04/11/2008 Farm Bureau Market Report

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Grain & Soybean Date: April 11, 2008 Soybeans Local Elevators: (Apr) EAST AR:  1265 to 1288 (NC) Summ. 1143 to 1182 River Elevators: (Apr) MISS: 1243 to 1309 ; AR & White 1277 to 1285 (NC) Summ. 1161 to 1191 Ark. Processor Bids: (Apr) 1262 to 1281  (NC) 1180 to - - - Memphis:  (Apr) 1314 1/2 to 1322 1/2 (NC)  1192 1/2 to - - - Riceland Foods:  (Apr) Stuttgart 1281 ; Pendleton 1288 ; West Memphis 1309 Chicago Futures: May down 23 1/2 at  1332 1/2   Jul  down  23 1/2  at  1349 1/4   Aug down 22  at  1338   Nov down 8 1/2  at  1262 1/2   Nov '09 down 4  at  1222   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were slightly lower on profit taking ahead of the weekend. Soybeans made a strong recovery this week with November approaching resistance around $13 yesterday. Good export sales were noted this week, largely a result of the earlier strike in Argentina and a weak dollar. Weather delayed planting could mean more soybeans, but improved conditions could allow for more corn. So weather over the next 2 weeks will be a key in the Midwest as to how acreage shakes out. Corn dipped lower yesterday and today but December remains above $6. The question is whether the market is basing to move higher, or if it is in the process of topping. Wheat Cash bid for new crop at Memphis  780 1/2 to 783 1/2; Bids to farmers at Local Elevators 743-771; River Elevators 726-784; Chicago Futures: May down  25  at  898    Jul down 25 3/4  at  910 1/2    Sep down  19 3/4  at  930    Dec down  25 1/4  at  938    Jul '09 down  12  at  928    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  972 to 981; Bids to farmers at River Elevators 898-961; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   573 1/4 to 576 1/4;   new crop at Memphis   560 1/2 to - - -; Bids to farmers at River Elevators  553 to 568 Chicago Futures: May down  10  at  584 1/4    Jul down  10  at  597 1/2    Sep down  8 3/4  at  605 1/2    Dec down  7 1/4  at  604    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat declined again today to test resistance just above $9. While U.S. crop conditions aren’t real good, the feeling is that world crops are basically in good shape and strong production will result. Australia is expected to have a good crop after successive failures. The next support below $9 is around $8.40. Cotton & Rice  Date: April 11, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 49 at  6716   Greenwood down  49 at 6716 New York Futures: May down  61  at  7414    Jul down  47  at  7766    Dec down  56  at  8484    Mar '09 up  60  at  8900    May '09 down  18  at  8927  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton followed grains and soybeans lower after December moved above resistance around 85.5 cents yesterday. The market worked higher overall on Wednesday. USDA raised the ’07 production number by 370,000 bales and upped projected ending stocks by 300,000 bales to 9.7 million bales. The only positive in that report was a 100,000 bale increase in projected domestic use. Weather will quickly become a factor in ’08 plantings. If we see clearing in the midsouth acreage could move up slightly from the earlier planting intentions. Long term a smaller acreage would help reduce big stocks. Rice Long Grain Cash Bid for  Apr/May 1756/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: May down  18 1/2  at  2092    Jul down  20  at  2124    Sep down  14  at  1978    Nov down  16  at  1980    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures are continuing to consolidate just below this week’s highs. Underlying fundamentals remain very positive. Little rice is moving in the export market from the Asian countries. Vietnam oversold supplies and is out of the market for now, India is maintaining a ban, or a very high minimum export price. In either case there are no sales. Thailand is waiting to see how things go and nominal quotes are around $800 per tonne. U.S. stocks are also tight with good overall demand. Strong price levels may entice additional acreage, weather permitting, in the midsouth production area. November futures have resistance at the $20.05 contract high and good support around $17.50. Cattle & Hogs  Date: April 11, 2008 Cattle As reported by Federal-State Market News, receipts were 6,465 head at sales in Arkansas this week.  Compared with last week, feeder steers sold near steady, heifers steady to $2 higher, advance on weights over 500 lbs . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113 to 117   500 to 550 lbs. 107 to 114.50   600 to 650 lbs. 97 to 105  Medium & Large Frame 2   400 to 450 lbs. 105 to 110 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.50 to 108.50  Medium & Large Frame 2   400 to 450 lbs. 88 to 99 Slaughter Cows, Boners 45   to   52 Light Weight 34 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   60, high dressing 64-70.50   to   - - - Midwest Steers   were $3 higher   at   87   to   - - - Panhandle Steers   were $3 higher   at   87   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 111 to 128   600 to 650 lbs. 100 to 114.50 Heifers 500 to 550 lbs. 92 to 112.50   600 to 650 lbs. 85 to 103 Chicago Futures: Live Cattle: Apr up 12 at 8860   Jun down 2 at 8977 Feeders: May up 70 at 10305   Aug up 92 at 10662 Cattle Comment Cattle futures, both live and feeder, showed moderate improvement today. Lower corn values contributed to stronger feeder price quotes. Choice beef cut out values are rising and the market is expected to show further seasonal improvement despite continued high slaughter weights. Hogs Peoria: were $1     higher   at   32.5   to   33 Chicago Futures: May up 97 at 6977   Jun up 105 at 7120 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs made a good rebound with June well below key resistance at $72.50. There is strong demand for pork as cutout values have improved by $6.50 since hitting a 5 year low in early April. Export demand is also very good with movement up 55% from year ago levels. Poultry  Date: April 11, 2008 Eggs New York:  Ex. Lg. 123-127; Lg. 121-125; Med. 108-112; 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 mostly sufficient to handle 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