05/22/2008 Farm Bureau Market Report

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Grain & Soybean Date: May 22, 2008 Soybeans Local Elevators: (May) EAST AR:  1248 to 1272 (NC) Summ. 1216 to 1248 River Elevators: (May) MISS: 1225 to 1292 ; AR & White 1256 to 1262 (NC) Summ. 1222 to 1257 Ark. Processor Bids: (May) 1255 to 1263  (NC) 1244 to 1246 Memphis:  (May) 1284 3/4 to - - - (NC)  1254 1/4 to - - - Riceland Foods:  (May/Jun) Stuttgart 1263 ; Pendleton 1272 ; West Memphis 1292 Chicago Futures: Jul down 24 1/4 at  1324 3/4   Aug  down  24 1/4  at  1328 1/4   Sep down 28 1/4  at  1324 1/4   Nov down 30 3/4  at  1324 1/4   Nov '09 down 21 1/4  at  1330 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Neither a stronger than export report nor a bigger than anticipated crush report for April could boost soybeans today. November stopped just short of last week’s recent high, which suggests this will be stiff resistance in the future. Weather remains pretty good, and excellent planting progress is being made. December corn continued to hold above key trend line support, but a modest export report and good planting progress pressured the market. Wheat Cash bid for new crop at Memphis  570 to 585; Bids to farmers at Local Elevators 557-570; River Elevators 547-583; Chicago Futures: Jul down  33  at  745    Sep down 32 3/4  at  760 1/4    Dec down  32  at  782    Mar '09 down  31 1/2  at  801    Jul '09 down  27  at  817    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  957 to 983; Bids to farmers at River Elevators 877-938; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   555 3/4 to - - -;   new crop at Memphis   553 1/2 to 558 1/2; Bids to farmers at River Elevators  536 to 551 Chicago Futures: Jul down  11 1/2  at  595 3/4    Sep down  11 1/4  at  608 1/2    Dec down  10 1/4  at  626 1/4    Dec '09 down  9 1/2  at  614    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted sharp losses following the lead of crude oil prices. Export sales were within expectations at 18 million bushels. July dropped below support at $7.75. Failure to hold about $7 would suggest a move toward support between $6.50 and $6.70. Cotton & Rice  Date: May 22, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 99 at  6174   Greenwood down  99 at 6174 New York Futures: Jul down  114  at  6984    Dec down  123  at  7860    Mar '09 down  79  at  8415    May '09 down  107  at  8518    Jul '09 down  148  at  8590  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton traded lower as the market continues to be inconsistent – higher one day, lower the next, while overall trading remains in the bottom half of a wider 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  32  at  2085    Sep up  22  at  1935    Jan '09 up  29  at  1969    Mar '09 up  31  at  2000    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice started the day sharply higher but couldn’t hold that level as all the other crops were hit with big declines. Rice managed a positive close and appears to hold in the bottom half of a $4 trading range between $22.25 and $18.23. 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. Cattle & Hogs  Date: May 22, 2008 Cattle As reported by Federal-State Market News, receipts were 2,103 head at sales in Charlotte, Ratcliff, and Green Forest.  Compared with last week, feeder steers sold 1-3 higher. Heifers sold steady to 4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120.43 to - - -   500 to 550 lbs. 114.41 to - - -   600 to 650 lbs. 112.00 to - - -  Medium & Large Frame 2   400 to 450 lbs. 110.34 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105.29 to - - -  Medium & Large Frame 2   400 to 450 lbs. 107.39 to - - - Slaughter Cows, Boners 50   to   57.50 Light Weight 42 to 44 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   62.50   to   70.00 Midwest Steers   were $2 to $1.50 higher   at   94   to   - - - Panhandle Steers   were $2 higher   at   94   to   - - - Oklahoma City Feeders Steers 600 to 650 lbs. 113.00 to 119.50   650 to 700 lbs. 112.50 to 114.00 Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Jun up 52 at 9515   Aug up 30 at 9985 Feeders: May down 17 at 10787   Aug up 37 at 11475 Cattle Comment Cattle futures ended mixed. Early weakness was attributed to speculative profit taking. Expectations for higher beef prices and strong export movement supported the market. August live cattle have retreated at $100 two days in a row. Hogs Peoria: were $1     lower   at   49   to   51 Chicago Futures: Jun up 42 at 7692   Oct up 17 at 7385 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs continue to chop along mostly sideways. This week’s sharp drop in cutout values is limiting the upside. June has support at $75.80 and resistance near $77. Poultry  Date: May 22, 2008 Eggs New York:  Ex. Lg. 104-108; Lg. 102-106; Med. 93-97; 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 remained mostly steady. Supplies of all sizes were at least adequate for 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