05/20/2008 Farm Bureau Market Report

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Grain & Soybean Date: May 20, 2008 Soybeans Local Elevators: (May) EAST AR:  1255 to 1279 (NC) Summ. 1218 to 1250 River Elevators: (May) MISS: 1232 to 1299 ; AR & White 1257 to 1267 (NC) Summ. 1224 to 1258 Ark. Processor Bids: (May) 1262 to 1270  (NC) 1246 to 1248 Memphis:  (May) 1291 1/2 to 1293 1/2 (NC)  1254 3/4 to 1258 3/4 Riceland Foods:  (NC) Stuttgart 1270 ; Pendleton 1279 ; West Memphis 1299 Chicago Futures: Jul down 1 1/2 at  1331 1/2   Aug  up  1/2  at  1334 1/4   Sep up 2 1/2  at  1326 1/4   Nov up 3 3/4  at  1325 3/4   Nov '09 up 8 3/4  at  1313 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were mostly higher today. USDA says that farmers have only 27% of the soybean crop in the ground. The 5 year average is 47%. The strike in Argentina will end tomorrow, and that limited the upside. Smaller plantings could see tighter supply potential develop later in the year. Resistance for November begins at Friday’s high of $13.66. That will need to be topped to suggest further upside potential. Wheat Cash bid for new crop at Memphis  624 to 629; Bids to farmers at Local Elevators 604-619; River Elevators 596-632; Chicago Futures: Jul down  7  at  784    Sep down 6 3/4  at  799    Mar down  6  at  836 1/2    May '09 down  5 1/2  at  844    Jul '09 down  3 1/2  at  846    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  964 to 973; Bids to farmers at River Elevators 866-927; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   554 3/4 to - - -;   new crop at Memphis   549 1/4 to 557 1/4; Bids to farmers at River Elevators  530 to 548 Chicago Futures: Jul up  3  at  589 3/4    Sep up  3  at  602 1/4    Dec up  3  at  616    Dec '09 up  14  at  602    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment After opening higher, it looked like July was poised to close above the magic $8 level; however, wheat tumbled shortly after mid-day posting modest losses on the day. Wheat prices continue to flirt with strong support around $7.75 set last December. While the world is waiting for a record wheat harvest, news from Australia indicated they may be looking at a third straight year of drought in the eastern portion which is very dry. After rising sharply earlier in the day, corn prices closed the day up slightly recovering most of yesterday’s losses. Yesterday’s planting report fueled today’s gains as it reported only 26% of the corn has emerged. That’s down significantly from last year’s 59% and the 5-year average of 56% during the same time period. Cotton & Rice  Date: May 20, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 104 at  6252   Greenwood down  104 at 6252 New York Futures: Jul down  109  at  7072    Dec down  108  at  7953    Mar '09 down  88  at  8455    May '09 down  78  at  8598    Jul '09 down  35  at  8754  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was mostly lower again today after posting gains in early dealings. 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  3  at  2033    Sep up  10  at  1894    Jan '09 up  10  at  1915    Mar '09 up  10  at  1940    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted solid gains. 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 20, 2008 Cattle As reported by Federal-State Market News, receipts were 1,309 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold steady to firm, instances $1-2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118.47 to - - -   500 to 550 lbs. 113.78 to - - -   600 to 650 lbs. 107.16 to - - -  Medium & Large Frame 2   400 to 450 lbs. 109.92 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 108.77 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96.80 to - - - Slaughter Cows, Boners 50   to   57.50 Light Weight 40 to 45 Bulls, Yield Grade   1   1000   to   2100 lbs.   63   to   73.50, high dressing 74-78.50 Midwest Steers   were $1.50-2 lower   at   92   to   - - - Panhandle Steers   were $2-2.50 lower   at   92   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 119 to 126   600 to 650 lbs. 113.50 to 120 Heifers 600 to 650 lbs. 103 to 107.35   - - - to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Jun up 55 at 9365   Aug up 62 at 9852 Feeders: May up 5 at 10792   Aug up 192 at 11367 Cattle Comment Cattle futures strengthened across the board today, as traders finished digesting Friday’s USDA report and realized they may have overreacted yesterday. Strengthening packer margins as well as firm wholesale beef prices continue to support this volatile market. Hogs Peoria: were $1     lower   at   51.5   to   52 Chicago Futures: Jun up 42 at 7655   Oct up 30 at 7372 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Lean hogs followed cattle higher; posting its first gains in a week. Hog prices continue to be pressured due to weak cash and wholesale pork prices as well as continued herd liquidation. Poultry  Date: May 20, 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. 89-90 Toms: 16-24 lbs. 89-90   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Supplies of all sizes were 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