04/08/2008 Farm Bureau Market Report

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Grain & Soybean Date: April 08, 2008 Soybeans Local Elevators: (Apr) EAST AR:  1172 to 1202 (NC) Summ. 1086 to 1125 River Elevators: (Apr) MISS: 1162 to 1223 ; AR & White 1191 to 1199 (NC) Summ. 1104 to 1134 Ark. Processor Bids: (Apr) 1181 to 1195  (NC) 1123 to - - - Memphis:  (Apr) 1221 1/2 to 1229 1/2 (NC)  1135 1/2 to 1140 1/2 Riceland Foods:  (Apr) Stuttgart 1195 ; Pendleton 1202 ; West Memphis 1223 Chicago Futures: May down 3 1/2 at  1251 1/2   Jul  down  3 3/4  at  1268 3/4   Aug down 5  at  1262   Nov down 9 1/2  at  1205 1/2   Nov '09 down 1  at  1169   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended lower as traders evened positions ahead of tomorrow’s supply/demand report. Ending stocks are expected to be 157 million bushels, as opposed to 140 million in the March report. 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 Monday’s high of $12.45. Additional resistance is located near and below $13. Wheat Cash bid for new crop at Memphis  817 1/2 to - - -; Bids to farmers at Local Elevators 768-798; River Elevators 763-818; Chicago Futures: May up  12 3/4  at  934    Jul up 13  at  947 1/2    Sep up  11 1/2  at  959    Dec up  15  at  975    Jul '09 up  18  at  950    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  993 to - - -; Bids to farmers at River Elevators 911-973; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   581 1/4 to 583 1/4;   new crop at Memphis   563 to - - -; Bids to farmers at River Elevators  561 to 577 Chicago Futures: May up  2 3/4  at  592 3/4    Jul up  1 3/4  at  605    Sep up  1  at  606 1/2    Dec up  1  at  604 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended the day higher but was unable to recover much of yesterday’s big loss. Support came this morning from the weekly crop ratings. USDA says that only 45% of the winter wheat crop is in good to excellent condition. 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. Cotton & Rice  Date: April 08, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 86 at  6494   Greenwood down  86 at 6494 New York Futures: May down  86  at  7194    Jul down  86  at  7549    Dec down  64  at  8267    Mar '09 down  53  at  8537    May '09 down  48  at  8627  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was unable to build any upward momentum on yesterday’s big gains and traded in a narrow range before closing lower. Long term fundamentals remain negative and should limit upside potential. Tomorrow’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  Apr/May 1756/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: May down  52  at  2048    Jul down  48  at  2080    Sep up  15  at  1950    Nov up  9  at  1945    - - -   - - -  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 prices there are now over $800/tonne. Cattle & Hogs  Date: April 08, 2008 Cattle As reported by Federal-State Market News, receipts were 1,421 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold mostly weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to 125   500 to 550 lbs. 105 to 114.50   600 to 650 lbs. 98 to 108  Medium & Large Frame 2   400 to 450 lbs. 105 to 118 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 92 to 112.50  Medium & Large Frame 2   400 to 450 lbs. 87.50 to 98 Slaughter Cows, Boners 45   to   51 Light Weight 35 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   59.75   to   67, high dressing 67-72 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 113.50 to 118.25   600 to 650 lbs. 107.25 to 111.25 Heifers 500 to 550 lbs. 102 to 107.50   600 to 650 lbs. 95.50 to 103 Chicago Futures: Live Cattle: Apr steady at 8787   Jun up 7 at 8957 Feeders: May up 92 at 10285   Aug up 45 at 10670 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 is chipping away at trendline resistance below $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: Apr up 20 at 5910   Jun down 75 at 7130 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were lower again today with prices under pressure from burdensome hog supplies and futures’ premium to cash prices. Nearby June has clearly broken out of the long-term downtrend. However, the market needs to move above resistance at $72.75-$72.80 to suggest further gains are possible. Poultry  Date: April 08, 2008 Eggs New York:  Ex. Lg. 130-134; Lg. 128-132; Med. 113-117; Chicago:  Ex. Lg. 124-132; Lg. 122-130; Med. 109-117; Eastern Region Turkeys Hens: 8-16 lbs. 84-86 Toms: 16-24 lbs. 84-86   Delmarva Broilers U.S. Grade A Trade sentiment was generally 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