05/15/2008 Farm Bureau Market Report

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Grain & Soybean Date: May 15, 2008 Soybeans Local Elevators: (May) EAST AR:  1271 to 1295 (NC) Summ. 1211 to 1243 River Elevators: (May) MISS: 1248 to 1315 ; AR & White 1278 to 1284 (NC) Summ. 1217 to 1251 Ark. Processor Bids: (May) 1278 to 1286  (NC) 1239 to 1241 Memphis:  (May) 1309 1/2 to 1311 1/2 (NC)  1249 1/4 to 1252 1/4 Riceland Foods:  (NC) Stuttgart 1286 ; Pendleton 1295 ; West Memphis 1315 Chicago Futures: Jul down 32 at  1347 1/2   Aug  down  29 1/2  at  1347   Sep down 21  at  1328   Nov down 13 3/4  at  1319 1/4   Nov '09 down 7 1/4  at  1286 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended lower but near the top of the day’s trading range. November is establishing support at the recent low of $12.76. Resistance begins at $13.48. Futures are well above USDA’s average price projection of $10.50 to $12.00. This suggests fundamentals do not support current price levels, but their projection does not take index funds into account either. Wheat Cash bid for new crop at Memphis  611 1/2 to 621 1/2; Bids to farmers at Local Elevators 604-617; River Elevators 588-630; Chicago Futures: Jul up  7 1/2  at  771 1/2    Sep up 7 3/4  at  786    Dec up  6 3/4  at  806    Mar '09 up  4 1/2  at  823    May '09 up  5  at  831 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  966 to 991; Bids to farmers at River Elevators 882-943; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   565 to 566;   new crop at Memphis   561 1/4 to 566 1/4; Bids to farmers at River Elevators  547 to 565 Chicago Futures: Jul up  2 3/4  at  599    Sep up  3  at  611 1/4    Dec up  2  at  622 1/2    Dec '09 up  1 1/2  at  594    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were higher, but today’s move is more than likely just a corrective bounce. While stocks for the current marketing year are at record-low levels, the situation is expected to be very different this time next year, and that is keeping a lid on the market. July fell out the bottom of the recent consolidation range and now could head toward a retest of support between $6.50 and $6.70. Cotton & Rice  Date: May 15, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis  n/a at  - - -   Greenwood   n/a at - - - New York Futures: Jul down  95  at  6995    Dec down  92  at  7870    Mar '09 down  108  at  8330    May '09 down  30  at  8587    Jul '09 down  21  at  8709  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton ended unchanged across the board after trading lower at mid-day. Export sales for the week were reported at 241,800 bales, which was within trade expectations but lower than what is needed to meet USDA’s export estimate for the year. 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/Jun 2100/cwt  to  - - -   Jul 2100/cwt  to  - - - Chicago Futures: Jul down  61  at  2139    Sep down  75  at  2149    Nov down  75  at  1884    Jan '09 down  73  at  1867    Mar '09 down  68  at  1900  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice gapped lower today. 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. September, on the other hand, fell out the bottom of the recent trading range and could be headed for a retest of support around $16.30-$16.35. Cattle & Hogs  Date: May 15, 2008 Cattle As reported by Federal-State Market News, receipts were 1,542 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold firm to $4 higher. Heifers sold steady to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119.39 to - - -   500 to 550 lbs. 115.18 to - - -   600 to 650 lbs. 109.38 to - - -  Medium & Large Frame 2   400 to 450 lbs. 115.98 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105.84 to - - -  Medium & Large Frame 2   400 to 450 lbs. 100.62 to - - - Slaughter Cows, Boners 49   to   54 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   62.50   to   68, high dressing 68-74 Midwest Steers   were $1 higher to steady   at   91   to   - - - Panhandle Steers   were $1 higher to steady   at   91   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Jun down 27 at 9435   Aug down 72 at 9950 Feeders: May up 15 at 10860   Aug up 52 at 11327 Cattle Comment Cattle futures ended mixed again today. Speculative profit taking and position evening ahead of Friday’s Cattle on Feed report limited the upside for live futures. June has overhead resistance in the $95.50 area. August feeders were sharply higher and today’s high of $13.77 now becomes the first level of resistance. Hogs Peoria: were $2     higher   at   52.5   to   53 Chicago Futures: Jun down 110 at 7707   Oct down 125 at 7230 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended lower. Losses were limited in nearby June by the contract’s discount to the CME cash index and this week’s gains in cutout values. June has uptrending support just below today’s low of $77. Poultry  Date: May 15, 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 steady at best. Supplies of all sizes were more than sufficient to satisfy trade needs. In production areas, live supplies were moderate at mostly 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