05/16/2008 Farm Bureau Market Report

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Grain & Soybean Date: May 16, 2008 Soybeans Local Elevators: (May) EAST AR:  1301 to 1325 (NC) Summ. 1241 to 1273 River Elevators: (May) MISS: 1278 to 1345 ; AR & White 1307 to 1313 (NC) Summ. 1247 to 1281 Ark. Processor Bids: (May) 1307 to 1313  (NC) 1252 to 1272 Memphis:  (May) 1341 to 1345 (NC)  1279 1/4 to 1282 1/4 Riceland Foods:  (May) Stuttgart 1316 ; Pendleton 1325 ; West Memphis 1345 Chicago Futures: July up 30 1/2 at  1378   Aug  up  30 1/4  at  1377 1/4   Sept up 31 1/4  at  1359 1/4   Nov up 30  at  1349 1/4   Nov '09 up 34 1/2  at  1321 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were up sharply early in the session and ended the day with good gains. Excellent progress in corn planting, a weak dollar and renewed commitment in the farmers strike in Argentina pushed beans higher. New crop contracts moved to above recent resistance, leaving the contract high as the next upside objective. General feeling is that it will take weather problems to move the market back to that level. In the meantime, corn lost early gains to close lower, while testing trendline support again today. Inability to hold here would suggest a move in the December contract toward support in the $5.90 to $6 range. Wheat Cash bid for new crop at Memphis  615 1/2 to 620 1/2; Bids to farmers at Local Elevators 608-621; River Elevators 587-634; Chicago Futures: July up  4  at  775 1/2    Sept up 4  at  790    Dec up  3 3/4  at  809 3/4    March '09 up  3 1/2  at  826 1/2    May '09 up  4  at  835 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  966 to 977; Bids to farmers at River Elevators 868-929; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   558 to - - -;   New crop at Memphis   553 1/2 to 558 1/2; Bids to farmers at River Elevators  534 to 549 Chicago Futures: July down  8  at  591    Sept down  7 3/4  at  603 1/2    Dec down  5 3/4  at  616 3/4    Dec '09 down  5  at  589    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were higher again today following soybeans, but the trend is still down. 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. Cotton & Rice  Date: May 16, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 183 at  6371   Greenwood up  183 at 6371 New York Futures: July down  183  at  7196    Dec down  181  at  8065    March '09 down  175  at  8530    May '09 down  154  at  8661    July '09 down  140  at  8777  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was energized today after a power outage interrupted trading yesterday. Sharp gains were seen despite a slightly enemic export report yesterday. Overall fundamentals remain negative, but it appears the market is going to keep soybeans and corn in sight. December has support at 77 cents and resistance at 89.45 cents with trading most likely staying in the bottom half of that range, at least for the time being. Rice Long Grain Cash Bid for  May 2100/cwt  to  - - -   June 2100/cwt  to  - - - Chicago Futures: July down  27 1/2  at  2006 1/2    Sept up  52 1/2  at  1875    Nov up  35  at  1875    Jan '09 up  35  at  1910    March '09 up  27  at  1935  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice finally found support just above the recent low of $18.23 for November. Strong bean gains and a weak dollar were factors in a solid bounce. However, the market gave back a portion of the early gains and remains near the bottom of a $4 trading range. The overall volatility in the international market seems to be lessening as more offers are being seen. The Thai asking price is around $1000 per tonne. With almost 6 million tonnes of exports in the first half of the year it appears that Thailand will have about half that amount for the rest of the year. So, we could still see some dramatics over the next 6 months. While we anticipated acreage in the U.S. exceeding March intentions, it won’t change the outlook significantly. Cattle & Hogs  Date: May 16, 2008 Cattle As reported by Federal-State Market News, receipts were 8,785 head at sales in Arkansas this week.  Compared with last week, feeder steers sold firm to $3.00 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118.92 to - - -   500 to 550 lbs. 111.94 to - - -   600 to 650 lbs. 106.68 to - - -  Medium & Large Frame 2   400 to 450 lbs. 107.15 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 103.19 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104.36 to - - - Slaughter Cows, Boners 49   to   55.5 Light Weight 40 to 43 Bulls, Yield Grade   1   1000   to   2100 lbs.   63   to   69.50 Midwest Steers   were $3 higher   at   94   to   - - - Panhandle Steers   were $3 higher   at   94   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 114.50 to 139   550 to 600 lbs. 108 to 125 Heifers 500 to 550 lbs. 103.5 to 113.50   550 to 600 lbs. 98 to 111.75 Chicago Futures: Live Cattle: June down 47 at 9387   Aug down 40 at 9910 Feeders: May down 12 at 10847   Aug down 20 at 11307 Cattle Comment Cattle futures were lower. Speculative profit taking and position evening ahead of this afternoon’s Cattle on Feed report limited the upside for live futures. Expectations for weaker beef demand was also a factor. June has overhead resistance in the $95.50 area. Hogs Peoria: were     steady   at   52.5   to   53 Chicago Futures: June down 72 at 7635   Oct up 80 at 7310 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were also 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 found support at the chart gap at $76. Poultry  Date: May 16, 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. Demand was light to moderate with purchasing usually limited to immediate needs; however, optimism was noted as Memorial Day approaches. Supplies of all sizes were more than sufficient to handle 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