04/21/2008 Farm Bureau Market Report

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Grain & Soybean Date: April 21, 2008 Soybeans Local Elevators: (April) EAST AR:  1248 to 1271 (NC) Summ. 1125 to 1155 River Elevators: (April) MISS: 1233 to 1295 ; AR & White 1260 to 1272 (NC) Summ. 1134 to 1164 Ark. Processor Bids: (April) 1254 to 1264  (NC) 1153 to - - - Memphis:  (April) 1295 1/2 to 1300 1/2 (NC)  1165 1/2 to - - - Riceland Foods:  (April) Stuttgart 1264 ; Pendleton 1271 ; West Memphis 1292 Chicago Futures: May down 46 at  1315 1/2   July  down  46 1/2  at  1130 1/2   Aug down 46 1/2  at  1320 1/2   Nov down 45 1/2  at  1235 1/2   Nov '09 down 43  at  1208   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans lost significant ground today as the overall situation was quite bearish. Friday buyers appeared to take profits as overall weather forecasts improved. Beans continue to draw strength from corn and vice versa- trade lower when corn loses ground. With corn planters running, it forced markets lower today. November beans are 25 to 30 cents above an old trendline which could provide support, if not, a fall to $11.75 or even the recent low of $10.60 is possible. December corn briefly traded below $6.00 but closed above that level. Support now ranges from $6.00 to today’s low of $5.93 ½ . A close above this level would send the market toward the mid-March low of $5.41 ¼ . Wheat Cash bid for new crop at Memphis  732 1/2 to - - -; Bids to farmers at Local Elevators 692-720; River Elevators 685-733; Chicago Futures: May down  24 1/4  at  845 3/4    July down 25 1/2  at  859 1/2    Sept down  25 1/2  at  874    Dec down  27 1/2  at  890 1/2    July '09 down  23  at  890    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  965 to 974; Bids to farmers at River Elevators 882-945; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   560 1/4 to 565 1/4;   New crop at Memphis   558 1/4 to - - -; Bids to farmers at River Elevators  545 to 560 Chicago Futures: May down  19 1/4  at  580 1/4    July down  19 1/4  at  593 3/4    Sept down  18  at  603 1/4    Dec down  17 1/2  at  605 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat gapped lower on follow through selling after Friday’s breakout move. The market shattered support in the $9 area Friday, but did find support at $8.40, the 62% retracement level, today. Carryover weakness from other markets was also a factor today. Cotton & Rice  Date: April 21, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 125 at  6383   Greenwood down  125 at 6383 New York Futures: May down  145  at  6943    July down  125  at  7335    Dec down  124  at  8164    March '09 down  124  at  8559    May '09 down  119  at  8670  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continues to work lower after last Wednesday’s big reversal move. It is obvious that cotton supplies are more than adequate even with the lower ’08 U.S. planting intentions. Futures have been less than reflective of marketing conditions as indicated by the last of buying activity and the inability of producers to book ’08 production. Cotton is underpriced relative to other crops and thus the big drop in plantings for the second year in a row. As stocks tighten, cotton price should rise in order to compete for acreage – perhaps in late ’08 or early ’09. Rice Long Grain Cash Bid for  April 2200/cwt  to  - - -   May 2200/cwt  to  - - - Chicago Futures: May down  36  at  2335    July down  37  at  2370    Sept down  30  at  2150    Nov down  40  at  2130    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was lower for the day as the market failed to hold opening gains. While overall fundamentals remain positive the market could be set up for an island reversal top. November gapped higher on Thursday, made a contract high of $22.20 on Friday before losing momentum. Today’s trade and close left the market just above Thursday’s gap. If that happens, retracement objectives at $19.95 and $19.26 would be likely support. As indicated fundamentals are unchanged with indications of hoarding in some areas and limited sellers available worldwide. No doubt current price levels could be changing U.S. growers’ planting intentions. The overall numbers suggest excellent profit potential for rice. Cattle & Hogs  Date: April 21, 2008 Cattle As reported by Federal-State Market News, receipts were 2629 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers sold mostly steady to $1 lower, heifers steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.33 to - - -   500 to 550 lbs. 108.41 to - - -   600 to 650 lbs. 101.19 to - - -  Medium & Large Frame 2   400 to 450 lbs. 109.03 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 94.31 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.48 to - - - Slaughter Cows, Boners 46   to   52 Light Weight 36 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   65 Midwest Steers   n/a   at   - - -   to   - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 525 to 550 lbs. 116.50 to - - -   550 to 600 lbs. 113.5 to 117 Heifers 500 to 550 lbs. 103.5 to 108   550 to 600 lbs. 103 to 108 Chicago Futures: Live Cattle: June down 37 at 9195   Aug down 25 at 9780 Feeders: May up 30 at 10602   Aug up 57 at 10910 Cattle Comment Cattle futures opened higher on strength from Friday’s Cattle on Feed report and $90 cash trade. The USDA says that March placements were 88.6% of last year’s total. The market turned lower by mid-day. June only closed the gap left last week, however, before closing above the day’s low. This suggests the market is on solid ground, but will have resistance at the recent high of $93.15. Hogs Peoria: were     steady   at   37.5   to   38 Chicago Futures: June down 137 at 7297   Oct down 77 at 7312 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures were under pressure today as record supplies continue to weigh on the market. Strong export demand and ideas that supplies will tighten due to seasonal factors are providing support, however. June was under pressure, but is consolidating above the large chart gap left last week. Poultry  Date: April 21, 2008 Eggs New York:  Ex. Lg. 116-120; Lg. 114-118; Med. 101-105; Chicago:  Ex. Lg. 105-113; Lg. 103-111; Med. 91-99; Eastern Region Turkeys Hens: 8-16 lbs. 86-88 Toms: 16-24lbs. 86-88   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Demand into all channels was light to fair. 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