04/22/2008 Farm Bureau Market Report

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Grain & Soybean Date: April 22, 2008 Soybeans Local Elevators: (April) EAST AR:  1315 to 1340 (NC) Summ. 1169 to 1196 River Elevators: (April) MISS: 1305 to 1361 ; AR & White 1328 to 1334 (NC) Summ. 1175 to 1206 Ark. Processor Bids: (April) 1313 to 1333  (NC) 1194 to - - - Memphis:  (April) 1361 3/4 to 1362 3/4 (NC)  1207 to - - - Riceland Foods:  (April) Stuttgart 1333 ; Pendleton 1340 ; West Memphis 1361 Chicago Futures: May up 59 1/4 at  1374 3/4   July  up  59  at  1389 1/2   Aug up 58 1/2  at  1379   Nov up 41 1/2  at  1277   Nov '09 up 41  at  1249   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed sharply higher but appeared to again be a follower as corn reacted to slow plantings as indicated by Monday’s crop progress report. No doubt increased rain chances over the next 6 to 10 days boosted support for corn. That in turn pulled soybeans higher. Soybeans showed greater strength in old crop contracts as the market attempts to ration dwindling supplies. The absence of Argentina from the export scene contributed underlying support. Last week’s high of $13.15 ½ is resistance for November. Wheat Cash bid for new crop at Memphis  739 to 741; Bids to farmers at Local Elevators 698-726; River Elevators 696-739; Chicago Futures: May up  6  at  851 3/4    July up 6 1/2  at  866    Sept up  6 1/2  at  880 1/2    Dec up  7 1/2  at  898    July '09 up  2 1/2  at  892 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  990 to 999; Bids to farmers at River Elevators 907-970; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   576 1/4 to 577 1/4;   New crop at Memphis   571 1/4 to - - -; Bids to farmers at River Elevators  559 to 574 Chicago Futures: May up  14  at  594 1/4    July up  14  at  607 3/4    Sept up  13  at  616 1/4    Dec up  13 3/4  at  619    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat closed slightly higher but could not muster much upside movement even with strong gains in corn and beans. This seems to confirm growing weakness and suggests additional downside movement in the near future. Penetration of support between $8.30 and $8.40 could push July toward $7.75. Cotton & Rice  Date: April 22, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 140 at  6525   Greenwood up  140 at 6525 New York Futures: May up  137  at  7080    July up  140  at  7475    Dec up  139  at  8303    March '09 up  142  at  8701    May '09 up  142  at  8812  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton finally found support and moved higher for the day. It remains 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/June 2200/cwt  to  - - - Chicago Futures: May up  50  at  2385    July up  50  at  2420    Sept up  50  at  2200    Nov up  50  at  2180    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures moved limit up today, quickly negating development of yesterday’s potential island reversal top. As indicated, yesterday’s fundamentals remain unchanged with tight worldwide supplies and potential hoarding in a number of areas. Limited supplies and sellers are being reflected in historic price movement. Further gains are possible and likely probable, but producers must be aware that the market can reverse quickly. Current price levels reflect good profit potential, although producers have limited opportunities to take advantage of it. Limited cash pricing opportunities may force producers to take risk management into their hands- that is, hedge on the board and be prepared to meet margin calls if the market continues to move higher. Cattle & Hogs  Date: April 22, 2008 Cattle As reported by Federal-State Market News, receipts were 409 head at sales in Marshall.  Compared with last week, feeder steers sold steady to $2 higher, heifers $1-$4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.62 to - - -   500 to 550 lbs. 107.39 to - - -   600 to 650 lbs. 105.47 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104.44 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 97.27 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90.43 to - - - Slaughter Cows, Boners 46.50   to   51 Light Weight 35 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   65 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 114 to 119.5   550 to 600 lbs. 111 to 118 Heifers 500 to 550 lbs. 96 to 104.5   550 to 600 lbs. 94 to 103.5 Chicago Futures: Live Cattle: June up 15 at 9210   Aug up 20 at 9800 Feeders: May up 5 at 10607   Aug down 2 at 10907 Cattle Comment Cattle futures closed higher as cutout values improved significantly. With the summer grilling season approaching, this is a positive sign. The market appears to be reacting positively to last week’s agreement with Korea and a positive Cattle On Feed report, but June will need to close above resistance at the recent high of $93.15. Hogs Peoria: were     steady   at   37.5   to   38 Chicago Futures: June up 70 at 7367   Oct up 57 at 7370 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs reversed yesterday’s losses, as the market seems to have accounted for big stocks that were reported last week. Strong exports are helping, but it is apparent that supplies remain burdensome. Poultry  Date: April 22, 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: 16-24 lbs. 86-88   Delmarva Broilers U.S. Grade A Trade sentiment was mixed, but at least steady. Retail demand was fair to moderate, best for active features. Supplies of all sizes were usually sufficient to closer balanced for trade needs. In production areas, live supplies were moderate. Weights were mixed, but 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