05/21/2008 Farm Bureau Market Report

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Grain & Soybean Date: May 21, 2008 Soybeans Local Elevators: (May) EAST AR:  1272 to 1296 (NC) Summ. 1247 to 1279 River Elevators: (May) MISS: 1249 to 1316 ; AR & White 1280 to 1286 (NC) Summ. 1253 to 1287 Ark. Processor Bids: (May) 1279 to 1287  (NC) 1275 to 1277 Memphis:  (May) 1309 to 1311 (NC)  1284 to 1285 Riceland Foods:  (May/Jun) Stuttgart 1287 ; Pendleton 1296 ; West Memphis 1316 Chicago Futures: Jul up 17 1/2 at  1349   Aug  up  18 1/4  at  1352 1/2   Sep up 26 1/4  at  1352 1/2   Nov up 29 1/4  at  1355   Nov '09 up 38 3/4  at  1352   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted sharp gains, mostly due to $130 per barrel oil and renewed weakness in the dollar. The strike in Argentina will end tomorrow, and that may have limited the upside. 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  618 to - - -; Bids to farmers at Local Elevators 592-613; River Elevators 580-626; Chicago Futures: Jul down  6  at  778    Sep down 6  at  793    Dec down  4 1/2  at  814    Mar '09 down  4  at  832 1/2    Jul '09 down  2  at  844    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  995 to 1004; Bids to farmers at River Elevators 896-957; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   572 1/4 to - - -;   New Crop at Memphis   566 3/4 to 574 3/4; Bids to farmers at River Elevators  547 to 565 Chicago Futures: Jul up  17 1/2  at  607 1/4    Sep up  17 1/2  at  619 3/4    Dec up  17 1/2  at  633 1/2    Dec '09 up  21 1/2  at  623 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn was also sharply higher, also because of $130 per barrel oil and weakness in the dollar. Also, slow planting progress and delayed emergence due to cool weather have traders worried about the yield potential of the crop. Wheat failed to pick up on an overall bullish mood in Chicago and closed lower. This is despite the fact that Iraq purchased 400,000 tons of wheat and Ukraine has cancelled all export bids. Apparently, fund profit taking was at work in the wheat pit. July continues to flirt with strong support around $7.75 set last December. Cotton & Rice  Date: May 21, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 21 at  6273   Greenwood up  21 at 6273 New York Futures: Jul up  10  at  7087    Dec down  1  at  7961    Mar '09 up  44  at  8506    May '09 up  19  at  8620    Jul '09 up  298  at  9000  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton turned a bit higher, but December stayed within the recent 12-cent trading range. 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. Major support remains 77 cents. Rice Long Grain Cash Bid for  May 1950/cwt  to  - - -   Jun 1950/cwt  to  - - - Chicago Futures: Jul up  20  at  2053    Sep up  19  at  1913    Jan '09 up  25  at  1940    Mar '09 up  29  at  1969    - - -   - - -  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. Thailand has agreed to furnish 300,000 additional metric tons to Malaysia out of government intervention stocks. The Philippines is also tendering for over 140,000 metric tons. U.S. prices are around $950-$975 per ton for milled rice at the gulf, there is very little paddy rice remaining to be offered. Overall the downside appears limited. November has initial resistance at $19.40. Cattle & Hogs  Date: May 21, 2008 Cattle As reported by Federal-State Market News, receipts were 688 head at sales in Conway.  Compared with last week, feeder steers sold 3-7 higher, heifers sold 2-5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 121.88 to - - -   500 to 550 lbs. 113.39 to - - -   600 to 650 lbs. 106.56 to - - -  Medium & Large Frame 2   400 to 450 lbs. 110.68 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 108.98 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99.78 to - - - Slaughter Cows, Boners 50   to   57 Light Weight 38 to 45 Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   68.50, high dressing 69-72 Midwest Steers   were steady to .50 higher   at   92   to   92.50 Panhandle Steers   remained   at   92   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 119 to 126   600 to 650 lbs. 113.50 to 120 Heifers 550 to 600 lbs. 107.75 to 111.75   600 to 650 lbs. 105.75 to 107.75 Chicago Futures: Live Cattle: Jun up 97 at 9462   Aug up 102 at 9955 Feeders: May up 12 at 10805   Aug up 70 at 11437 Cattle Comment Cattle futures were also supported by higher oil prices and the weaker dollar. Higher cutout values were also a plus. August gapped sharply higher, but failed at psychological resistance at $100. Additional resistance is the contract high of $100.75. Hogs Peoria: were steady to $1.50     lower   at   50   to   52 Chicago Futures: Jun down 5 at 7650   Oct down 5 at 7367 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended mixed. Prices continue to be pressured by weak cash and wholesale pork prices as well as continued herd liquidation. Poultry  Date: May 21, 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 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