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115 to 130   500 to 550 lbs. 94 to 99   600 to 650 lbs. 93 to 94  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to 110  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Slaughter Cows, Boners 45   to   50 Light Weight 34 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   64, high dressing 64-66 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   were $1-4 lower   at   85   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 117 to 128   600 to 650 lbs. 96 to 106.25 Heifers 550 to 600 lbs. 97.50 to 104.50   600 to 650 lbs. 94 to 97.25 Chicago Futures: Live Cattle: Apr down 2 at 8740   Jun up 37 at 8812 Feeders: May up 12 at 10135   Aug down 50 at 10525 Cattle Comment Live cattle were mostly higher, but feeders were under pressure from sharply higher corn prices. Live contracts were supported by technical buying and ideas the market was oversold. 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 107 at 5600   Jun down 152 at 6642 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were sharply lower again today. 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: April 01, 2008 Eggs New York:  Ex. Lg. 147-151; Lg. 145-149; Med. 124-128; 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 steady at best. 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