04/25/2008 Farm Bureau Market Report

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Grain & Soybean Date: April 25, 2008 Soybeans Local Elevators: (April) EAST AR:  1266 to 1296 (NC) Summ. 1114 to 1141 River Elevators: (April) MISS: 1256 to 1317 ; AR & White 1281 to 1287 (NC) Summ. 1120 to 1154 Ark. Processor Bids: (April) 1264 to 1289  (NC) 1139 to - - - Memphis:  (April) 1318 3/4 to 1320 3/4 (NC)  1152 to - - - Riceland Foods:  (April) Stuttgart 1289 ; Pendleton 1296 ; West Memphis 1317 Chicago Futures: May down 23 at  1325 3/4   July  down  24  at  1337   Aug down 23 1/2  at  1317 1/2   Nov down 18 1/2  at  1220   Nov '09 down 15  at  1194   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted sharp losses again, 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. Farmers, exporters and the Argentine government still have not reached an agreement on export taxes, and that will keep Argentina’s beans off the global market for the time being. November remains in a consolidation pattern between $12 and $13. Wheat Cash bid for new crop at Memphis  675 1/2 to 680 1/2; Bids to farmers at Local Elevators 648-671; River Elevators 631-684; Chicago Futures: May down  8 3/4  at  800 1/2    July down 8 1/2  at  815 1/2    Sept down  8 1/4  at  829 3/4    Dec down  7 3/4  at  849    July '09 down  5  at  843    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  950 to 959; Bids to farmers at River Elevators 877-939; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   560 1/4 to - - -;   New crop at Memphis   550 to - - -; Bids to farmers at River Elevators  542 to 557 Chicago Futures: May up  1  at  577 1/4    July up  1 1/4  at  590 3/4    Sept up  2  at  600 3/4    Dec up  4 3/4  at  606 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn futures were mostly higher. This market has been consolidating between $6 and the $6.31 contract high for the entire month of April. Snow in the upper Midwest will prevent planting for the next few days. 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 25, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 69 at  6194   Greenwood down  69 at 6194 New York Futures: May down  16  at  6846    July down  69  at  7144    Dec down  53  at  8004    March '09 down  49  at  8408    May '09 down  48  at  8531  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment December cotton moved lower, following through on weak chart action yesterday. This 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  to    May/June 2200  to  Chicago Futures: May down  16  at  2380    July down  14  at  2418    Sept up  16  at  2209    Nov up  10  at  2178    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were mixed with new crop contracts recovering a bit of yesterday’s limit losses. 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 25, 2008 Cattle As reported by Federal-State Market News, receipts were 8,770 head at sales in Arkansas this week.  Compared with last week, feeder steers sold uneven, near steady. Feeder heifers sold $1 to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115.12 to - - -   500 to 550 lbs. 110.31 to - - -   600 to 650 lbs. 102.63 to - - -  Medium & Large Frame 2   400 to 450 lbs. 105.97 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 101.18 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99.90 to - - - Slaughter Cows, Boners 46   to   52 Light Weight 35 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   66 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 700 to 800 lbs. 10375 to 10975   800 to 900 lbs. 9400 to 10000 Heifers 600 to 700 lbs. 10450 to 10575   to lbs. to Chicago Futures: Live Cattle: June up 70 at 9337   Aug up 42 at 9907 Feeders: May up 72 at 10775   Aug up 10 at 11065 Cattle Comment Live cattle futures ended mixed. Cash trade was established yesterday at $92, and that provided underlying support. June broke above resistance at $93.15, the top of the recent trading range, and now has resistance around $95.50. Hogs Peoria: were $1 lower to $1.50     higher   at   40   to   42 Chicago Futures: June up 135 at 7635   Oct down 52 at 7330 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment June hogs were sharply higher, but closed near the middle of the day’s trading rang after failing to move above resistance at $77.10. Strong packer demand was supportive, as was technical buying. Poultry  Date: April 25, 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 at least steady to firm. Demand entering the weekend was fair to moderate with optimism for next week as first of the month approaches. Supplies of all sizes were in balance to closely cleared 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