05/07/2008 Farm Bureau Market Report

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Grain & Soybean Date: May 07, 2008 Soybeans Local Elevators: (May) EAST AR:  1232 to 1256 (NC) Summ. 1138 to 1170 River Elevators: (May) MISS: 1211 to 1276 ; AR & White 1237 to 1244 (NC) Summ. 1144 to 1178 Ark. Processor Bids: (May) 1247 to - - -  (NC) 1166 to 1168 Memphis:  (May) 1273 to 1274 (NC)  1175 1/2 to 1178 1/2 Riceland Foods:  (May/Jun) Stuttgart 1247 ; Pendleton 1256 ; West Memphis 1276 Chicago Futures: May up 32 3/4 at  1297 1/4   Jul  up  32  at  1309   Aug up 31 1/4  at  1301 1/4   Nov up 28  at  1245 1/2   Nov '09 up 21 1/4  at  1232 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed higher as the market reversed yesterday’s losses. Prospects of a continued disturbance in Argentina helped boost beans. Other fundamentals appear to be negative and will likely limit upside potential, particularly if weather continues to delay corn planting. November soybeans have delayed resistance beginning around $12.50, $12.88 and $13.15. Support starts just above $12. Corn remained in a six week trading range, with December needing to close above $6.38 to put the market in an upward mode. Wheat Cash bid for new crop at Memphis  667 1/2 to - - -; Bids to farmers at Local Elevators 640-653; River Elevators 623-666; Chicago Futures: May down  11  at  795    Jul down 10 1/2  at  807 1/2    Sep down  10 1/4  at  821 3/4    Dec down  10 1/4  at  842 1/2    Jul '09 down  7 1/2  at  856 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  991 to 1016; Bids to farmers at River Elevators 907-968; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   587 to 588;   new crop at Memphis   577 3/4 to - - -; Bids to farmers at River Elevators  566 to 581 Chicago Futures: May up  6 3/4  at  601 1/2    Jul up  6 3/4  at  613    Sep up  6 3/4  at  622 3/4    Dec up  7  at  630 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat gave back yesterday’s gains. The likelihood of a large U.S. harvest is weighing on the market. The current wheat tour is reporting potentially good yields in Kansas. Yesterday’s high of $8.36 becomes the first level of resistance. Cotton & Rice  Date: May 07, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis unchanged  at  6086   Greenwood unchanged   at 6086 New York Futures: May up  6  at  6817    Jul up  4  at  7040    Dec down  13  at  7876    Mar '09 up  10  at  8325    May '09 up  145  at  8473  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures ended the day little changed after moving over a wide range during the trading session. Overall fundamentals remain somewhat bearish. Large ending stocks may get bigger in this week’s report. Already projected at 9.7 million bales, they are more than ample to bridge the production gap that is expected this year. Planting progress is creeping up, but the midsouth remains well below the norm. December futures support around 77 cents remains intact for the time being. Additional support is seen at 75 and 71 cents. Rice Long Grain Cash Bid for  May 2025/cwt  to  - - -   Jun 2025/cwt  to  - - - Chicago Futures: May up  73  at  2155    Jul up  50  at  2160    Sep up  50  at  1960    Nov up  50  at  1960    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures quickly moved to the limit and remained there as the market made its first substantial move higher since losing over $4 the prior two weeks. The market remains unsettled at best, as available exportable supplies are limited. Several exporting countries, India and Vietnam, are maintaining export bans, or minimum export price levels that change as the market rises. Quotes are well above the $1,000 level, but are being met with some resistance, such as the Philippines cancellation of their latest tender. It is likely they will come back to the market later, whether this will impact the market remains to be seen. This week’s supply demand report should be interesting, or not, depending on what USDA does. Retracement objectives for November futures are $19.77, $20.24 and $20.72. Cattle & Hogs  Date: May 07, 2008 Cattle As reported by Federal-State Market News, receipts were 988 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to firm . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.59 to - - -   500 to 550 lbs. 111.41 to - - -   600 to 650 lbs. 100.95 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.29 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 102.84 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.29 to - - - Slaughter Cows, Boners 48   to   52.50 Light Weight 34 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   62   to   68, high dressing 69.50-72 Midwest Steers   were quoted   at   90   to   - - - Panhandle Steers   were quoted   at   90   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 117 to 121.50   600 to 650 lbs. 110.35 to 115.75 Heifers 550 to 600 lbs. 105.75 to 111   600 to 650 lbs. 104 to 108.75 Chicago Futures: Live Cattle: Jun steady at 9182   Aug down 20 at 9762 Feeders: May up 17 at 10572   Aug up 7 at 10827 Cattle Comment Cattle futures ended the day mixed. 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     steady   at   46.5   to   47 Chicago Futures: Jun up 52 at 7527   Oct up 15 at 7470 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were also mixed. Weak packer margins and burdensome supplies of pork are bearish for futures. On the plus side, a strong push to get corn planted is limiting marketings. Poultry  Date: May 07, 2008 Eggs New York:  Ex. Lg. 102-106; Lg. 100-104; Med. 91-95; Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 84-92; Eastern Region Turkeys Hens: 8-16 lbs. 88-90 Toms: 16-24 lbs. 88-90   Delmarva Broilers U.S. Grade A Trade sentiment in most areas was at least steady to fully steady. Live supplies provide the ability to maintain schedules at 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