04/23/2008 Farm Bureau Market Report

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Grain & Soybean Date: April 23, 2008 Soybeans Local Elevators: (April) EAST AR:  1312 to 1337 (NC) Summ. 1150 to 1177 River Elevators: (April) MISS: 1302 to 1358 ; AR & White 1326 to 1333 (NC) Summ. 1156 to 1187 Ark. Processor Bids: (April) 1310 to 1330  (NC) 1175 to - - - Memphis:  (April) 1359 to 1363 (NC)  1188 to - - - Riceland Foods:  (April) Stuttgart 1330 ; Pendleton 1337 ; West Memphis 1358 Chicago Futures: May down 2 3/4 at  1372   July  down  4  at  1385 1/2   Aug down 12 1/2  at  1366 1/2   Nov down 19  at  1258   Nov '09 down 20  at  1229   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were higher in early dealings, but turned lower by the end of the day. Losses were limited in the nearby contracts by the fact that Argentina is still not a player in the export market. Usually by this time of year, demand moves to South America, but little progress has been made in negotiations between farmers, exporters and the Argentine government. Planting delays in corn have the market wondering if an increase in soybean acreage will be the result. Last week’s high of $13.15 ½ is resistance for November. Wheat Cash bid for new crop at Memphis  693 1/2 to 706 1/2; Bids to farmers at Local Elevators 664-692; River Elevators 653-705; Chicago Futures: May down  34  at  817 3/4    July down 34 1/2  at  831 1/2    Sept down  34 3/4  at  845 3/4    Dec down  33 1/2  at  864 1/2    July '09 down  30  at  862 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  978 to 987; Bids to farmers at River Elevators 896-959; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   569 3/4 to 570 3/4;   New crop at Memphis   565 1/4 to - - -; Bids to farmers at River Elevators  553 to 568 Chicago Futures: May down  6 1/2  at  587 3/4    July down  6 1/4  at  601 1/2    Sept down  6  at  610 1/4    Dec down  7  at  612 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned lower, following the overall negative undertone in the market today. 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 23, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 67 at  6458   Greenwood down  67 at 6458 New York Futures: May down  1  at  7079    July down  67  at  7408    Dec down  46  at  8257    March '09 down  47  at  8654    May '09 down  46  at  8766  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton ended a bit lower today. 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 lack 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 prices 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  61  at  2446    July up  62  at  2482    Sept up  43  at  2243    Nov up  38  at  2218    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures gapped higher again today. 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 23, 2008 Cattle As reported by Federal-State Market News, receipts were 1406 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold firm to $1 higher, heifers $1 - $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 133.01 to - - -   500 to 550 lbs. 105.38 to - - -   600 to 650 lbs. 100.04 to - - -  Medium & Large Frame 2   400 to 450 lbs. 100.87 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90.45 to - - - Slaughter Cows, Boners 47.5   to   52.5 Light Weight 36 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   62   to   67 Midwest Steers   were   at   88   to   - - - Panhandle Steers   were   at   88   to   - - - Oklahoma City Feeders Steers 500 to 525 lbs. 120.25 to 123   550 to 600 lbs. 113 to 119 Heifers 500 to 550 lbs. 103.5 to 108.5   550 to 600 lbs. 103 to 108 Chicago Futures: Live Cattle: June up 77 at 9287   Aug up 100 at 9900 Feeders: May up 50 at 10657   Aug up 85 at 10992 Cattle Comment Cattle futures were higher again today, mostly on carryover strength from the hog pit. Anticipation of higher cash trade later this week was also supportive. June will need to close above resistance at the recent high of $93.15 to suggest this market has much upside potential, however. Hogs Peoria: were 50¢ to $1.50     higher   at   38.5   to   39 Chicago Futures: June up 175 at 7542   Oct up 80 at 7450 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were sharply higher on strong cash hog and product values. Supplies remain burdensome, however, and could limit the upside. The next upside objective for June is the gap above $77.10. Poultry  Date: April 23, 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. 86-89 Toms: 16-24 lbs. 86-89   Delmarva Broilers U.S. Grade A Trade sentiment was fully steady to firm. Demand was light to moderate with optimism for next week as first of the month approaches. Also, forecasts for upcoming weeks are positive due to lighter schedules, holidays, and seasonal interests. Supplies of all sizes were sufficient to closer balanced for 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