05/12/2008 Farm Bureau Market Report

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Grain & Soybean Date: May 12, 2008 Soybeans Local Elevators: (May) EAST AR:  1273 to - - - (NC) Summ. 1181 to - - - River Elevators: (May) MISS: 1245 to 1299 ; AR & White 1270 to 1276 (NC) Summ. 1187 to 1221 Ark. Processor Bids: (May) 1281 to - - -  (NC) 1209 to - - - Memphis:  (May) 1304 1/2 to 1305 1/2 (NC)  1219 1/4 to 1222 1/2 Riceland Foods:  (May/Jun) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a Chicago Futures: May down 14 1/2 at  1335   July  down  15 1/2  at  1342 1/2   Aug down 15 3/4  at  1337 1/2   Nov down 14 1/2  at  1289 1/4   Nov '09 down 14 1/2  at  1260 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans hit resistance at the April 15 high of $13.15 ½ and then lost steam. Early gains were followthrough to Friday’s supply demand report which reduced projected ending stocks. This was the result of continued strong usage. Slow corn planting progress suggests the possibility of additional acreage moving to beans, but for now, the downside on beans appears limited. The farmer strike in Argentina continues to push business toward the U.S. Trading is likely to be sideways between $12 and today’s high. Corn fell back to the top of the recent trading range at $6.37. Weather will remain a major factor in price movement. A close above $6.55 or below $6.37 will mean further movement in that direction. Wheat Cash bid for new crop at Memphis  660 1/2 to 665 1/2; Bids to farmers at Local Elevators 638; River Elevators 627-651; Chicago Futures: May up  2  at  793 1/2    July up 1  at  805 1/2    Sept up  1 1/4  at  819 3/4    Dec up  3/4  at  840 1/4    July '09 up  1/2  at  853    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  994 to 1019; Bids to farmers at River Elevators 911-971; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   581 3/4 to 584 3/4;   new crop at Memphis   576 3/4 to 581 3/4; Bids to farmers at River Elevators  563 to 578 Chicago Futures: May down  15  at  603 1/2    July down  14 1/2  at  614 3/4    Sept down  14 1/4  at  626 3/4    Dec down  12 1/4  at  637 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures traded in a narrow range before closing a bit higher. While stocks for the current marketing year are at record-low levels, the situation is expected to very different this time next year, and that is keeping a lid on the market. July is consolidating between resistance around the $8.40 range and support at the recent low of $7.77. Cotton & Rice  Date: May 12, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 26 at  6231   Greenwood up  26 at 6231 New York Futures: July up  26  at  7181    Dec up  29  at  8052    March '09 up  25  at  8482    May '09 up  21  at  8617    July '09 up  14  at  8730  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton remains under pressure from heavy carryover stocks. Last week’s supply demand report lowered use and pushed projected ending stocks to 9.9 million bales. This limits upside potential, even with a much smaller acreage in ’08. USDA projects ’08-’09 stocks at 5.9 million bales. The only good news was a projected 6 million bale drop in world stocks in 08-09. December futures have support at 77 cents and resistance at 89.49 cents. Trading is likely to hold in the bottom half of that range. Rice Long Grain Cash Bid for  May n/a  to  - - -   June n/a  to  - - - Chicago Futures: May down  25  at  2244    July down  23 1/2  at  2274    Sept up  9  at  2009    Nov down  10  at  1990    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was lower for the day, but trading saw values improve later in the session. The overall fundamental picture remains quite tight through 08-09. USDA put ’08 U.S. production at just 197 million cwt; virtually unchanged from 07. USDA trimmed export projections significantly to keep ending stocks at 17.1 million cwt. That means price will likely have to do some rationing. World production estimates at 432 million metric tones were slightly higher than use. However, it leaves little room for crop problems. For now, November futures support is the recent low of $18.23. Resistance starts at $20.25. Both are subject to change at anytime. Cattle & Hogs  Date: May 12, 2008 Cattle As reported by Federal-State Market News, receipts were 2,699 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers sold mostly steady to $1 higher, except plainer kinds weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117.78 to - - -   500 to 550 lbs. 109.96 to - - -   600 to 650 lbs. 107.06 to - - -  Medium & Large Frame 2   400 to 450 lbs. 105.21 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105.21 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96.35 to - - - Slaughter Cows, Boners 49   to   55 Light Weight 37 to 43 Bulls, Yield Grade   1   1000   to   2100 lbs.   62   to   68, high dressing 68-74.50 Midwest Steers   remained steady   at   94   to   - - - Panhandle Steers   remained steady   at   94   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 116 to 118.5   600 to 650 lbs. 115 to 116 Heifers 550 to 600 lbs. 108 to - - -   600 to 650 lbs. 104.6 to 109.25 Chicago Futures: Live Cattle: June down 22 at 9430   Aug down 10 at 10010 Feeders: May up 57 at 10792   Aug up 85 at 11077 Cattle Comment Cattle futures ended mixed. Feeders were higher on support from strong cash prices and lower corn futures. Live contracts were under pressure from product market weakness and ideas retailers already have their Memorial Day needs covered. June has overhead resistance in the $95.50 area. August feeders have resistance at the recent high of $111. Hogs Peoria: were     steady   at   49.5   to   50 Chicago Futures: June up 15 at 7702   Oct down 80 at 7515 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mixed, and the negative undertone here was also attributed to the fact that retailers have finished buying for Memorial Day and product prices are expected to decline this week. June has support beginning at $76. Poultry  Date: May 12, 2008 Eggs New York:  Ex. Lg. 102-106; Lg. 100-104; Med. 91-95; Chicago:  Ex. Lg. 91-99; Lg. 89-97; Med. 81-89; 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. Demand was moderate to fairly good. Supplies of all sizes were usually adequate for trade needs. In productions areas, live supplies were moderate 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