04/24/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: April 24, 2008 Soybeans Local Elevators: (April) EAST AR:  1289 to 1314 (NC) Summ. 1133 to 1160 River Elevators: (April) MISS: 1279 to 1335 ; AR & White 1303 to 1312 (NC) Summ. 1139 to 1169 Ark. Processor Bids: (April) 1287 to 1307  (NC) 1158 to - - - Memphis:  (April) 1338 3/4 to 1343 3/4 (NC)  1170 1/2 to - - - Riceland Foods:  (April) Stuttgart 1307 ; Pendleton 1314 ; West Memphis 1335 Chicago Futures: May down 23 1/4 at  1348 3/4   July  down  24 1/2  at  1361   Aug down 25 1/2  at  1341   Nov down 17 1/2  at  1240 1/2   Nov '09 down 20  at  1209   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted sharp losses, despite bullish fundamental factors. Cool, wet weather continues causing further planting delays in the South. Weather concerns could cause an increase in the Midwest, though, since farmers can’t plant corn. USDA reports exports of 13.8 million bushels last week, a large total for this time of year thanks to the situation in Argentina. November remains in a consolidation pattern between $12 and $13. Wheat Cash bid for new crop at Memphis  684 to 689; Bids to farmers at Local Elevators 656-684; River Elevators 639-674; Chicago Futures: May down  8 1/2  at  809 1/4    July down 7 1/2  at  824    Sept down  6 3/4  at  838    Dec down  7 3/4  at  856 3/4    July '09 down  12 1/2  at  850    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  949 to 958; Bids to farmers at River Elevators 875-938; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   559 1/4 to - - -;   New crop at Memphis   553 1/2 to - - -; Bids to farmers at River Elevators  539 to 554 Chicago Futures: May down  11 1/2  at  576 1/2    July down  12  at  589 1/2    Sept down  11 3/4  at  598 1/2    Dec down  10 1/2  at  602    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn futures were also sharply lower. This market has been consolidating between $6 and the $6.31 contract high for the entire month of April, but the market is now working on testing that support. A close by December below $6 would confirm that the market has the late spring and subsequent planting delays fully factored into prices. Wheat futures were lower again today. This provides additional confirmation of a significant top and we could see July work toward support at $7.75. Cotton & Rice  Date: April 24, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 195 at  6263   Greenwood down  195 at 6263 New York Futures: May down  217  at  6862    July down  195  at  7213    Dec down  200  at  8057    March '09 down  197  at  8457    May '09 down  187  at  8579  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Today’s chart action for December cotton looks bearish. Today’s move lower could signal a test of uptrending support which is now around 79 cents. 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 down  50  at  2396    July down  50  at  2432    Sept down  50  at  2193    Nov down  50  at  2168    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were limit-down across the board. The market more than closed the gap left yesterday. 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 24, 2008 Cattle As reported by Federal-State Market News, receipts were 2272 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold firm to $4 higher, instances $4-$7 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116.02 to - - -   500 to 550 lbs. 109.28 to - - -   600 to 650 lbs. 104.62 to - - -  Medium & Large Frame 2   400 to 450 lbs. 112.44 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 99.44 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.08 to - - - Slaughter Cows, Boners 46   to   52 Light Weight 36 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   64 Midwest Steers   were steady   at   88   to   - - - Panhandle Steers   were steady   at   88   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 120 to 127   550 to 600 lbs. 115 to 118 Heifers 500 to 550 lbs. 104 to 109.5   550 to 600 lbs. 104 to 105.5 Chicago Futures: Live Cattle: June down 20 at 9267   Aug down 35 at 9865 Feeders: May up 45 at 10702   Aug up 62 at 11055 Cattle Comment Live cattle futures were mostly lower under pressure from profit taking and future’s premium to cash. June will need to close above resistance at the recent high of $93.15 to suggest this market has much upside potential. Feeders were higher in reaction to losses in corn. Hogs Peoria: were $1 to $2.50     higher   at   39.5   to   41 Chicago Futures: June down 42 at 7500   Oct down 67 at 7382 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs retraced a portion of yesterday’s big gains with pressure mostly coming from profit taking. The Canadian government says their hog herd is down 11% from last year—that will mean fewer hogs coming across the border. Poultry  Date: April 24, 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. Retail and food service demand was light to fair, best for features, with improvements expected for upcoming first of the month. Supplies of all sizes were adequate to close 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