05/29/2008 Farm Bureau Market Report

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Grain & Soybean Date: May 29, 2008 Soybeans Local Elevators: (May) EAST AR:  1246 to 1320 (NC) Summ. 1214 to 1281 River Elevators: (May) MISS: 1223 to 1290 ; AR & White 1254 to 1260 (NC) Summ. 1220 to 1254 Ark. Processor Bids: (May) 1253 to 1261  (NC) 1242 to 1244 Memphis:  (May) 1292 3/4 to 1332 3/4 (NC)  1251 1/2 to 1286 1/2 Riceland Foods:  (May/Jun) Stuttgart 1261 ; Pendleton 1270 ; West Memphis 1290 Chicago Futures: Jul down 50 at  1322 3/4   Aug  down  47 1/2  at  1328 1/4   Sep down 40 1/4  at  1322   Nov down 35 3/4  at  1321 1/2   Nov '09 down 36 3/4  at  1321 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans took a big dip today as the market continued its up and down movement of recent days. Weakness in crude oil and a stronger dollar contributed to the downturn. The big question is whether oil is just taking a breather or if this could be the beginning of something bigger. Index funds remain big players and for the month show big gains. That could mean new grain and soybean positions as they rebalance their portfolios. November soybean trendline support is just under $13, below that is early May low of $11.65. December corn has traded between $6.00 and $6.55 for over 8 weeks and briefly dropped below the $6 level for the first time since mid-April. A close below $6 would bring support at $5.85 and $5.50 into play. Wheat Cash bid for new crop at Memphis  573 1/2 to 586 1/2; Bids to farmers at Local Elevators 546-574; River Elevators 535-572; Chicago Futures: Jul down  15 1/2  at  743 1/2    Sep down 15 1/4  at  759 1/4    Dec down  15 1/4  at  781    Mar '09 down  14 1/2  at  800 1/2    Jul '09 down  13  at  822    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  933 to 959; Bids to farmers at River Elevators 852-913; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   550 1/4 to 554 1/4;   new crop at Memphis   545 1/4 to 550 1/4; Bids to farmers at River Elevators  519 to 534 Chicago Futures: Jul down  15 1/2  at  743 1/2    Sep down  10 1/4  at  595 1/4    Dec down  10  at  609 1/2    Dec '09 down  13 1/2  at  595    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted double digit losses. Forecasts for rain in Australia were bearish, as farmers there need moisture to get the crop off to a good start. Yesterday Russia announced an end to the export ban there, and today India said they may cancel theirs as well. Today’s low is the first level of support. Failure to hold there could signal a test of support between $6.50 and $6.70. Cotton & Rice  Date: May 29, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 100 at  5924   Greenwood up  100 at 5924 New York Futures: Jul down  54  at  6595    Dec down  46  at  7448    Mar '09 down  8  at  8029    May '09 down  9  at  8188    Jul '09 down  22  at  8290  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continues to followthrough on Tuesday’s move below trendline support. Big U.S. and world supplies will keep a cap on the market and upside potential appears limited in the near term. U.S. stocks of almost 10 million bales are more than ample and will go a long way in offsetting a much smaller ’08 crop. Rice Long Grain Cash Bid for  May 1900/cwt  to  - - -   Jun 1900/cwt  to  - - - Chicago Futures: Jul up  40  at  1885    Sep up  42  at  1837    Jan '09 up  46  at  1876    Mar '09 up  40  at  1909    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice finally reversed this week’s big declines and closed on the positive side. November futures moved back above the previous support area at $18.23, but would need to close above $20 to put the market in a more positive mode. Yesterday’s low was just above the next support near $17.75. Overall fundamentals are unchanged, however the international market appears to be settling. Tight supplies remain the rule of the day, but there seems to be less intensity on the demand side, at least for the time being. Cattle & Hogs  Date: May 29, 2008 Cattle As reported by Federal-State Market News, receipts were 2,443 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119.56 to - - -   500 to 550 lbs. 116.40 to - - -   600 to 650 lbs. 112.41 to - - -  Medium & Large Frame 2   400 to 450 lbs. 114.44 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 111.05 to - - -  Medium & Large Frame 2   400 to 450 lbs. 105.96 to - - - Slaughter Cows, Boners 50   to   55 Light Weight 35 to 43 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   63.50   to   69.50, high dressing 70-77 Midwest Steers   were steady   at   92   to   - - - Panhandle Steers   were steady   at   92   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Aug down 70 at 10092   Dec down 60 at 10792 Feeders: Aug down 35 at 11545   Oct down 30 at 11702 Cattle Comment Cattle futures were weaker today, mostly on profit taking after recent gains. Losses were limited by strong cash values. Cattle price have support at $100. Hogs Peoria: were $1     lower   at   48.5   to   49 Chicago Futures: Aug steady at 7740   Oct down 5 at 7337 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Lean hog futures have been trading sideways for a number of weeks. A lack of fundamental news has trading stalled in a holding pattern. Packer margins are said to be strengthening, which is positive for cash values. August has support $76.20. Poultry  Date: May 29, 2008 Eggs New York:  Ex. Lg. 108-112; Lg. 106-110; Med. 97-101; Chicago:  Ex. Lg. 93-101; Lg. 91-99; Med. 83-91; Eastern Region Turkeys Hens: 8-16 lbs. 90-91 Toms: 16-24 lbs. 90-91   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Supplies of all sizes were at least adequate 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