04/17/2008 Farm Bureau Market Report

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Grain & Soybean Date: April 17, 2008 Soybeans Local Elevators: (Apr) EAST AR:  1283 to 1306 (NC) Summ. 1170 to 1197 River Elevators: (Apr) MISS: 1268 to 1327 ; AR & White 1295 to 1303 (NC) Summ. 1176 to 1207 Ark. Processor Bids: (Apr) 1289 to 1299  (NC) 1195 to - - - Memphis:  (Apr) 1329 1/2 to 1330 1/2 (NC)  1208 1/4 to - - - Riceland Foods:  (Apr) Stuttgart 1299 ; Pendleton 1306 ; West Memphis 1327 Chicago Futures: May up 5 3/4 at  1350 1/2   Jul  up  5 1/2  at  1366 1/2   Aug up 6  at  1356   Nov up 4 3/4  at  1278 1/4   Nov '09 up 1/2  at  1248   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed late to close slightly higher. The market saw substantial declines despite a fairly good weekly export number. While it was only 17.5 million bushels, that is good for this time of year. Slow export movement from Brazil and Argentina has been positive for the U.S. November futures have resistance around $13 up to Tuesday’s high of $13.15 ½. Trendline support starts around $12.25. Wheat Cash bid for new crop at Memphis  801 to - - -; Bids to farmers at Local Elevators 760-788; River Elevators 753-801; Chicago Futures: May down  11 1/2  at  913    Jul down 12  at  927    Sep down  9 1/4  at  944    Dec down  11 1/2  at  956    Jul '09 down  8  at  952    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  1006 to 1013; Bids to farmers at River Elevators 923-986; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   582 1/2 to 583 1/2;   new crop at Memphis   579 1/2 to - - -; Bids to farmers at River Elevators  579 1/2 to - - - Chicago Futures: May unchanged    at  603 1/2    Jul unchanged    at  617    Sep up  1/4  at  624 1/2    Dec up  1/4  at  626    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was higher in early dealings, but closed lower. July is consolidating between $9 and $10—what looks like a narrow range thanks to the wild swings of the past few months. The global supply situation remains tight, but the weekly export report was disappointing. USDA said this morning 11.3 million bushels were sold for export last week, which was below trade expectations. Cotton & Rice  Date: April 17, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 76 at  6578   Greenwood down  76 at 6578 New York Futures: May down  162  at  7192    Jul down  136  at  7569    Dec down  149  at  8370    Mar '09 down  136  at  8750    May '09 down  141  at  8860  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was lower again today as the market had followthrough on yesterday’s reversal. 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 yesterday’s high of 89.49 cents 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  75  at  2330    Jul up  75  at  2362    Sep up  74  at  2172    Nov up  70  at  2169    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was mostly limit higher again today. The fundamental picture is unchanged with tight U.S. and world stocks providing underlying support. Hoarding is being seen in some countries and Thai traders are reluctant to offer rice on the market. Other providers, including Thai and Vietnam, effectively have export bans. Vietnam has oversold existing supplies while India has banned non-basmati sales and exports put a high minimum export price on basmati. Rice mills in Texas and Louisiana will need to purchase rice to bridge the gap between old and new crop. Futures show no sign of topping, however it could happen at any time. Current futures offer significant profit potential, however producers may have to take on their own risk management. Selling on the futures may be the only way to take advantage of this market. That could mean significant exposure to margin calls if the market continues higher. Cattle & Hogs  Date: April 17, 2008 Cattle As reported by Federal-State Market News, receipts were 2,294 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115.63 to - - -   500 to 550 lbs. 108.58 to - - -   600 to 650 lbs. 100.53 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91.59 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91.59 to - - - Slaughter Cows, Boners 45   to   51 Light Weight 35 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   63, high dressing 63.50-67 Midwest Steers   were steady   at   85   to   86 Panhandle Steers   were steady   at   85   to   86 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 95 at 9260   Aug up 62 at 9830 Feeders: May up 182 at 10602   Aug up 160 at 10865 Cattle Comment Cattle futures posted solid gains on higher beef values and expectations for higher cash trade this week. June gapped higher today, and now has the potential to rally toward resistance drawn off the major highs—now between $95.60 and $95.70. Hogs Peoria: were $1     higher   at   35.5   to   36 Chicago Futures: Jun down 102 at 7295   Oct down 40 at 7357 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs posted a bearish key reversal after failing at resistance just above $75. Despite strong demand for pork, supplies are still high. Futures now hold a significant premium to the CME cash index, and that is taking its toll as well. June has an initial downside objective of $72 based on today’s price action. Poultry  Date: April 17, 2008 Eggs New York:  Ex. Lg. 116-120; Lg. 114-118; Med. 101-105; 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 to instances fully steady. Supplies of all sizes were usually sufficient to handle trade needs. In production areas, live supplies were moderate. Weights were desirable to heavy, mostly desirable. ---------------------------------------- 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