05/19/2008 Farm Bureau Market Report

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Grain & Soybean Date: May 19, 2008 Soybeans Local Elevators: (May) EAST AR:  1256 to 1280 (NC) Summ. 1214 to 1246 River Elevators: (May) MISS: 1233 to 1300 ; AR & White 1259 to 1268 (NC) Summ. 1220 to 1254 Ark. Processor Bids: (May) 1263 to 1271  (NC) 1242 to 1244 Memphis:  (May) 1294 to 1300 (NC)  1252 to 1255 Riceland Foods:  (May/Jun) Stuttgart 1271 ; Pendleton 1280 ; West Memphis 1300 Chicago Futures: Jul down 45 at  1333   Aug  down  43 1/2  at  1333 3/4   Sep down 35 1/2  at  1323 3/4   Nov down 27 1/4  at  1322   Nov '09 down 16 3/4  at  1304 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were sharply lower today as reports circulated indicating that the four farmer groups in Argentina would likely call an end to their strike. On the positive side reports suggest good weather and excellent planting progress is pulling acres from beans to corn. That suggests that while overall downside for soybeans will be limited, there will likely be a downward tendency. Smaller plantings could see tighter supply potential develop later in the year. Corn is under pressure from additional acreage and a December close below $6 would suggest a top in the market. Wheat Cash bid for new crop at Memphis  631 to 636; Bids to farmers at Local Elevators 623-636; River Elevators 603-649; Chicago Futures: Jul up  15 1/2  at  791    Sep up 15 3/4  at  805 3/4    Dec up  15 1/4  at  825    Mar '09 up  16  at  842 1/2    Jul '09 up  17  at  849 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  958 to 967; Bids to farmers at River Elevators 861-921; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   551 3/4 to 553 3/4;   new crop at Memphis   549 1/4 to 554 1/4; Bids to farmers at River Elevators  527 to 545 Chicago Futures: Jul down  4 1/4  at  586 3/4    Sep down  4 1/4  at  599 1/4    Dec down  3 3/4  at  613    Dec '09 down  1  at  588    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were sharply lower today, but the trend is still down. Support today came from news of dry conditions in Australia, whose farmers are trying to recover from two straight years of crop failures. July has support at the recent low of $7.49. Cotton & Rice  Date: May 19, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 15 at  6356   Greenwood down  15 at 6356 New York Futures: Jul down  30  at  7166    Dec down  22  at  8043    Mar '09 down  22  at  8508    May '09 up  20  at  8681    Jul '09 up  17  at  8794  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was mostly lower as the market recouped earlier losses to close well above the day’s lows. There is little to get excited about, as the overall supply situation is bearish. Almost 10 million bales of ending stocks are projected in the U.S. while plantings may approach just 9 million acres, the U.S. will have to work to drop stocks significantly. For now, old crop is attempting to hold above 70 cents, while new crop December is holding in the bottom third of 12 cent trading range. Major support remains 77 cents. Rice Long Grain Cash Bid for  May 1950/cwt  to  - - -   Jun 1950/cwt  to  - - - Chicago Futures: Jul up  23 1/2  at  2030    Sep up  9  at  1884    Jan '09 down  5  at  1905    Mar '09 down  5  at  1930    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice rebounded from early losses to close mixed in very limited activity. Overall fundamentals are unchanged, but the market appears to be stabilizing with Thai offerings below a thousand dollars per metric tonne. Thailand has already moved about 6 million metric tonnes into the export market which means about half that amount will be available for the second half of the year. U.S. plantings are likely higher than the March intentions but the latest U.S. supply demand report showed a big scale back in exports to keep ending stocks at a reasonable level. So, the market can probably stand additional production. Overall downside appears limited. November has key support around $18.25. Cattle & Hogs  Date: May 19, 2008 Cattle As reported by Federal-State Market News, receipts were 2,554 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers mostly steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119.02 to - - -   500 to 550 lbs. 110.57 to - - -   600 to 650 lbs. 109.03 to - - -  Medium & Large Frame 2   400 to 450 lbs. 109.18 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 106.42 to - - -  Medium & Large Frame 2   400 to 450 lbs. 102.97 to - - - Slaughter Cows, Boners 51   to   57 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   69, high dressing 69-78.50 Midwest Steers   were $.50 lower to steady   at   93.50   to   94 Panhandle Steers   were steady to $.50 higher   at   94   to   94.50 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 77 at 9310   Aug down 120 at 9790 Feeders: May down 60 at 10787   Aug down 132 at 11175 Cattle Comment Cattle futures were sharply lower. Friday’s Cattle on Feed report provided a bearish surprise. April placements were 3.5% higher than the average guess. Expectations for weaker beef demand were also a factor. June gapped lower and has support around $91. Hogs Peoria: were     steady   at   52.5   to   53 Chicago Futures: Jun down 22 at 7612   Oct up 32 at 7342 Sheep St. Paul sheep shorn slaughter lambs.   at   n/a   to   - - - Hogs Comment Hogs were lower following cattle. Losses were limited in nearby June by the contract’s discount to the CME cash index. June is testing support at the chart gap at $76. Poultry  Date: May 19, 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. Supplies of all sizes were usually 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