04/09/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: April 09, 2008 Soybeans Local Elevators: (Apr) EAST AR:  1240 to 1263 (NC) Summ. 1124 to 1163 River Elevators: (Apr) MISS: 1223 to 1284 ; AR & White 1252 to 1261 (NC) Summ. 1142 to 1173 Ark. Processor Bids: (Apr) 1242 to 1256  (NC) 1161 to - - - Memphis:  (Apr) 1290 to 1298 (NC)  1174 to 1179 Riceland Foods:  (Apr) Stuttgart 1256 ; Pendleton 1263 ; West Memphis 1284 Chicago Futures: May up 61 1/2 at  1313   Jul  up  61 1/4  at  1330   Aug up 58  at  1320   Nov up 38 1/2  at  1244   Nov '09 up 36  at  1205   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed with strong gains as they tended to follow corn higher. Today’s supply/demand report showed slight increases in domestic crush and exports, but this was more than offset by a 75 million bushel reduction in the residual category. Net result was a 20 million bushels increase, up to 160 million bushels, in projected ending stocks. This was less than was anticipated after the quarterly stocks report showed more beans than expected. A 200 million bushel reduction in projected ending stocks for corn provided the boost for both corn and beans. November soybeans tested resistance just above $12.60. Current resistance will be today’s high of $12.19, then $13. Corn set new contract highs before sliding back a little to close about a dime off the high. Further gains are possible as weather continues to delay planting. Wheat Cash bid for new crop at Memphis  816 1/2 to 821 1/2; Bids to farmers at Local Elevators 767-807; River Elevators 762-820; Chicago Futures: May unchanged    at  934    Jul down 3/4  at  946 3/4    Sep down  1  at  960 1/2    Dec down  1  at  974    Jul '09 down  3  at  953    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  1018 to - - -; Bids to farmers at River Elevators 936-998; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   595 to - - -;   new crop at Memphis   573 1/4 to 578 1/4; Bids to farmers at River Elevators  574 to 589 Chicago Futures: May up  13 3/4  at  605    Jul up  13 3/4  at  618    Sep up  15 1/4  at  623 1/4    Dec up  16 1/2  at  620    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended very close to even money today. The market was surprised this morning by the monthly supply/demand report. The trade was expecting to see an increase in ending stocks, but USDA held their estimate steady at 242 million bushels. The weekly crop ratings have also provided support. 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 09, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 191 at  6685   Greenwood up  191 at 6685 New York Futures: May up  211  at  7405    Jul up  181  at  7730    Dec up  208  at  8475    Mar '09 up  245  at  8782    May '09 up  204  at  8831  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton followed corn and beans higher after the USDA report showed potentially bearish adjustments. Production for ’07 was raised 370,000 bales to 19.4 million bales. This was partially offset by a 100,000 bale increase in domestic use. The net result was an increase of 300,000 bales to 9.7 million bales in projected ending stocks. A slight decrease was noted in China’s import needs. Otherwise world numbers were little changed. Futures registered strong across the board gains with new crop December just 75 points below recent resistance at 88.5 cents. This could prove to be a difficult area as the market attempts to go higher. Support remains the recent low around 77 cents. Rice Long Grain Cash Bid for  Apr/May 1756/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: May up  22  at  2070    Jul up  18 1/2  at  2098 1/2    Sep up  20  at  1970    Nov up  15  at  1960    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice rebounded from old crop key reversals yesterday to post solid gains. USDA reports were little changed from last month with slight shifts noted in the world numbers. Overall demand remains exceptionally strong for limited supplies. Only the U.S. and Thailand appear to have marketable export supplies on hand. USDA reduced projected exports for Vietnam from 5 million metric tones to 4. They have oversold available supplies and movement as they await an equilibrium in the market. Nominal bids have continued to rise and apparently exceed $800 per tonne. With this type of backdrop yesterday’s key reversal high in old crop contracts may prove to be a false topping sign. New crop contracts posted a daily reversal, but not a key reversal top and appear to still have upside potential. Resistance will be seen at yesterday’s contract high of $20.05. Cattle & Hogs  Date: April 09, 2008 Cattle As reported by Federal-State Market News, receipts were 1,143 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold mostly steady to $2 lower, few top quality steers sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 104.50 to 114.50   500 to 550 lbs. 99 to 108   600 to 650 lbs. n/a to - - -  Medium & Large Frame 2   400 to 450 lbs. 94 to 104 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 90 to 96  Medium & Large Frame 2   400 to 450 lbs. 80 to 89 Slaughter Cows, Boners 47   to   52 Light Weight 43 to 49 Bulls, Yield Grade   1   1000   to   2100 lbs.   62   to   66, high dressing 67.50-66 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   were quoted   at   84   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   650 to 700 lbs. 94 to 97 Chicago Futures: Live Cattle: Apr down 110 at 8677   Jun down 182 at 8775 Feeders: May down 202 at 10082   Aug down 215 at 10455 Cattle Comment Cattle futures posted sharp losses. Feeders are under pressure from strong gains in corn futures and continued cash market weakness. Disappointing beef prices and movement continue to weigh on futures. Higher corn prices have traders worried that more cattle will come to market early and pressure supplies this spring and summer. Hogs Peoria: were $2     higher   at   31.5   to   32 Chicago Futures: Apr up 27 at 5942   Jun down 72 at 7055 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 09, 2008 Eggs New York:  Ex. Lg. 126-130; Lg. 124-128; Med. 110-114; 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 mostly 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