Tuesday, April 22, 2008

04/22/2008 Farm Bureau Market Report

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Arkansas Farm Bureau
Arkansas Farm Bureau
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:

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  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:

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:

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:

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 
medium grain rice is 
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.

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