05/23/2008 Farm Bureau Market Report

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Grain & Soybean Date: May 23, 2008 The Farm Bureau Center will be closed on Monday, May 26, 2008 in observance of the Memorial Day Holiday. The next report will be avaliable on Tuesday, May 27, 2008. Soybeans Local Elevators: (May) EAST AR:  1291 to 1315 (NC) Summ. 1246 to 1278 River Elevators: (May) MISS: 1268 to 1335 ; AR & White 1299 to 1305 (NC) Summ. 1252 to 1286 Ark. Processor Bids: (May) 1298 to 1306  (NC) 1274 to 1276 Memphis:  (May) 1328 to - - - (NC)  1278 1/2 to 1283 1/2 Riceland Foods:  (May/Jun) Stuttgart 1306 ; Pendleton 1315 ; West Memphis 1335 Chicago Futures: Jul up 43 1/4 at  1368   Aug  up  41 3/4  at  1370   Sep up 33 3/4  at  1358   Nov up 29 1/4  at  1353 1/2   Nov '09 up 17 3/4  at  1348 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed yesterday’s losses and closed higher with November again testing resistance at $13.65. Another spurt of buying from China, as Argentina remains uncertain supplier, helped boost the U.S. market. A favorable weather pattern has also contributed to some bean acres moving to corn. November will need to close above $13.65 to extend this upturn. Current trendline support is approaching $13. December corn continues to trade just above trendline support near $6.20, with resistance at the contract high of $6.55. Wheat Cash bid for new crop at Memphis  575 1/2 to 592 1/2; Bids to farmers at Local Elevators 567-578; River Elevators 555-591; Chicago Futures: Jul up  7 1/2  at  752 1/2    Sep up 7 1/2  at  767 3/4    Dec up  7 1/2  at  789 1/2    Mar '09 up  6 1/2  at  807 1/2    Jul '09 up  11 1/2  at  828 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  964 to 991; Bids to farmers at River Elevators 883-944; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   559 3/4 to - - -;   new crop at Memphis   557 3/4 to 562 3/4; Bids to farmers at River Elevators  540 to 555 Chicago Futures: Jul up  4  at  599 3/4    Sep up  4 1/4  at  612 3/4    Dec up  4  at  627 1/4    Dec '09 up  1/2  at  614 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat regained some of yesterday’s sharp losses; however, prices were unable to make it back to the $7.75 level. This leaves wheat vulnerable to a move towards $7. This type of move is likely if the European Union decides to remove set aside restriction currently placed on European crops. Currently European farmers must leave 10% of their land idle, legislature there is looking at removing this restriction, which has the potential of increasing wheat acres. Corn prices saw little change today. With no new weather news and little action in the crude oil market corn prices found little to react to. Reports from Iowa State indicate the La Nina effect is fading, which improves the probability of trend yields this year. Cotton & Rice  Date: May 23, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 78 at  6096   Greenwood down  78 at 6096 New York Futures: Jul down  72  at  6927    Dec down  70  at  7797    Mar '09 down  36  at  8360    May '09 down  171  at  8350    Jul '09 down  181  at  8450  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was pushed lower again today, fueled by a poor export report and excellent plantings progress. The mid-South planting is almost complete, and West Texas is in high gear. Today’s move penetrated trendline support and pushed near the mid-March low before reversing. 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, but if that gives way the market could work toward 71 cents. Rice Long Grain Cash Bid for  May 1950/cwt  to  - - -   Jun 1950/cwt  to  - - - Chicago Futures: Jul down  50  at  2035    Sep up  50  at  1985    Jan '09 up  37  at  2006    Mar '09 up  26  at  2026    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Light trading in rice left the market mixed. Old crop July was sharply lower at the close, while other contracts were marked up from 50 cents to 21 cents. Rice remains in the bottom half of a $4 trading range. 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 23, 2008 Cattle As reported by Federal-State Market News, receipts were 9,325 head at sales in Arkansas this week.  Compared with last week, feeder steers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118.11 to - - -   500 to 550 lbs. 111.41 to - - -   600 to 650 lbs. 105.84 to - - -  Medium & Large Frame 2   400 to 450 lbs. 109.46 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 109.19 to - - -  Medium & Large Frame 2   400 to 450 lbs. 102.45 to - - - Slaughter Cows, Boners 49.00   to   56.00 Light Weight 38.00 to 45.00 Bulls, Yield Grade   1   1000   to   2100 lbs.   65.00   to   70.00 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 114.50 to 133.00   550 to 600 lbs. 112.50 to 126.00 Heifers 500 to 550 lbs. 101.00 to 115.00   550 to 600 lbs. 98.00 to 114.00 Chicago Futures: Live Cattle: Jun up 102 at 9617   Aug up 145 at 10130 Feeders: Aug up 47 at 11522   Oct up 75 at 11690 Cattle Comment After 2 days of failing to break the $100 mark, August live cattle prices surged today setting new contract highs. After starting the week down, prices have moved from 97.90 to 101.30; however, the market is beginning to show signs it is technically oversold which could lead to some profit taking next week Hogs Peoria: were     steady   at   48   to   50 Chicago Futures: Jun up 90 at 7785   Oct up 15 at 7400 Sheep St. Paul sheep shorne slaughter lambs   at   n/a   to   - - - Hogs Comment Hog prices followed cattle prices and closed the day marginally higher. With no major fundamental news, hogs prices continue their choppy sideways trade. June has support at $75.80 and resistance near $77. Poultry  Date: May 23, 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 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