05/02/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: May 02, 2008 Soybeans Local Elevators: (May) EAST AR:  1233 to 1257 (NC) Summ. 1111 to 1143 River Elevators: (May) MISS: 1215 to 1277 ; AR & White 1241 to 1247 (NC) Summ. 1117 to 1151 Ark. Processor Bids: (May) 1243 to 1248  (NC) 1139 to 1141 Memphis:  (May) 1275 1/2 to 1283 1/2 (NC)  1148 1/2 to 1151 1/2 Riceland Foods:  (May/Jun) Stuttgart 1248 ; Pendleton 1257 ; West Memphis 1277 Chicago Futures: May up 33 3/4 at  1292 1/2   Jul  up  33 1/2  at  1304 1/2   Aug up 32  at  1292   Nov up 25 1/4  at  1218 1/2   Nov '09 up 23 1/4  at  1206 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted sharp gains today, mostly on news that the farm strike in Argentina will likely resume next week. Yesterday’s weakness was mostly attributed to the strengthening dollar, but the dollar is still weak from a historical perspective. Yesterday’s low of $11.65 is initial support, and below that, the mid-March low of $10.60 appears to be key support. Wheat Cash bid for May at Memphis  664 to 674; Bids to farmers at Local Elevators 641-654; River Elevators 624-667; Chicago Futures: May up  19 1/2  at  796    Jul up 19  at  809    Sep up  18 3/4  at  823    Dec up  20  at  843    Jul '09 up  18  at  853    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  992 to 1013; Bids to farmers at River Elevators 907-968; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   589 1/2 to 593 1/2;   new crop at Memphis   578 1/4 to - - -; Bids to farmers at River Elevators  571 to 586 Chicago Futures: May down  3 1/2  at  602    Jul down  3 3/4  at  613 1/2    Sep down  3 1/2  at  623 1/4    Dec down  2  at  629 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures turned higher today, but the move is likely just a corrective bounce as the market had become oversold. This market is clearly locked in a downtrend as harvest approaches. The next level of support is around $7.75. Corn futures ended lower after December set a new contract high by ¼ cent in early dealings. Continued weather-related planting delays continue to support this market, but resistance at the contract high of $6.37 ¾ is proving difficult to break. Cotton & Rice  Date: May 02, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 31 at  6006   Greenwood up  31 at 6006 New York Futures: May up  10  at  6705    Jul up  31  at  6956    Dec up  39  at  7784    Mar '09 up  38  at  8214    May '09 up  33  at  8354  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures turned mostly higher today, with December further establishing 77 cents as a support area. 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 77 cents to 89.49 cents. Rice Long Grain Cash Bid for  May/Jun 2025/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: May up  19 1/2  at  2055    Jul up  31  at  2094 1/2    Sep up  4  at  1858    Nov up  32  at  1855    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures traded in a relatively narrow range compared with recent expanded limit losses, and ended the day higher. November has broken through support at the 62% retracement level of $18.57 and this 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 02, 2008 Cattle As reported by Federal-State Market News, receipts were 8,095 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $2-5 higher, heifers sold firm to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.14 to - - -   500 to 550 lbs. 113.97 to - - -   600 to 650 lbs. 104.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 108.26 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 109.14 to - - -  Medium & Large Frame 2   400 to 450 lbs. 98.59 to - - - Slaughter Cows, Boners 47   to   53 Light Weight 35 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   65, high dressing 68-72.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   remained   at   92   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 up 67 at 9212   Aug up 75 at 9825 Feeders: May up 70 at 10565   Aug up 87 at 10815 Cattle Comment Cattle futures turned higher today on ideas yesterday’s losses were overdone. Gains were limited by disappointing cash prices and weakness in beef values. 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     steady   at   44.5   to   45 Chicago Futures: Jun up 85 at 7195   Oct up 72 at 7255 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs also recovered part of yesterday’s big losses. News that the federal government will buy up to $50 million of pork for the school lunch program was supportive. June will have initial support at yesterday’s low of $70.80. Poultry  Date: May 02, 2008 Eggs New York:  Ex. Lg. 105-109; Lg. 103-107; Med. 91-95; 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 mostly steady to at times fully steady. Supplies of all sizes were usually sufficient to closer balanced for trade needs. In production areas, live supplies were moderate at desirable to slightly heavier 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