05/30/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: May 30, 2008 Soybeans Local Elevators: (May) EAST AR:  1287 to 1311 (NC) Summ. 1247 to 1279 River Elevators: (May) MISS: 1264 to 1331 ; AR & White 1299 to 1305 (NC) Summ. 1253 to 1287 Ark. Processor Bids: (May) 1294 to 1302  (NC) 1275 to 1277 Memphis:  (May) 1333 1/2 to 1336 1/2 (NC)  1283 1/2 to 1284 1/2 Riceland Foods:  (May/Jun) Stuttgart 1302 ; Pendleton 1311 ; West Memphis 1331 Chicago Futures: Jul up 40 3/4 at  1363 1/2   Aug  up  40 1/2  at  1368 3/4   Sep up 34 1/4  at  1356 1/4   Nov up 33  at  1354 1/2   Nov '09 up 26  at  1347 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans and corn reversed yesterday’s losses and closed sharply higher to end the week. Heavy rain in parts of the Midwest left crop development in doubt and provided a boost to beans and corn. The big move boosted November beans back to the topside of a 2 ½ week trading range leaving open the possibility of additional gains. December corn attempted to move above the uptrend that was broken earlier this week, essentially ended the week well above the critical $6 level. Wheat Cash bid for new crop at Memphis  582 1/2 to 591 1/2; Bids to farmers at Local Elevators 564-577; River Elevators 553-590; Chicago Futures: Jul up  18  at  761 1/2    Sep up 18 1/4  at  777 1/2    Dec up  18 1/4  at  799 1/4    Mar '09 up  18 1/2  at  819    Jul '09 up  16 1/2  at  838 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  958 to 959; Bids to farmers at River Elevators 882-943; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   557 1/4 to 573 1/4;   new crop at Memphis   556 1/2 to 562 1/2; Bids to farmers at River Elevators  539 to 556 Chicago Futures: Jul up  17  at  599 1/4    Sep up  17 1/4  at  612 1/2    Dec up  17  at  626 1/2    Dec '09 up  1 1/2  at  596 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted solid gains, mostly following strength in corn. USDA says 33.2 million bushels of wheat were sold for export last week, which was within trade expectations. The International Grain Council is estimating farmers around the world will harvest 650 million metric tons of wheat this year, compared with only 605 million, one of the biggest reasons for the tight supply situation this spring. July has support at yesterday’s low of $7.31. Failure to hold there could signal a test of support between $6.50 and $6.70. Cotton & Rice  Date: May 30, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 25 at  5899   Greenwood down  25 at 5899 New York Futures: Jul down  25  at  6574    Dec down  27  at  7437    Mar '09 down  26  at  8003    May '09 down  21  at  8167    Jul '09 down  10  at  8298  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was slightly lower again today as the market remains under pressure. Further declines would suggest a possible test of the next support near 71 cents. 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  25  at  1910    Sep up  13  at  1850    Jan '09 up  17  at  1893    Mar '09 up  17  at  1926    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were a little higher again today, but down sharply for the week. 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. This week’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 30, 2008 Cattle As reported by Federal-State Market News, receipts were 9,050 head at sales in Arkansas this week.  Compared with last week, feeder steers calves under 550 lbs sold steady to $2 lower, Yearlings over 550 lbs sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116.50 to - - -   500 to 550 lbs. 110.84 to - - -   600 to 650 lbs. 108 to - - -  Medium & Large Frame 2   400 to 450 lbs. 109.15 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 108.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 103.92 to - - - Slaughter Cows, Boners 50   to   58 Light Weight 35 to 42.50 Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   72.50, high dressing 73-77 Midwest Steers   were $3 higher   at   95   to   - - - Panhandle Steers   were $4 higher   at   96   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 122 to 127.50   600 to 650 lbs. 110 to 116.50 Heifers 600 to 650 lbs. 105 to 105.50   650 to 700 lbs. 96.13 to 103.85 Chicago Futures: Live Cattle: Aug up 92 at 10185   Dec up 90 at 10882 Feeders: Aug up 57 at 11602   Oct up 80 at 11782 Cattle Comment Cattle futures ended higher, mostly on carryover strength from the hog pit. Indications of strong demand and renewed access to the South Korean market were supportive as well. Hogs Peoria: were $1     lower   at   47.5   to   48 Chicago Futures: Aug up 157 at 7897   Oct up 117 at 7455 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Lean hog futures were sharply higher today. The market had been trading at a discount to cash prices and apparently traders decided to try and catch up. Packer margins are said to be strengthening, which is positive for cash values. August has resistance between $79.15 and $79.30. Poultry  Date: May 30, 2008 Eggs New York:  Ex. Lg. 110-114; Lg. 108-112; Med. 99-103; Chicago:  Ex. Lg. 93-101; Lg. 91-99; Med. 83-91; Eastern Region Turkeys Hens: 8-16 lbs. 90-92 Toms: 16-24 lbs. 90-92   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Demand was light to moderate with hopes of progress as first of the month approaches. Supplies of all sizes were at least adequate 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