05/28/2008 Farm Bureau Market Report

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Grain & Soybean Date: May 28, 2008 Soybeans Local Elevators: (May) EAST AR:  1296 to 1320 (NC) Summ. 1249 to 1281 River Elevators: (May) MISS: 1273 to 1340 ; AR & White 1304 to 1310 (NC) Summ. 1255 to 1289 Ark. Processor Bids: (May) 1303 to 1311  (NC) 1277 to 1279 Memphis:  (May) 1307 3/4 to 1337 3/4 (NC)  1271 1/4 to 1287 1/4 Riceland Foods:  (May) Stuttgart 1311 ; Pendleton 1320 ; West Memphis 1340 Chicago Futures: July up 25 at  1372 3/4   Aug  up  24 1/4  at  1375 3/4   Sept up 17 1/2  at  1362 1/4   Nov up 16  at  1357 1/4   Nov '09 up 19  at  1358 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended higher, but near the middle of the day’s trading range. November is consolidating in a narrow range, with resistance at today’s high of $13.71. USDA says that 52% of the crop was planted as of Saturday, versus a 5 year average of 75%. Emergence is only at 12%, compared with a five year average of 34%. Support just under $12. Wheat Cash bid for new crop at Memphis  584 to 599; Bids to farmers at Local Elevators 561-574; River Elevators 551-594; Chicago Futures: July unchanged    at  759    Sept up 1/4  at  774 1/2    Dec up  1/4  at  796 1/4    March '09 unchanged    at  815    July '09 down  1  at  835    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  951 to 969; Bids to farmers at River Elevators 870-930; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   552 1/2 to 555 1/2;   New crop at Memphis   550 1/2 to 555 1/2; Bids to farmers at River Elevators  529 to 544 Chicago Futures: July down  5 1/2  at  592 1/2    Sept down  5 1/2  at  605 1/2    Dec down  6  at  619 1/2    Dec '09 down  6 1/2  at  608 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat prices started the day lower, moving into the black late in the day closing unchanged. Wheat prices tried to find support from the dry conditions in Australia; however the national weather service there is forecasting above average rainfall in June for that region. Adding to the bearish tone, Russia announced it sees no reason to continue its export tariff on wheat. While prices remained relatively flat today, weakening fundamentals continue to weigh on the market. Despite higher crude oil prices, corn prices were down again today. Yesterday’s crop progress report was in line with trade estimates as corn acres were 88% planted up from 72% last week still down from 94% on average. One of the big things pulling at corn prices today was an announcement from the USDA that 24 million acres of CRP land will be eligible for cattle grazing and forage. Cotton & Rice  Date: May 28, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 24 at  5824   Greenwood down  24 at 5824 New York Futures: July up  24  at  6649    Dec down  7  at  7494    March '09 down  14  at  8037    May '09 down  18  at  8197    July '09 down  38  at  8312  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was lower again today, but closed well above the day’s low. Today’s low of 73.79 cents becomes the first level of support, but a push toward the earlier December low of 70.19 cents is possible. Overall, U.S. and world supply numbers remain negative. U.S. domestic use is projected to continue lower and exports will have to be competitive to keep the U.S. in the mix. Rice Long Grain Cash Bid for  May 1900/cwt  to  - - -   June 1900/cwt  to  - - - Chicago Futures: July down  115  at  1845    Sept down  115  at  1795    Jan '09 down  111  at  1830    March '09 down  102  at  1869    - - - down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were sharply lower again today. Little has changed, of course, fundamentally, but there are more bids than we have seen in several weeks. Cambodia lifted their export ban, which is not significant except in a psychological way. Thailand appears to have moved 2/3 of their export allotment of 9 million metric tonnes. That leaves about 3 mmt for the second half of the year. Things could still get interesting, but as a reminder, wheat futures have lost over $5 a bushel in just 10 weeks. It is less likely to happen in rice, but producers need to be aware that what goes up- will come down. Cattle & Hogs  Date: May 28, 2008 Cattle As reported by Federal-State Market News, receipts were 997 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119.38 to - - -   500 to 550 lbs. 119.59 to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame 2   400 to 450 lbs. 109.43 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 103.71 to - - -  Medium & Large Frame 2   400 to 450 lbs. 98.74 to - - - Slaughter Cows, Boners 52   to   57 Light Weight 35 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   65   to   71 Midwest Steers   were steady to $2 lower   at   92   to   - - - Panhandle Steers   were steady to $3 lower   at   92   to   - - - Oklahoma City Feeders Steers 550 to - - - lbs. 112 to 113   640 to 650 lbs. 109 to 110.50 Heifers 475 to 500 lbs. 103.50 to 104.25   525 to 600 lbs. 102 to 105 Chicago Futures: Live Cattle: June up 2 at 9672   Aug up 12 at 10162 Feeders: Aug up 55 at 11580   Oct up 47 at 11732 Cattle Comment Cattle prices continue to maintain last week’s gains, finding support from firm cash prices and the expectation that trade with South Korea will soon resume. Cattle prices are moving towards being technically overbought, and may move lower in coming days. Cattle price have support at $100. Hogs Peoria: were     steady   at   49.5   to   50 Chicago Futures: June down 20 at 7675   Oct up 2 at 7342 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Lean hog futures continue to trend down. Prices have been trading sideways for a number of weeks a lack of fundamental news has prevented price from breaking this trading pattern. Poultry  Date: May 28, 2008 Eggs New York:  Ex. Lg. 106-110; Lg. 104-108; Med. 95-99; Chicago:  Ex. Lg. 93-101; Lg. 91-99; Med. 83-91; 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. Retail and food service demand was light to moderate with limited feature activity. Supplies of all sizes were usually 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