04/28/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: April 28, 2008 Soybeans Local Elevators: (April) EAST AR:  1224 to 1254 (NC) Summ. 1094 to 1121 River Elevators: (April) MISS: 1214 to 1275 ; AR & White 1238 to 1244 (NC) Summ. 1095 to 1129 Ark. Processor Bids: (April) 1235 to 1247  (NC) 1117 to 1119 Memphis:  (April) 1275 1/2 to 1283 1/2 (NC)  1126 1/2 to - - - Riceland Foods:  (April) Stuttgart 1247 ; Pendleton 1254 ; West Memphis 1275 Chicago Futures: May down 42 1/4 at  1283 1/2   July  down  39 1/2  at  1297 1/2   Aug down 34 1/2  at  1283   Nov down 25 1/2  at  1196 1/2   Nov '09 down 8 1/2  at  1185 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment While the weather forecast is showing some improvement, the market appears to be concerned about this year’s plantings. Corn planting delays suggest less shift from earlier intentions for soybeans. That suggests the need for strong corn yields and delays cut into those prospects. Today’s trading pushed November soybeans below $12, suggesting a possible retest of support at the April 1 low of $10.60. At the same time corn came within ¾ of a cent of the contract high and unless crop progress reports are a surprise, a new high is likely. Wheat Cash bid for new crop at Memphis  701 to 706; Bids to farmers at Local Elevators 673-696; River Elevators 656-709; Chicago Futures: May up  25 1/2  at  826    July up 25 1/2  at  841    Sept up  25 1/4  at  855    Dec up  24 1/2  at  873 1/2    July '09 up  26  at  869    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  991 to - - -; Bids to farmers at River Elevators 983; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   583 to 585;   New crop at Memphis   579 to - - -; Bids to farmers at River Elevators  918 to 980 Chicago Futures: May up  22 3/4  at  600    July up  22 3/4  at  613 1/2    Sept up  23 1/2  at  624    Dec up  23 1/2  at  630 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn futures posted sharp gains as farmers in the Western Corn Belt continue to face planting delays thanks to rain and snow over the weekend. This market has been consolidating between $6 and the $6.31 contract high for the entire month of April, and today was no exception. December tested the contract high of $6.31 today, but failed to move to a new high. Wheat futures were also sharply higher. July could retest resistance between $8.60 and $8.70, but this move is likely just a correction, with limited upside potential. Cotton & Rice  Date: April 28, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 17 at  6211   Greenwood up  17 at 6211 New York Futures: May up  67  at  6913    July up  17  at  7161    Dec up  22  at  8026    March '09 up  24  at  8432    May '09 up  19  at  8550  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton opened the week on a positive note, although much of the early gains were reversed by the end of the trading session. Wet conditions in much of the Delta area are hindering planting of cotton and could contribute to an even smaller than projected acreage and crop. Unlike the grains, cotton supplies are ample and this will likely limit upside potential during ’08. Trading is expected to remain within the current trading range of 71 cents to 89.49 cents. Rice Long Grain Cash Bid for  April 2200/cwt  to  - - -   May/June 2200/cwt  to  - - - Chicago Futures: May down  50  at  2330    July down  50  at  2368    Sept down  50  at  2159    Nov down  50  at  2128    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was limit lower in the first 4 contracts. While the market flashed a potential island reversal top in the expiring May contract, the new crop November appears to be consolidating just under last week’s contract high. The market is certainly due a break and could head toward retracement objectives of $19.95, $19.26 and $18.57. Overall fundamentals remain unchanged with tight world and U.S. stocks providing underlying support for recent gains. Cattle & Hogs  Date: April 28, 2008 Cattle As reported by Federal-State Market News, receipts were 2246 head at sales in Ash Flat, Ola and Springdale.  Compared with last week, feeder steers sold mostly $3 to $5 higher, heifers $1 to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118.35 to - - -   500 to 550 lbs. 112.76 to - - -   600 to 650 lbs. 104.27 to - - -  Medium & Large Frame 2   400 to 450 lbs. 113.71 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 97.88 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.73 to - - - Slaughter Cows, Boners 47   to   53 Light Weight 38 to 44 Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   65 Midwest Steers   were   at   88   to   93 Panhandle Steers   were   at   88   to   92.5 Oklahoma City Feeders Steers 450 to 500 lbs. 124 to 125   550 to 575 lbs. 121.50 to 125 Heifers 400 to 475 lbs. 111 to 115.5   500 to 575 lbs. 106.25 to 110.5 Chicago Futures: Live Cattle: June up 37 at 9375   Aug down 2 at 9905 Feeders: May down 102 at 10672   Aug down 147 at 10917 Cattle Comment Live cattle futures ended mixed. Feeders were lower under pressure from gains in corn. June broke above resistance at $93.15, the top of the recent trading range, and now has resistance around $95.50. Hogs Peoria: were steady to $4     higher   at   42   to   44 Chicago Futures: June down 90 at 7545   Oct down 85 at 7245 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs turned lower today, despite strength in cash hog prices. A seasonal slowdown in marketing should help the market work through large pork stocks. Resistance is at $77.10, the bottom of a chart gap left in February, and Friday’s high. Poultry  Date: April 28, 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. 86-90 Toms: 16-24 lbs. 86-90   Delmarva Broilers U.S. Grade A Trade sentiment was mixed, but at least steady. Demand following the weekend was light to moderate. Supplies of all sizes were usually sufficient to satisfy 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