04/02/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: April 02, 2008 Soybeans Local Elevators: (Apr) EAST AR:  1157 to 1180 (NC) Summ. 1050 to 1089 River Elevators: (Apr) MISS: 1146 to 1201 ; AR & White 1169 to 1177 (NC) Summ. 1068 to 1099 Ark. Processor Bids: (Apr) 1172 to 1173  (NC) 1087 to - - - Memphis:  (Apr) 1201 to 1208 (NC)  1094 3/4 to 1099 3/4 Riceland Foods:  (n/a) Stuttgart - - - ; Pendleton - - - ; West Memphis - - - Chicago Futures: May up 32 at  1243   Jul  up  25 1/2  at  1259 1/2   Aug up 24  at  1252   Nov up 22 1/2  at  1169 3/4   Nov '09 up 31  at  1136   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans started the session lower but quickly reversed to close with solid gains for the second day in a row. Soybeans seem to be drawing support from the potential pull of acres back to corn. There were obviously enough acres intended for soybeans, but the market isn’t sure that intentions will become reality. Indications that farmers are lining up seed corn in some Midwest areas has the market jumping. November support is Monday’s low of $10.60, while resistance is seen at $11.87. Corn moved higher as concerns about weather delay planting, or flood changed plans, boosted price levels. Many of the new contract months have a 6 as the first digit with December setting a new contract high of $6.05. Further gains appear probable over the next 6 to 8 weeks. Wheat Cash bid for new crop at Memphis  800 1/2 to 810 1/2; Bids to farmers at Local Elevators 751-796; River Elevators 748-806; Chicago Futures: May up  41 1/2  at  936 1/2    Jul up 38  at  950 1/2    Sep up  45  at  963 1/2    Dec up  34  at  975 1/2    Jul '09 up  37  at  945    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  1010 to 1014; Bids to farmers at River Elevators 920-982; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   583 3/4 to 587 3/4;   new crop at Memphis   562 3/4 to - - -; Bids to farmers at River Elevators  566 to 582 Chicago Futures: May up  11 3/4  at  595 3/4    Jul up  11 1/4  at  609 1/4    Sep up  9 1/4  at  607 3/4    Dec up  10  at  603    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures posted solid gains, but most of the buying was short covering, not new business. News that Egypt bought U.S. wheat this week was supportive. July has completed a 50% retracement, and found support at that level. Further weakness would suggest a move toward the 62% retracement level near $8.40. Cotton & Rice  Date: April 02, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 27 at  6318   Greenwood down  27 at 6318 New York Futures: May down  45  at  7000    Jul down  46  at  7348    Dec down  9  at  8090    Mar '09 down  23  at  8335    May '09 up  223  at  8459  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was slightly lower after trading to both sides of yesterday’s close. December 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  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May up  50  at  1979    Jul up  50  at  2001    Sep up  30  at  1815    Nov up  30  at  1814    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice reversed yesterday’s losses and quickly moved higher as underlying fundamentals remain quite positive. 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 02, 2008 Cattle As reported by Federal-State Market News, receipts were 784 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $2-8 lower, most decline on calves . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109 to 114   500 to 550 lbs. 100 to 109   600 to 650 lbs. untested to - - -  Medium & Large Frame 2   400 to 450 lbs. 93 to 103 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 90 to 102  Medium & Large Frame 2   400 to 450 lbs. 82 to 90 Slaughter Cows, Boners 46   to   51 Light Weight 30 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   64, high dressing untested Midwest Steers   were quoted   at   85   to   - - - Panhandle Steers   remained   at   85   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 120 at 8620   Jun down 57 at 8755 Feeders: May down 180 at 9955   Aug down 175 at 10350 Cattle Comment Cattle futures were lower today with feeders under pressure from sharply higher corn prices. Live contracts were under pressure from weak cash prices and demand. Bad weather and a weak economy are getting the blame for slow demand. Hogs Peoria: were     steady   at   28.5   to   29 Chicago Futures: Apr down 45 at 5660   Jun down 17 at 6660 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mixed. June set a new low before closing higher. 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 02, 2008 Eggs New York:  Ex. Lg. 141-145; Lg. 139-143; Med. 120-124; Chicago:  Ex. Lg. 148-156; Lg. 146-154; Med. 125-133; Eastern Region Turkeys Hens: 8-16 lbs. 83-85 Toms: 16-24 lbs. 83-85   Delmarva Broilers U.S. Grade A Trade sentiment was overall 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