05/08/2008 Farm Bureau Market Report

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Grain & Soybean Date: May 08, 2008 Soybeans Local Elevators: (May) EAST AR:  1233 to 1257 (NC) Summ. 1138 to 1170 River Elevators: (May) MISS: 1212 to 1267 ; AR & White 1238 to 1245 (NC) Summ. 1144 to 1178 Ark. Processor Bids: (May) 1248 to - - -  (NC) 1166 to 1168 Memphis:  (May) 1275 to 1277 (NC)  1175 3/4 to 1178 3/4 Riceland Foods:  (May/Jun) Stuttgart 1248 ; Pendleton 1257 ; West Memphis 1277 Chicago Futures: May up 1 3/4 at  1299   Jul  up  3  at  1312   Aug up 1 1/4  at  1302 1/2   Nov up 1/4  at  1245 3/4   Nov '09 down 5 1/2  at  1227   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded in a small range closing narrowly mixed. While tomorrow’s report is expected to show several positive corn numbers, soybeans are expected to have much larger ending stocks in 08/09. USDA will not make adjustments in projected planting acreage, and in the case of soybeans make little or no adjustment in yield. However, for corn slow planting progress will reduce yield off the 156 bushel per acre trendline number. Average pre-report guesstimates put 08/09 stocks at just 707 million bushels. This should be enough to keep corn moving higher after today’s strong move. November beans have been unable to break resistance at $12.50. Wheat Cash bid for new crop at Memphis  682 to - - -; Bids to farmers at Local Elevators 654-667; River Elevators 644-680; Chicago Futures: May up  14  at  809    Jul up 14 1/2  at  822    Sep up  14  at  835 3/4    Dec up  13 3/4  at  856 1/4    Jul '09 up  7  at  863 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  1022 to 1045; Bids to farmers at River Elevators 938-998; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   597 1/4 to 602 1/4;   new crop at Memphis   682 to - - -; Bids to farmers at River Elevators  579 to 594 Chicago Futures: May up  17 3/4  at  619 1/4    Jul up  17 3/4  at  630 3/4    Sep up  16 1/4  at  639    Dec up  16  at  646 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted double-digit gains, mostly following corn and rice. However, with this week’s export total, USDA is now reporting 145 million bushels of new crop wheat already sold. That number is previously unseen for this time of year. The likelihood of a large U.S. harvest is weighing on the market. The current wheat tour is reporting potentially good yields in Kansas. July seems to be building resistance around the $8.40 range, with support at the recent low of $7.77. Cotton & Rice  Date: May 08, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 1 at  6087   Greenwood up  1 at 6087 New York Futures: Jul up  64  at  7101    Dec up  67  at  7954    Mar '09 up  60  at  8367    May '09 up  54  at  8508    Jul '09 up  59  at  8619  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was higher today as stronger gains in corn, wheat and rice provided modest support. Tomorrow’s report isn’t expected to have any significant change although use could be lowered and stocks increased. 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 2140/cwt  to  - - -   Jun 2140/cwt  to  - - - Chicago Futures: May up  95  at  2250    Jul up  75  at  2235    Sep up  75  at  2035    Nov up  75  at  2035    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures again made expanded limit gains early in the session, holding them into close. 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 of $19.77 and $20.24 were topped in today’s move. This market appears to be headed for a retest of resistance at contract highs. Cattle & Hogs  Date: May 08, 2008 Cattle As reported by Federal-State Market News, receipts were 1,636 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold near steady. Heifers sold firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115.12 to - - -   500 to 550 lbs. 109.65 to - - -   600 to 650 lbs. 104.94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 111.54 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105.01 to - - -  Medium & Large Frame 2   400 to 450 lbs. 98.59 to - - - Slaughter Cows, Boners 47   to   54 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   66, high dressing 67-72 Midwest Steers   were steady   at   90   to   - - - Panhandle Steers   were steady   at   90   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 115.50 to 121   600 to 650 lbs. 110 to 114.50 Heifers 550 to 600 lbs. 106 to 109   600 to 650 lbs. 104 to 104.75 Chicago Futures: Live Cattle: Jun up 182 at 9365   Aug up 167 at 9930 Feeders: May up 105 at 10677   Aug up 120 at 10947 Cattle Comment Cattle futures were sharply higher today on strong cash market fundamentals and technical buying. June is now testing resistance around $94. Feeder cattle followed suit, but have resistance at the recent high of $111. Hogs Peoria: were $2     higher   at   48.5   to   49 Chicago Futures: Jun up 120 at 7647   Oct up 117 at 7587 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs gapped higher, and June is now testing resistance at the recent high of $77.10. Yesterday’s big jump in cutout values was supportive, as is a seasonal decline in marketings. Poultry  Date: May 08, 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 was mostly steady to fully steady. Supplies of all sizes were adequate to closely cleared for trade needs. In production areas, live supplies were moderate. 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