04/14/2008 Farm Bureau Market Report

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Grain & Soybean Date: April 14, 2008 Soybeans Local Elevators: (Apr) EAST AR:  1305 to 1328 (NC) Summ. 1167 to 1206 River Elevators: (Apr) MISS: 1290 to 1349 ; AR & White 1317 to 1325 (NC) Summ. 1185 to 1216 Ark. Processor Bids: (Apr) 1302 to 1321  (NC) 1204 to - - - Memphis:  (Apr) 1354 1/2 to 1360 1/2 (NC)  1217 to - - - Riceland Foods:  (Apr) Stuttgart 1321 ; Pendleton 1328 ; West Memphis 1349 Chicago Futures: May up 40 at  1372 1/2   Jul  up  40  at  1389 1/4   Aug up 39 1/4  at  1377 1/4   Nov up 24 1/2  at  1287   Nov '09 up 25 1/4  at  1247 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment The commodity index funds were active buyers in the soybean pit today, apparently reestablishing positions after taking profits last week. The market must also be focusing on export demand, because the crush report is smaller than expected. China made a big purchase last week and 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. Wheat Cash bid for new crop at Memphis  783 1/2 to - - -; Bids to farmers at Local Elevators 743-771; River Elevators 731-784; Chicago Futures: May down  1/2  at  896    Jul unchanged   at  910 1/2    Sep unchanged    at  924    Dec up  1  at  939    Jul '09 down  1/2  at  919 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  985 to 994; Bids to farmers at River Elevators 904-966; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   580 3/4 to - - -;   new crop at Memphis   567 1/4 to - - -; Bids to farmers at River Elevators  562 to 578 Chicago Futures: May up  7 1/2  at  591 3/4    Jul up  7 1/4  at  604 3/4    Sep up  6 3/4  at  612 1/4    Dec up  9 1/4  at  613 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was mostly unchanged. 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 14, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 14 at  6702   Greenwood down  14 at 6702 New York Futures: May down  14  at  7402    Jul down  16  at  7753    Dec down  2  at  8506    Mar '09 unchanged    at  8823    May '09 unchanged    at  8932  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton traded near unchanged for most of the day, unable to build any momentum in either direction. Crop progress is slow due to heavy precipitation in the mid-south. Last week’s report gave the market a blow. 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. December has initial resistance at last week’s high of 86.15 cents. Rice Long Grain Cash Bid for  Apr/May 1756/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: May up  50  at  2142    Jul up  50  at  2174    Sep up  47  at  2025    Nov up  40  at  2020    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures broke out of the recent consolidation area and moved to new highs today. Today’s high of $20.25 now becomes resistance. 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 Mid-south production area. Cattle & Hogs  Date: April 14, 2008 Cattle As reported by Federal-State Market News, receipts were 1,294 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold mostly $2-10 lower, heifers weak to $5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.77 to - - -   500 to 550 lbs. 109.43 to - - -   600 to 650 lbs. 106 to - - -  Medium & Large Frame 2   400 to 450 lbs. 110.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100.30 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90.54 to - - - Slaughter Cows, Boners 47   to   52 Light Weight untested to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   64, high dressing 66.50 Midwest Steers   were $2 lower to $.50 higher   at   85   to   87.50 Panhandle Steers   were $1 lower to steady   at   86   to   87 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: Jun up 32 at 9010   Aug up 12 at 9630 Feeders: May up 2 at 10307   Aug up 15 at 10677 Cattle Comment Cattle futures, both live and feeder, showed moderate improvement today. Choice beef cut out values are rising and the market is expected to show further seasonal improvement despite continued high slaughter weights. June live cattle have broken out of the recent downtrend, but have resistance at Friday’s high of $90.50. Hogs Peoria: were $1     higher   at   33.5   to   34 Chicago Futures: Apr down 17 at 5877   Jun up 65 at 7185 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were higher again today. 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. June has key resistance at $72.80. Poultry  Date: April 14, 2008 Eggs New York:  Ex. Lg. 123-127; Lg. 121-125; Med. 108-112; Chicago:  Ex. Lg. 112-120; Lg. 110-118; Med. 98-106; 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 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