04/07/2008 Farm Bureau Market Report

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Grain & Soybean Date: April 07, 2008 Soybeans Local Elevators: (April) EAST AR:  1175 to 1205 (NC) Summ. 1095 to 1134 River Elevators: (April) MISS: 1160 to 1226 ; AR & White 1194 to 1203 (NC) Summ. 1113 to 1144 Ark. Processor Bids: (April) 1184 to 1198  (NC) 1132 to - - - Memphis:  (April) 1225 to 1230 (NC)  1145 to - - - Riceland Foods:  (April) Stuttgart 1198 ; Pendleton 1205 ; West Memphis 1226 Chicago Futures: May down 22 at  1255   July  down  21 1/2  at  1272 1/2   Aug down 20  at  1267   Nov down 8 3/4  at  1215   Nov '09 down 10  at  1170   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed early gains to close lower. Good export inspections and a price ratio that appear to favor corn contributed early support. However, weakness in corn led to the reversal. Weather will continue to be a major factor as wet, cold conditions are slowing corn planting in some areas. Drier weather forecasts for much of the Midwest favors increased corn planting. Look for corn and soybean futures to remain volatile over the next 4 to 6 weeks. November soybeans may have established a trading range between last week’s low of $10.60 and today’s high of $12.45. Additional resistance is located near and below $13. Corn made a small key reversal top which could signal near weakness, however, it is not a very convincing looking chart feature. Wheat Cash bid for new crop at Memphis  794 1/2 to 804 1/2; Bids to farmers at Local Elevators 735-785; River Elevators 740-795; Chicago Futures: May down  53  at  921 1/4    July down 57  at  934 1/2    Sept down  55 1/2  at  947 1/2    Dec down  52 1/2  at  960    July '09 down  40  at  932    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  991 to - - -; Bids to farmers at River Elevators 909-971; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   580 to 585;   New crop at Memphis   560 1/2 to - - -; Bids to farmers at River Elevators  560 to 576 Chicago Futures: May down  8  at  590    July down  8  at  603 1/4    Sept down  6 1/2  at  605 1/2    Dec down  5 1/4  at  603 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned lower again today, taking out Friday’s lows. July has support at the recent low of $9.05, and a close below that level will suggest a move toward support between $6.80 and $8.50. The world is looking at a significant increase in production when compared with last year, and it certainly looks like this market has topped. Cotton & Rice  Date: April 07, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 194 at  6580   Greenwood up  194 at 6580 New York Futures: May up  194  at  7280    July up  196  at  7635    Dec up  187  at  8331    March '09 up  185  at  8590    May '09 up  182  at  8675  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton jumped out of a narrow consolidation area that contained trading late last week. The substantial gain is positive and suggests recent resistance at 85.5 cents may be tested again. However, long term fundamentals remain negative and should limit upside potential. This week’s supply demand report could see another decline in projected exports and an increase in projected stocks. If that occurs it will mean use fell below last year’s reduced crop of 19.03 million bales. Current support for December remains 77 cents. Rice Long Grain Cash Bid for  April 1650/cwt  to  - - -   May 1650/cwt  to  - - - Chicago Futures: May up  50  at  2100    July up  50  at  2128    Sept up  50  at  1935    Nov up  50  at  1936    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed up the limit with November registering the 4th consecutive day of new contract highs. The solid close above $19 now suggests the next upside objective will be $20. Producers need to consider adding to ’08 crop pricing despite the fact the market has given little or no indication of topping. The current price offers a very definite profit level for most producers. Underlying fundamentals are unchanged with tight U.S. and world stocks fueling the market. On the international side, little rice is available except in Thailand and sales there have slowed to a trickle, while nominal bids for milled rice exceed $750 per tonne. Cattle & Hogs  Date: April 07, 2008 Cattle As reported by Federal-State Market News, receipts were 617 head at sales in Ola and Springdale.  Compared with last week, feeder steers sold mostly steady to $5 lower, most decline on weights over 500 lbs . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 126   500 to 550 lbs. 112.50 to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame 2   400 to 450 lbs. 106 to 119 Heifers:  Medium & Large Frame 1   500 to 550 lbs. 91 to 100  Medium & Large Frame 2   400 to 450 lbs. 82 to 94 Slaughter Cows, Boners 46   to   51 Light Weight - - - to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   57.5   to   59 Midwest Steers   were   at   84   to   86 Panhandle Steers   were   at   85   to   86 Oklahoma City Feeders Steers 525 to 550 lbs. 118.5 to 126   550 to 600 lbs. 115 to 118.25 Heifers 500 to 550 lbs. 102 to 107.5   600 to 625 lbs. 96.25 to 103 Chicago Futures: Live Cattle: April down 2 at 8787   June up 30 at 8950 Feeders: May up 82 at 10192   Aug up 67 at 10625 Cattle Comment Cattle futures were higher again today. Deferreds were supported by ideas high feed costs will result in herd liquidation. 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     steady   at   29.5   to   30 Chicago Futures: May down 80 at 7020   Aug up 30 at 7560 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs took a breather from recent big gains and closed lower. The market had become over bought and was due a resting day. Nearby June has clearly broken out of the long-term downtrend. This market looks as if a significant bottom has been charted. Poultry  Date: April 07, 2008 Eggs New York:  Ex. Lg. 134-138; Lg. 132-136; Med. 116-120; Chicago:  Ex. Lg. 124-132; Lg. 122-130; Med. 109-117; Eastern Region Turkeys Hens: 8-16 lbs. 83-86 Toms: 16-24lbs. 83-86   Delmarva Broilers U.S. Grade A Movement of ready-to-cook whole birds was fair to moderate entering the week. Seller offerings were usually sufficient for trade needs. Live supplies were moderate; weights varied, but were noted as mostly desirable. Processor schedules were moderate to instances moderately heavy. Less than trucklot asking prices were unchanged at 75 to 85 cents. Trade sentiment was reported as mostly steady. ---------------------------------------- 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