04/29/2008 Farm Bureau Daily Market Report

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Grain & Soybean Date: April 29, 2008 Soybeans Local Elevators: (Apr) EAST AR:  1220 to 1250 (NC) Summ. 1093 to 1125 River Elevators: (Apr) MISS: 1210 to 1271 ; AR & White 1234 to 1240 (NC) Summ. 1099 to 1133 Ark. Processor Bids: (Apr) 1231 to 1243  (NC) 1121 to 1123 Memphis:  (Apr) 1270 1/2 to 1274 1/2 (NC)  1130 1/2 to - - - Riceland Foods:  (Apr) Stuttgart 1243 ; Pendleton 1250 ; West Memphis 1271 Chicago Futures: May down 4 at  1279 1/2   Jul  down  4  at  1293 1/2   Aug down 1 1/2  at  1281 1/2   Nov down 4  at  1200 1/2   Nov '09 down 5 1/2  at  1191   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Neither corn nor beans could muster much excitement today, although corn moved to a new contract high following a crop progress report that indicated plantings at only 10%, well below the norm. The inability to hold a new contract high suggests the market has accounted for the slow pace. On the other hand soybeans didn’t fall out of bed following yesterday’s November close below $12.00. Weaker oil and a stronger dollar didn’t seem to budge soybeans either. So for now we are in a delicate equilibrium which could be tipped either way – by weather or outside interests like crude oil, the dollar or index funds. Wheat Cash bid for new crop at Memphis  668 1/2 to 673 1/2; Bids to farmers at Local Elevators 641-664; River Elevators 624-677; Chicago Futures: May down  32  at  794    Jul down 32 1/2  at  808 1/2    Sep down  31 3/4  at  823 1/4    Dec down  32 1/4  at  841 1/4    Jul '09 down  26  at  843    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  975 to - - -; Bids to farmers at River Elevators 902-964; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   571 1/4 to 578 1/4;   new crop at Memphis   569 3/4 to - - -; Bids to farmers at River Elevators  554 to 569 Chicago Futures: May down  8 3/4  at  591 1/4    Jul down  9  at  604 1/2    Sep down  9 1/4  at  614 3/4    Dec down  8 1/4  at  622    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were sharply lower today as the market turns its focus back to the size of the new crop. Frost worries in the U.S. have been pushed aside by warmer temperatures this week. The next level of support is around $7.75. Cotton & Rice  Date: April 29, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 101 at  6110   Greenwood down  101 at 6110 New York Futures: May down  95  at  6818    Jul down  101  at  7060    Dec down  121  at  7905    Mar '09 down  93  at  8339    May '09 down  79  at  8471  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton lost earlier gains and ended lower. Crop progress in planting appeared to be on target for the U.S. but behind in much of the mid-South. With big ending stocks projected the market isn’t really too concern at this stage of the game. Trading is expected to remain within the current trading range of 71 cents to 89.49 cents. Rice Long Grain Cash Bid for  Apr/May 2025/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: May down  71  at  2259    Jul down  75  at  2293    Sep down  75  at  2084    Nov down  50  at  2053    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures posted limit losses today as the market appears to be followthrough on last week’s old crop “island reversal” top. Planting progress is on schedule everywhere except Arkansas and Missouri. However this doesn’t appear to be a major problem at this point. The market appears to have been overcooked much like spring wheat earlier in the year and 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 29, 2008 Cattle As reported by Federal-State Market News, receipts were 642 head at sales in Fort Smith.  Compared with last week, feeder steers sold $2-3 lower, heifers $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119.95 to - - -   500 to 550 lbs. 113.16 to - - -   600 to 650 lbs. 105.46 to - - -  Medium & Large Frame 2   400 to 450 lbs. 109.33 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 103.97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93 to - - -- Slaughter Cows, Boners 40   to   44.50 Light Weight 48 to 52 Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   63.50, high dressing $64-68.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Jun down 90 at 9285   Aug down 60 at 9845 Feeders: May down 137 at 10535   Aug down 95 at 10822 Cattle Comment Cattle futures were under pressure from sharp losses in hog futures and ideas the beef market is topping. Feeders followed live futures lower. Futures’ premium to cash is also a factor. Hogs Peoria: were     steady   at   42   to   44 Chicago Futures: Jun down 290 at 7255   Oct down 115 at 7130 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment The selloff in hogs gained momentum today. News that Russia has “delisted” some U.S. pork processing plants sparked today’s move, but technical selling and ideas the market has topped were also factors. June has an initial downside objective of $72. Poultry  Date: April 29, 2008 Eggs New York:  Ex. Lg. 116-120; Lg. 114-118; Med. 101-105; Chicago:  Ex. Lg. 105-113; Lg. 103-111; Med. 91-93; Eastern Region Turkeys Hens: 8-16 lbs. 86-90 Toms: 16-24 lbs. 86-90   Delmarva Broilers U.S. Grade A Trade sentiment was steady to fully steady. 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