05/01/2008 Farm Bureau Market Report

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Grain & Soybean Date: May 01, 2008 Soybeans Local Elevators: (May) EAST AR:  1199 to 1229 (NC) Summ. 1085 to 1117 River Elevators: (May) MISS: 1188 to 1250 ; AR & White 1208 to 1218 (NC) Summ. 1091 to 1125 Ark. Processor Bids: (May) 1209 to 1222  (NC) 1113 to 1115 Memphis:  (May) 1245 to 1249 3/4 (NC)  1123 1/4 to 1126 1/4 Riceland Foods:  (May/Jun) Stuttgart 1222 ; Pendleton 1229 ; West Memphis 1250 Chicago Futures: May down 43 at  1258 3/4   Jul  down  43  at  1271   Aug down 43  at  1260   Nov down 32 1/4  at  1193 1/4   Nov '09 down 30 1/4  at  1183 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans didn’t let a positive export report influence the market. Instead of moving higher on the heels of yesterday’s positive move the market declined sharply. Slow plantings progress for corn may continue “iffy”. Combined with a stronger dollar this turned the heat up on beans. A late rebound tempered losses and left November near support just under $12. The mid-March low of $10.60 appears to be key support. While everything else lost ground, corn stayed in its long term trading range and ended the day on a positive note. A close above Tuesday’s high of $6.37 ½ would bring $6.50, or $7.00 back into play. Wheat Cash bid for May at Memphis  641 1/2 to 650; Bids to farmers at Local Elevators 622-635; River Elevators 605-648; Chicago Futures: May down  10 3/4  at  776 1/2    Jul down 11  at  790    Sep down  11 1/4  at  804 1/4    Dec down  11 1/2  at  823    Jul '09 down  12  at  835    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  985 to 994; Bids to farmers at River Elevators 914-975; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   587 1/4 to 594 1/4;   new crop at Memphis   581 3/4 to - - -; Bids to farmers at River Elevators  575 to 590 Chicago Futures: May up  5 1/4  at  605 1/2    Jul up  5  at  617 1/4    Sep up  5  at  626 3/4    Dec up  3 1/4  at  631 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were lower again today. This market is clearly locked in a downtrend as harvest approaches. Weekly exports of 18.4 million bushels were within trade expectations, and were maybe enough to bring the market off the day’s low, but not enough to completely turn the market around. The next level of support is around $7.75. Cotton & Rice  Date: May 01, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 192 at  5975   Greenwood up  192 at 5975 New York Futures: May down  374  at  6500    Jul down  178  at  6939    Dec down  211  at  7741    Mar '09 down  221  at  8164    May '09 down  144  at  8392  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was pressured by the overall weaker market undertone and quickly fell to old support levels near 77 cents for the December contract. December bounced off this support, which could provide a basing area for the market. 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 concerned at this stage of the game. Trading is expected to remain within the overall trading range of 71 cents to 89.49 cents. Rice Long Grain Cash Bid for  May/Jun 2025/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: May down  112 1/2  at  2035 1/2    Jul down  114 1/2  at  2063 1/2    Sep down  115  at  1854    Nov down  115  at  1823    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Wham! Bam! Another day of sharply lower futures in the rice market. The trade started out on the positive side in old crop contracts but quickly lost traction and slid to expanded limit declines. This carried November through support at the 62% retracement level of $18.57 and could bring support at $17.70 and $16.25 into play. 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 and should bring some stability into the market. Cattle & Hogs  Date: May 01, 2008 Cattle As reported by Federal-State Market News, receipts were 2,272 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117.79 to - - -   500 to 550 lbs. 109.28 to - - -   600 to 650 lbs. 108.64 to - - -  Medium & Large Frame 2   400 to 450 lbs. 106.26 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 117.79 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96.01 to - - - Slaughter Cows, Boners 46   to   53 Light Weight n/a to - - - Bulls, Yield Grade   1-2   1000   to   2100 lbs.   63   to   66, high dressing 66-71 Midwest Steers   were steady to $1 higher   at   89   to   90 Panhandle Steers   were $3 higher   at   92   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 119 to 125   600 to 650 lbs. 111 to 116.50 Heifers n/a to - - - lbs. - - - to - - -   600 to 650 lbs. 103 to 107.75 Chicago Futures: Live Cattle: Jun down 202 at 9145   Aug down 147 at 9750 Feeders: May down 102 at 10495   Aug down 125 at 10727 Cattle Comment Cattle futures posted sharp losses. Futures’ premium to cash is finally taking a toll on the market, as are ideas that the beef market is topping. Fund liquidation was also a factor. June live futures have clearly broken out of the short-term uptrend and further losses are likely. The chart gap between $90.15 and $90.45 is a likely target. Hogs Peoria: were $1     higher   at   44.5   to   45 Chicago Futures: Jun down 237 at 7110   Oct down 62 at 7182 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were sharply lower. Weak packer operating margins are negative, as are ideas that the stronger dollar will hurt pork exports. June shattered support at $72 and now could be heading for a retest of support between $69.60 and $69.72. Poultry  Date: May 01, 2008 Eggs New York:  Ex. Lg. 108-112; Lg. 106-110; Med. 94-98; 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, at times firm. Demand was light to moderate, best where features and first of the month business was active, with increased interest expected as Mother’s Day approaches. Supplies of all sizes were adequate to closely cleared for trade needs. In production areas, live supplies were moderate. Weights were desirable to slightly heavier, but mostly desirable. ---------------------------------------- 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? 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