05/05/2008 Farm Bureau Market Report

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Grain & Soybean Date: May 05, 2008 Soybeans Local Elevators: (May) EAST AR:  1214 to 1238 (NC) Summ. 1108 to 1140 River Elevators: (May) MISS: 1196 to 1258 ; AR & White 1217 to 1226 (NC) Summ. 1114 to 1148 Ark. Processor Bids: (May) 1224 to 1229  (NC) 1136 to 1138 Memphis:  (May) 1251 to - - - (NC)  1145 1/2 to 1148 1/2 Riceland Foods:  (May) Stuttgart 1229 ; Pendleton 1238 ; West Memphis 1258 Chicago Futures: May down 19 1/2 at  1273   July  down  18 1/2  at  1286   Aug down 13 1/2  at  1278 1/2   Nov down 3  at  1215 1/2   Nov '09 down 2  at  1204 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed lower after a very lackluster trading session. The farmer strike in Argentina is an “on again off again” affair that has generally given a boost to U.S. trade, but the market appears to be growing weary of the indecision. Corn took a big hit late which was a bit of a surprise, as last week’s planting progress report, to be released later today, is expected to show marginal progress. The window for good yield expectations for corn is closing fast and that suggests a smaller than expected crop as some acreage intended for corn stays with beans. November support is last week’s low of $11.65 and then the March low of $10.60; resistance is $12.50 and $13.15. Wheat Cash bid for May at Memphis  660 1/2 to 670 1/2; Bids to farmers at Local Elevators 638-651; River Elevators 621-664; Chicago Futures: May down  3 1/2  at  792 1/2    July down 3 1/2  at  805 1/2    Sept down  3 1/4  at  819 3/4    Dec down  3 1/4  at  839 3/4    July '09 down  1 1/2  at  851 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  951 to 960; Bids to farmers at River Elevators 873-934; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   567 to 574;   New crop at Memphis   559 1/2 to - - -; Bids to farmers at River Elevators  552 to 567 Chicago Futures: May down  20  at  582    July down  19 1/2  at  594    Sept down  18 3/4  at  604 1/2    Dec down  16 3/4  at  612 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat closed higher with small across the board gains. The market appears to be holding its own and could be stabilizing ahead of harvest. The next support is around $6.58 to $6.75. Resistance starts at $8.30. Cotton & Rice  Date: May 05, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 27 at  5979   Greenwood down  27 at 5979 New York Futures: May down  26  at  6679    July down  27  at  6929    Dec down  33  at  7751    March '09 down  40  at  8174    May '09 down  26  at  8328  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was lower as trading continues to push December toward support at 77 cents. Inability to hold here, could see a potential move to support at 71 cents. Abundant carryover stocks and weak export demand should keep traders from being overly concerned about this year’s slow pace of planting. Otherwise, there seems to be little fresh news to give the market direction. Rice Long Grain Cash Bid for  May 2025/cwt  to  - - -   June 2025/cwt  to  - - - Chicago Futures: May up  17  at  1072    July up  5 1/2  at  2100    Sept up  52  at  1910    Nov up  51  at  1906    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures made a strong rebound today as the market regrouped after sharp losses last week. Losses of over $4 per hundredweight, from record highs, completed a 62% retracement of the March-April gains. While this appears to be a major top, the overall supply situation remains tight and there is no indication international cash sales will be completed at lower values. In other words, a thousand dollar plus per metric ton is still in play and it could still go higher. Cattle & Hogs  Date: May 05, 2008 Cattle As reported by Federal-State Market News, receipts were 2466 head at sales in Ash Flat, Ola and Springdale.  Compared with last week, feeder steers sold mostly steady to $1 higher, heifers $3 to $6 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118.76 to - - -   500 to 550 lbs. 113.87 to - - -   600 to 650 lbs. 109.33 to - - -  Medium & Large Frame 2   400 to 450 lbs. 114.63 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 100.59 to - - -  Medium & Large Frame 2   400 to 450 lbs. 103.53 to - - - Slaughter Cows, Boners 49   to   55 Light Weight 36 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   66   to   70 Midwest Steers   were   at   90   to   92.5 Panhandle Steers   were $3 lower to $1.5 higher   at   89   to   93.50 Oklahoma City Feeders Steers 515 to - - - lbs. 121.50 to - - -   625 to 700 lbs. 109 to 114.50 Heifers 525 to 600 lbs. 106 to 109   800 to 900 lbs. 90.75 to 93 Chicago Futures: Live Cattle: June down 92 at 9120   Aug down 77 at 9747 Feeders: May down 40 at 10525   Aug up 10 at 10825 Cattle Comment June cattle futures reversed Friday’s gains and pushed toward trendline support around $90. The decline came despite a laundry list of positive fundamentals including losses in corn, declining slaughter weights and strong sales leading into upcoming holidays. The overriding factor seemed to be concern about rising seasonal numbers which could inflate showlists. Feeders firmed slightly on recent strength in the cash market. Hogs Peoria: were     steady   at   44.5   to   45 Chicago Futures: June up 125 at 7320   Oct up 90 at 7345 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were boosted by improving cutout values and indications that the seasonal slowdown in the marketings will continue. Poultry  Date: May 05, 2008 Eggs New York:  Ex. Lg. 105-109; Lg. 103-107; Med. 91-95; Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 84-92; Eastern Region Turkeys Hens: 8-16 lbs. 87-90 Toms: 16-24 lbs. 87-90   Delmarva Broilers U.S. Grade A Trade sentiment was fully steady to firm for the week preceding Mother’s Day. Demand was moderate with regular shipping channels active to primary receivers. Extra product where available was held with a degree of confidence. Live supplies were adequate; weights were 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? 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