04/03/2008 Farm Bureau Market Report

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Grain & Soybean Date: April 03, 2008 Soybeans Local Elevators: (Apr) EAST AR:  1171 to 1194 (NC) Summ. 1075 to 1114 River Elevators: (Apr) MISS: 1160 to 1224 ; AR & White 1183 to 1201 (NC) Summ. 1093 to 1124 Ark. Processor Bids: (Apr) 1186 to 1187  (NC) 1112 to - - - Memphis:  (Apr) 1218 to 1222 (NC)  1125 1/4 to - - - Riceland Foods:  (Apr) Stuttgart 1187 ; Pendleton 1194 ; West Memphis 1215 Chicago Futures: May up 14 at  1257   Jul  up  16 1/2  at  1276   Aug up 16  at  1268   Nov up 25 1/2  at  1195 1/4   Nov '09 up 22  at  1158   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were up for the third day in a row as the market has more than compensated for the downturn that followed the planting intentions report. There appears to be a fear that acreage will still move to corn and that may be the case. Corn made new contract highs again today and is likely headed to the $6.50 level or higher. The trading range for soybeans has likely been established with Tuesday’s low and the early March high. For November that makes the range $10.60 to $14.66. Wheat Cash bid for new crop at Memphis  807 1/2 to 812 1/2; Bids to farmers at Local Elevators 753-803; River Elevators 750-813; Chicago Futures: May up  1/2  at  937    Jul up 2  at  952 1/2    Sep down  2  at  961 1/2    Dec up  1 1/2  at  977    Jul '09 unchanged    at  945    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  1009 to 1018; Bids to farmers at River Elevators 927-989; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   592 to 593;   new crop at Memphis   569 to - - -; Bids to farmers at River Elevators  570 to 586 Chicago Futures: May up  4 1/4  at  600    Jul up  3 3/4  at  613    Sep up  6 1/2  at  614 1/4    Dec up  7 1/4  at  610 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were mostly higher today. Export totals weren’t anything to get excited about, with USDA reporting sales of 9.8 million bushels of old crop and 4.4 million bushels of new crop. July appears to have found support above $9 for the time being, and is currently trying to break through the steep down-trendline that can be drawn off the mid-March high. Cotton & Rice  Date: April 03, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 23 at  6341   Greenwood up  23 at 6341 New York Futures: May up  29  at  7047    Jul up  31  at  7397    Dec up  25  at  8115    Mar '09 up  5  at  8353    May '09 up  14  at  8454  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continues to consolidate between recent high and 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 up  41  at  2020    Jul up  31  at  2042    Sep up  37  at  1851    Nov up  30  at  1844    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice made new contract highs with another day of strong gains as both old crop and new crop moved above previous resistance. 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. November has solid support around $16.32. Overall fundamentals remain positive and further gains are probable. Cattle & Hogs  Date: April 03, 2008 Cattle As reported by Federal-State Market News, receipts were 1,389 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold $1-5, instances $10 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to 126.50   500 to 550 lbs. 100 to 112.50   600 to 650 lbs. 96 to 104  Medium & Large Frame 2   400 to 450 lbs. 103 to 113.50 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 110.50  Medium & Large Frame 2   400 to 450 lbs. 90 to 100 Slaughter Cows, Boners 45   to   50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   61.50 Midwest Steers   were steady to $1 higher   at   85   to   86 Panhandle Steers   were steady   at   85   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 120 to 129   600 to 650 lbs. 104.50 to 108 Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Apr up 155 at 8755   Jun up 152 at 8907 Feeders: May up 125 at 10080   Aug up 120 at 10470 Cattle Comment Cattle futures turned higher on carryover strength from the hog pit. June has trendline resistance near $90, and will need to move above that to suggest that a bottom has been charted and further gains are possible. Hogs Peoria: were     steady   at   28.5   to   29 Chicago Futures: Apr up 202 at 5762   Jun up 300 at 6960 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment June hogs were locked limit-up today, possibly signaling that a significant bottom has been put in. However, the market needs to close the gap to $69.95 left Monday and needs to close above $70.90 to break the current downtrend. Poultry  Date: April 03, 2008 Eggs New York:  Ex. Lg. 134-138; Lg. 132-136; Med. 116-120; Chicago:  Ex. Lg. 148-156; Lg. 146-154; Med. 125-133; Eastern Region Turkeys Hens: 8-16 lbs. 83-86 Toms: 16-24 lbs. 83-86   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Supplies of all sizes were usually sufficient to satisfy trade needs. Supplies of all sizes were usually sufficient to satisfy trade needs. ---------------------------------------- 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