04/04/2008 Farm Bureau Market Report

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Grain & Soybean Date: April 04, 2008 Soybeans Local Elevators: (Apr) EAST AR:  1191 to 1214 (NC) Summ. 1104 to 1143 River Elevators: (Apr) MISS: 1180 to 1248 ; AR & White 1203 to 1225 (NC) Summ. 1122 to 1153 Ark. Processor Bids: (Apr) 1206 to 1207  (NC) 1141 to - - - Memphis:  (Apr) 1247 to 1252 (NC)  1153 3/4 to - - - Riceland Foods:  (Apr) Stuttgart 1220 ; Pendleton 1227 ; West Memphis 1248 Chicago Futures: May up 20 at  1277   Jul  up  18  at  1294   Aug up 19  at  1287   Nov up 28 1/2  at  1223 3/4   Nov '09 up 22  at  1180   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continued higher today, while corn declined. Early week losses for soybeans resulted from bigger than anticipated stocks and ’08 planting intentions. The market seemed to follow corn higher, but that wasn’t the case today. The market appears to be concerned about the potential move of acreage back to corn. Brisk corn seed sales suggest improving corn values are getting attention. While soybeans likely have made a major top there is still a lot of room between there and Tuesday’s low. Look for those extremes, $14.66 on the top and $10.60 on the bottom, to hold for a while. Corn, while lower today still appears to have upside – probably $6.50 or higher. Wheat Cash bid for new crop at Memphis  851 1/2 to - - -; Bids to farmers at Local Elevators 792-842; River Elevators 797-852; Chicago Futures: May up  37 1/4  at  974 1/4    Jul up 39  at  991 1/2    Sep up  41 1/2  at  1003    Dec up  35 1/2  at  1012 1/2    Jul '09 up  27  at  972    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  1005 to - - -; Bids to farmers at River Elevators 923-986; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   589 to 593;   new crop at Memphis   567 to - - -; Bids to farmers at River Elevators  568 to 584 Chicago Futures: May down  2  at  598    Jul down  2 1/4  at  611 1/4    Sep down  2  at  612    Dec down  1 1/2  at  608 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures posted solid gains, with July breaking above their steep downtrend. It does still appear this market has charted a significant top, but the market is becoming concerned with the condition of the crop, with many, many acres of soft red winter wheat standing in water. Cotton & Rice  Date: April 04, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 41 at  6386   Greenwood down  41 at 6386 New York Futures: May up  36  at  7077    Jul up  37  at  7429    Dec up  53  at  8140    Mar '09 down  1  at  8352    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 in a consolidation pattern with December holding near the midpoint of the recent trading range of 85.5 to 77.08 cents. Export demand remains subdued and ending stocks may grow larger in subsequent reports. Planting intentions of 9.39 were just above expectations, but the market was really hoping to see less than 9 million. Rice Long Grain Cash Bid for  Apr 1625  to  1650/cwt   May 1650/cwt  to  - - - Chicago Futures: May up  30  at  2050    Jul up  35  at  2078    Sep up  34  at  1885    Nov up  42  at  1886    n/a up  - - -  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 old crop pushing toward $21 and November toward $19. Tightening world stock and high price levels failed to entice U.S. producers to plant more rice in ’08. Planting intentions were basically unchanged from ’07 and the market would like to see additional plantings. At these price levels, it is likely. On the international level demand is extremely strong and movement is almost nil. India has banned most export sales, Vietnam has oversold supplies and Thailand is in a wait and see mode. No solid quotes are available but the market is thought to be at or above $750 per tonne. For now the trend remains higher with rice mirroring the wheat market move earlier this year. November futures have support at the recent low of $16.32. Cattle & Hogs  Date: April 04, 2008 Cattle As reported by Federal-State Market News, receipts were 6,415 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly $2-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113 to 122   500 to 550 lbs. 105 to 114   600 to 650 lbs. 96 to 103  Medium & Large Frame 2   400 to 450 lbs. 100 to 107 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 96.50 to 104  Medium & Large Frame 2   400 to 450 lbs. 84 to 94 Slaughter Cows, Boners 46   to   52 Light Weight 36 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   65, high dressing 65-70 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   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 up 20 at 8790   Jun up 12 at 8920 Feeders: May up 40 at 10120   Aug up 80 at 10550 Cattle Comment Cattle futures were higher again today, mostly on carryover strength from the hog pit. Disappointing beef prices and movement continue to weigh on futures. 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 $1     higher   at   29.5   to   30 Chicago Futures: Apr up 90 at 5852   Jun up 262 at 7222 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were sharply higher again today, with winter contracts up the limit. Nearby June gapped higher and have clearly broken out of the long-term downtrend. This market looks as if a significant bottom has been charted. Poultry  Date: April 04, 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 to about steady. Supplies of all sizes were usually 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