04/15/2008 Farm Bureau Market Report

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Grain & Soybean Date: April 15, 2008 Soybeans Local Elevators: (Apr) EAST AR:  1312 to 1335 (NC) Summ. 1192 to 1219 River Elevators: (Apr) MISS: 1229 to 1297 ; AR & White 1322 to 1328 (NC) Summ. 1198 to 1229 Ark. Processor Bids: (Apr) 1309 to 1328  (NC) 1217 to - - - Memphis:  (Apr) 1360 to 1362 (NC)  1230 to - - - Riceland Foods:  (Apr) Stuttgart 1328 ; Pendleton 1335 ; West Memphis 1356 Chicago Futures: May up 5 1/2 at  1378   Jul  up  7 3/4  at  1397   Aug up 18 3/4  at  1385   Nov up 13  at  1300   Nov '09 up 13 3/4  at  1261   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans followed corn and rice higher today. Demand is still brisk, which is unusual for this time of year. Usually, South America is dominating the world market, but strikes in those countries have forced importers back to U.S. supplies. 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 736-784; Chicago Futures: May down  1/4  at  895 3/4    Jul unchanged   at  910 1/2    Sep up  1/2  at  924 1/2    Dec up  1  at  940    Jul '09 up  1/2  at  920    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  1011 to 1020; Bids to farmers at River Elevators 929-991; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   595 to - - -;   new crop at Memphis   581 1/2 to - - -; Bids to farmers at River Elevators  576 to 591 Chicago Futures: May up  14 1/4  at  606    Jul up  14 3/4  at  619 1/2    Sep up  14 1/4  at  626 1/2    Dec up  12  at  625 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn was sharply higher as the market reacts to continued planting delays. USDA said yesterday that 2% of the crop has been planted, compared with a 5 year average of 7%. There are concerns that the current warm, dry weather won’t be around long enough for farmers to make much progress. December topped its record high by ¼ cent before closing off the day’s high. That signals resistance there might be tough to challenge. July wheat was unchanged for the second day in a row. News that Ukraine has suspended wheat exports was supportive and indicative of the ever-tightening global supply situation. The current crop is expected to be much larger, but unrest around the world regarding food prices could drive more and more countries to focus only on feeding their own. Cotton & Rice  Date: April 15, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 121 at  6823   Greenwood up  121 at 6823 New York Futures: May up  125  at  7525    Jul up  139  at  7892    Dec up  129  at  8635    Mar '09 up  277  at  9100    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 gapped higher on strength from rice and corn. Crop progress is slow due to heavy precipitation in the mid-south. Ideas are starting to surface that acreage in the Delta may be down from the USDA projections, and Louisiana and Mississippi were already the lowest intentions on record. Rice Long Grain Cash Bid for  Apr/May 1800/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: May up  75  at  2217    Jul up  75  at  2249    Sep up  40  at  2065    Nov up  50  at  2070    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures gapped to new highs, with nearby contracts up the limit—which was expanded to 75 cents today. 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 15, 2008 Cattle As reported by Federal-State Market News, receipts were 1,273 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold mostly steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117 to - - -   500 to 550 lbs. 114.11 to - - -   600 to 650 lbs. 104.02 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91.42 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 99.09 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91.42 to - - - Slaughter Cows, Boners 45   to   51 Light Weight 35 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   58.75   to   68.50, Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 118 to 124.50   600 to 650 lbs. 107.50 to 111 Heifers 500 to 550 lbs. 96.50 to 104.50   600 to 650 lbs. 94 to 97.50 Chicago Futures: Live Cattle: Jun up 147 at 9157   Aug up 132 at 9762 Feeders: May up 87 at 10395   Aug up 50 at 10727 Cattle Comment Cattle futures posted solid gains, with live futures leading the way. Monday saw a more than $2 gain in cutout values, sparking optimism that cash cattle will trade higher this week as well. Gains were limited in feeders by sharply higher corn prices. Hogs Peoria: were     steady   at   33.5   to   34 Chicago Futures: Jun up 217 at 7410   Aug up 122 at 7737 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs gapped higher 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. Poultry  Date: April 15, 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 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