04/16/2008 Farm Bureau Market Report

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Grain & Soybean Date: April 16, 2008 Soybeans Local Elevators: (Apr) EAST AR:  1277 to 1300 (NC) Summ. 1166 to 1193 River Elevators: (Apr) MISS: 1262 to 1316 ; AR & White 1287 to 1293 (NC) Summ. 1172 to 1202 Ark. Processor Bids: (Apr) 1274 to 1293  (NC) 1191 to - - - Memphis:  (Apr) 1322 3/4 to 1323 3/4 (NC)  1203 1/2 to - - - Riceland Foods:  (Apr) Stuttgart 1293 ; Pendleton 1300 ; West Memphis 1321 Chicago Futures: May down 35 1/4 at  1344 3/4   Jul  down  36  at  1361   Aug down 35  at  1350   Nov down 26 1/2  at  1273 1/2   Nov '09 down 19 1/2  at  1240 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed and retraced a portion of recent gains. November was unable to move through resistance around $13 and could push back toward trendline support around $12, or perhaps support at $11.67. Corn held steady and this could be sufficient to keep bans from moving much lower. There is little doubt that corn is pulling additional acreage from beans, but beans won’t give up the acreage easily. So look for beans and corn to move in concert, most of the time. Wheat Cash bid for new crop at Memphis  812 to - - -; Bids to farmers at Local Elevators 771-799; River Elevators 764-812; Chicago Futures: May up  28 3/4  at  924 1/2    Jul up 28 1/2  at  939    Sep up  28 3/4  at  953 1/4    Dec up  27 1/2  at  967 1/2    Jul '09 up  40  at  960    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  n/a to - - -; Bids to farmers at River Elevators 923-986; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   580 1/2 to 587 1/2;   new crop at Memphis   579 1/4 to - - -; Bids to farmers at River Elevators  564 to 579 Chicago Futures: May down  2 1/2  at  603 1/2    Jul down  2 1/2  at  617    Sep down  2 1/4  at  624 1/4    Dec up  1/2  at  625 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted sharp gains, probably following rice. However, it still appears that this market has topped. 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 16, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 169 at  6654   Greenwood down  169 at 6654 New York Futures: May down  163  at  7360    Jul down  155  at  7728    Dec down  92  at  8546    Mar '09 down  193  at  8800    May '09 up  187  at  9290  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton made a huge reversal after skying sharply higher in the early trade. December hit 89.49 cents, completeing a 62% retracement, of the February/March decline. Fundamentals remain negative with U.S. projected stocks of 9.7 million bales. While the market may need to entice acres to cotton in ’09 there appears to be little need to do that in ’08. So, for now it looks like outside interest, primarily index funds, will be the major moving force. From a technical standpoint today’s high should be stiff resistance, while the recent low of 77 cents should be strong support. Look for cotton to move sideways between these levels. Rice Long Grain Cash Bid for  Apr/May 1800/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: May up  38  at  2255    Jul up  38 1/2  at  2287 1/2    Sep up  33  at  2098    Nov up  29  at  2099    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures made strong gains today as stocks continue to tighten. Despite strict warnings by the Thai government rice is being hoarded by citizen. Sellers are non-existent as they await further development (read that higher prices). In the U.S., Texas and Louisiana mills are running out of available rice and will have to reduce operating time or buy available stocks from Arkansas to budge the gap until the arrival of ’08 crop. Rice is mirroring what happened in spring wheat, when futures pushed to the unheard level of $25 in late February. Today’s move carried July futures above $73, while contracts approached $21. There are no indications the market is ready to top, but producers should be aware it can happen at any time. From a chart standpoint there are no upside checkpoints as the market is at historic highs. Cattle & Hogs  Date: April 16, 2008 Cattle As reported by Federal-State Market News, receipts were 1,143 head at sales in Conway.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.15 to - - -   500 to 550 lbs. 105.98 to - - -   600 to 650 lbs. 95.12 to - - -  Medium & Large Frame 2   400 to 450 lbs. 102.83 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98.58 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.35 to - - - Slaughter Cows, Boners 46   to   51 Light Weight 34 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   62   to   65, high dressing 66.50-68.50 Midwest Steers   were quoted   at   85   to   86 Panhandle Steers   were quoted   at   85   to   86 Oklahoma City Feeders Steers 500 to 550 lbs. 118 to 124.50   600 to 650 lbs. 107.50 to 111 Heifers 550 to 600 lbs. 102.50 to 106.25   600 to 650 lbs. 97.25 to 101.50 Chicago Futures: Live Cattle: Jun up 7 at 9165   Aug up 5 at 9767 Feeders: May up 25 at 10420   Aug down 22 at 10705 Cattle Comment Cattle futures were mixed. Cutout values continue to increase, sparking optimism that cash cattle will trade higher this week as well. Especially since packer margins are back “in the black.” Hogs Peoria: were $1     higher   at   34.5   to   35 Chicago Futures: Jun down 12 at 7397   Oct down 7 at 7397 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs took a rest today, ending on either side of unchanged. There is strong demand for pork as cutout values have improved by more than $10 since hitting a 5 year low in early April. Resistance for June begins at yesterday’s high of $74.92. Poultry  Date: April 16, 2008 Eggs New York:  Ex. Lg. 119-123; Lg. 117-121; Med. 104-108; Chicago:  Ex. Lg. 112-120; Lg. 110-118; Med. 98-106; Eastern Region Turkeys Hens: 8-16 lbs. 85-87 Toms: 16-24 lbs. 85-87   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 desirable to slightly heavier 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