04/30/2008 Farm Bureau Market Report

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Grain & Soybean Date: April 30, 2008 Soybeans Local Elevators: (Apr) EAST AR:  1242 to 1272 (NC) Summ. 1118 to 1150 River Elevators: (Apr) MISS: 1232 to 1293 ; AR & White 1257 to 1263 (NC) Summ. 1124 to 1158 Ark. Processor Bids: (Apr) 1152 to 1165  (NC) 1146 to 1148 Memphis:  (Apr) 1292 3/4 to 1294 (NC)  1155 1/2 to - - - Riceland Foods:  (Apr/May) Stuttgart 1265 ; Pendleton 1272 ; West Memphis 1293 Chicago Futures: May up 22 1/4 at  1301 3/4   Jul  up  20 1/2  at  1314   Aug up 21 1/2  at  1303   Nov up 27 1/2  at  1228   Nov '09 up 21  at  1212   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans bounced up and down in early trade before closing the session with strong gains. November futures dipped below $12 for the third day in a row, but recovered to close at the mid-point of a trading range of 50 cents. Improved weather and planting conditions for corn seemed to give the market a boost as did a weaker dollar. November soybeans would need to close above resistance at $12.65 and $13.15 to put the market in an uptrend. Wheat Cash bid for April at Memphis  652 1/4 to 666; Bids to farmers at Local Elevators 633-656; River Elevators 616-669; Chicago Futures: May down  6  at  788    Jul down 5 1/2  at  803    Sep up  2 3/4  at  826    Dec down  4 1/4  at  837    Jul '09 up  4  at  847    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  979 to 988; Bids to farmers at River Elevators 918-980; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   582 1/4 to 589 1/4;   new crop at Memphis   576 3/4 to - - -; Bids to farmers at River Elevators  563 to 578 Chicago Futures: May up  9  at  600 1/4    Jul up  7 3/4  at  612 1/4    Sep up  7  at  621 3/4    Dec up  6 1/4  at  628 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures followed rice lower today. This market is clearly locked in a downtrend as harvest approaches. The next level of support is around $7.75. Cotton & Rice  Date: April 30, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 57 at  6167   Greenwood up  57 at 6167 New York Futures: May up  68  at  6886    Jul up  81  at  7141    Dec up  88  at  7993    Mar '09 up  68  at  8407    May '09 up  94  at  8565  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton recouped early session declines and closed on a strong note. 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  111  at  2148    Jul down  115  at  2178    Sep down  115  at  1969    Nov down  115  at  1938    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures made another big downward correction as the market declined for the third day in a row. November dropped to $19.38, or within cents of the 50% retracement level of gains made over the last 6 weeks. A drop to $18.57 would complete a 62% retracement. Underlying fundamentals are unchanged with limited offerings available from exporters in Southeast Asia where rice quotes are in the $1,000 to $1,100 per tonne range. The current slide in futures is bringing that quote back in line with current conditions. Cattle & Hogs  Date: April 30, 2008 Cattle As reported by Federal-State Market News, receipts were 1,406 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold firm to $5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.75 to - - -   500 to 550 lbs. 110.89 to - - -   600 to 650 lbs. 101.04 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104.54 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 103.07 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89.15 to - - - Slaughter Cows, Boners 47   to   52 Light Weight 34 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   61   to   66, high dressing 69-71.50 Midwest Steers   were quoted   at   89   to   - - - Panhandle Steers   were quoted   at   89   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 116 to 125   600 to 650 lbs. 109.50 to 118 Heifers 500 to 550 lbs. 109 to 114   550 to 600 lbs. 105 to 112 Chicago Futures: Live Cattle: Jun up 70 at 9347   Aug up 62 at 9897 Feeders: May up 62 at 10597   Aug up 32 at 10852 Cattle Comment Cattle futures were mostly higher. Firm beef prices and expectations for higher cash cattle trade this week were supportive. June live futures will have resistance at today’s high of $93.90. May feeders have resistance at Tuesday’s chart gap beginning at $106.20. Hogs Peoria: were     steady   at   43.5   to   44 Chicago Futures: Jun up 92 at 7347   Oct up 115 at 7245 Sheep St. Paul sheep shorn slaughter lambs unchanged   at   n/a   to   - - - Hogs Comment Hogs spent all day trading inside yesterday’s wide trading range. Weak packer operating margins are negative, as are large supplies of pork despite strong demand. June has support between $72 and $72.45. Poultry  Date: April 30, 2008 Eggs New York:  Ex. Lg. 113-117; Lg. 111-115; Med. 98-102; Chicago:  Ex. Lg. 105-113; Lg. 103-111; Med. 91-99; Eastern Region Turkeys Hens: 8-16 lbs. 87-90 Toms: 16-24 lbs. 87-90   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