05/06/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: May 06, 2008 Soybeans Local Elevators: (May) EAST AR:  1200 to 1224 (NC) Summ. 1110 to 1142 River Elevators: (May) MISS: 1179 to 1244 ; AR & White 1208 to 1214 (NC) Summ. 1116 to 1150 Ark. Processor Bids: (May) 1215 to - - -  (NC) 1138 to 1140 Memphis:  (May) 1241 to 1242 (NC)  1147 1/2 to 1150 1/2 Riceland Foods:  (May/Jun) Stuttgart 1215 ; Pendleton 1224 ; West Memphis 1244 Chicago Futures: May down 8 1/2 at  1264 1/2   Jul  down  9  at  1277   Aug down 8 1/2  at  1270   Nov up 2  at  1217 1/2   Nov '09 up 6 3/4  at  1211 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed as early gains evaporated near the end of the session. Old crop contracts closed lower, while new crop held narrow gains. November futures tested key trendline resistance around $12.50 before dropping back near yesterday’s close. Slow corn planting progress could push more acres to beans, especially if weather forecasts come true. Current support is last week’s low of $11.65 and then the March low of $10.60. Wheat Cash bid for new crop at Memphis  673 to 678; Bids to farmers at Local Elevators 650-663; River Elevators 640-676; Chicago Futures: May up  13 1/2  at  806    Jul up 12 1/2  at  818    Sep up  12 1/4  at  832    Dec up  13  at  852 3/4    Jul '09 up  12 1/2  at  864    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  971 to 979; Bids to farmers at River Elevators 895-955; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   580 1/4 to 583 1/4;   new crop at Memphis   571 to - - -; Bids to farmers at River Elevators  561 to 579 Chicago Futures: May up  12 3/4  at  594 3/4    Jul up  12 1/4  at  606 1/4    Sep up  11 1/2  at  616    Dec up  10 3/4  at  623 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat broke downward trendline resistance but couldn’t muster much followthrough. Technically a close above $8.30 would suggest a possible revisit to the next resistance around $9.00. However, the current wheat tour is reporting potentially good yields in Kansas. Cotton & Rice  Date: May 06, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 107 at  6086   Greenwood up  107 at 6086 New York Futures: May up  145  at  6824    Jul up  105  at  7034    Dec up  133  at  7875    Mar '09 up  141  at  8315    May '09 up  149  at  8473  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures made a strong rebound as support around 77 cents continues to hold. However, penetration this area, 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  - - -   Jun 2025/cwt  to  - - - Chicago Futures: May up  10  at  2082    Jul up  10  at  2110    Sep unchanged    at  1191    Nov up  4  at  1910    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures rallied with grains and soybeans and lost momentum at the same time. Big early gains melted away and left the market slightly higher. Recent 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 06, 2008 Cattle As reported by Federal-State Market News, receipts were 1,313 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold $2-5 lower, heifers firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114.47 to - - -   500 to 550 lbs. 108.17 to - - -   600 to 650 lbs. 96.19 to - - -  Medium & Large Frame 2   400 to 450 lbs. 107.97 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 103.97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.68 to - - - Slaughter Cows, Boners 49   to   55 Light Weight 42 to 46 Bulls, Yield Grade   1   1000   to   2100 lbs.   64.50   to   69.50, high dressing 70-74 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 117 to 121.50   600 to 650 lbs. 110.35 to 115.75 Heifers 500 to 550 lbs. 100 to 107.25   600 to 650 lbs. 94 to 103.50 Chicago Futures: Live Cattle: Jun up 62 at 9182   Aug up 35 at 9782 Feeders: May up 30 at 10555   Aug down 5 at 10820 Cattle Comment Cattle futures ended the day mostly higher despite strong early gains in corn. Favorable packer margins and steady gains in beef cutout values provided support. While beef product sales remain somewhat slow, seasonal factors suggest improvement in the near term. June live cattle have trendline support around $90. Resistance starts around $94. August feeders have support just above $107 with resistance at the recent high of $111. Hogs Peoria: were $2     higher   at   46.5   to   47 Chicago Futures: Jun up 155 at 7475   Oct up 110 at 7455 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were higher as the market drew support from good cash product movement, and an influx of index fund buying. A strong push to get corn planted also limited marketings. Poultry  Date: May 06, 2008 Eggs New York:  Ex. Lg. 103-107; Lg. 101-105; 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 continues fully steady to firm on a set selection on chicken items. Production areas report live supplies as desirable and weights as on target for processing requirements. ---------------------------------------- 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