05/28/2008 Farm Bureau Market Report

Click here to view this report online.

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

FWD: Morning Manna (May 28); BP: Jn. 17:20-26; RBTTY: Jn. 10:24-42; II

 
Samuel D. High
sdhigh@aristotle.net

 

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-----Original Message-----
From: Apostle Tom <pressingon@hotmail.com>
Sent: Tue, 27 May 2008 17:52:00 -0500
To: <pressingon@hotmail.com>
Subject: Morning Manna (May 28); BP: Jn. 17:20-26; RBTTY: Jn. 10:24-42; II
 

May 28                                                                                                                    “Christ’s Prayer for Us”

 

“Neither pray I for these alone, but for them also who shall believe on Me through their word—that they all may be one, as You, Father, are in Me and I in You, that they also may be one in Us, that the world may believe that You have sent Me.  And, the glory which You gave Me I have given them—that they may be one, even as we are one:  I in them and You in Me, that they may be made perfect in one—and that the world may know that You have sent Me and have loved them, as You have loved Me.”

                                                                                                                                                  John 17:20-23

     He wants us to enjoy what He’s always enjoyed.

     Oneness with the Father.

     It’s interesting in Jesus’ High Priestly prayer, given right before His impending betrayal and arrest, ended with a desire for His disciples (and us) to “be one, even as He and His Father were/are one.”

 

     Shouldn’t this, in-and-of-itself, show us what great importance our Lord places on the unity of believers?

     Most assuredly it does.

     Therefore, we should not rest until we’ve exhausted every means possible to “live peaceably with all men” (Rom. 12:18).  For sure, we’ll always experience “friction” in relationship because of our differences in temperament, personalities, preferences, etc.; however, this is not an excuse to “fan the flames” of such friction until it grows into contentious division.  Instead, we should smother the sparks with the oil of grace and “pray for those who revile us, persecute us, despitefully use us and say all manner of evil against us falsely, for His sake” (Mt. 5:11, 44).

 

     This will require us to move beyond another’s denominational lable. . .economic status. . .educational level. . .ethnic background, etc., to see them as someone for whom Christ died.  And, it will take His love operating in us for that to happen.

 

     How wonderful to read that Jesus’ prayer wasn’t limited to His followers of that day!  He said, “Neither do I pray for these alone (those with Me right now), but for them also who SHALL BELIEVE on Me through their word.”  Glory!!  That means us, Pilgrim—those who’ve come to Christ because of others’ faithful witness down through the years.

 

     And, in every generation His desire and prayer for us has been the same:  “That we might be one as He and the Father are one.”  Hallelujah!!

     That means we can sit down and have fellowship together even if we disagree on the meaning and method of baptism. . .the Lord’s Supper. . .the ins-and-outs of church membership, etc., so long as we agree on Who Jesus is and what He accomplished for us on the Cross.

 

     The Psalmist David knew the beauty of unity when he wrote “Behold, how good and how pleasant (Heb. ‘na ‘iym’—‘sweet, delightful, fragrant, etc.’) it is for brethren to dwell together in unity” (Ps. 133:1).  Truly, it’s a glimpse of Heaven and what’s needed if we are to win a lost and dying world to Christ.

 

05/27/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: May 27, 2008 Soybeans Local Elevators: (May) EAST AR:  1271 to 1295 (NC) Summ. 1233 to 1265 River Elevators: (May) MISS: 1248 to 1315 ; AR & White 1279 to 1285 (NC) Summ. 1239 to 1273 Ark. Processor Bids: (May) 1278 to 1286  (NC) 1261 to 1263 Memphis:  (May) 1307 3/4 to -- - (NC)  1266 1/4 to 1271 1/4 Riceland Foods:  (May/June) Stuttgart 1286 ; Pendleton 1295 ; West Memphis 1315 Chicago Futures: July down 20 1/4 at  1347 3/4   Aug  down  18 1/2  at  1351 1/2   Sept down 13 1/4  at  1344 3/4   Nov down 12 1/4  at  1341 1/4   Nov '09 down 9 1/4  at  1339 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans took the lead from crude oil and moved lower throughout today’s trading session. Declines were limited by weather considerations and indications planting progress remains well behind the norm. Only 45 to 50% of the crop is expected to have been planted versus a 5 year average of 75%. Current resistance is near $13.60, with support just under $12. Corn also was lower despite a strong export number. December continued to hold trendline support, but is vulnerable to a move lower in the weeks ahead. Wheat Cash bid for new crop at Memphis  584 to 599; Bids to farmers at Local Elevators 571-584; River Elevators 556-597; Chicago Futures: July up  6 1/2  at  759    Sept up 6 1/2  at  774 1/4    Dec up  6 1/2  at  796    March '09 up  7 1/2  at  815    July '09 up  7 1/2  at  836    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  961 to 970; Bids to farmers at River Elevators 880-941; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   556 to 558;   New crop at Memphis   559 to - - -; Bids to farmers at River Elevators  535 to 550 Chicago Futures: July down  1 3/4  at  598    Sept down  1 3/4  at  611    Dec down  1 3/4  at  625 1/2    Dec '09 up  1/2  at  615    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat prices continue to regain last Thursday’s losses. Overpriced European wheat is expected to strengthen U.S. exports during 2008, which is adding some support to the market, but probably the biggest support factor for wheat right now is the fact Australia is looking at a third straight year of drought. Eastern Australia, which produces 30% of their crop is planting less wheat than expected due to insufficient soil moisture. Corn prices continue to trade choppy, despite the fact the crop is behind schedule. Weak crude oil prices caused corn prices to decline slightly today. Cotton & Rice  Date: May 27, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 296 at  5800   Greenwood down  296 at 5800 New York Futures: July down  296  at  6625    Dec down  300  at  7501    March '09 down  300  at  8051    May '09 down  266  at  8215    July '09 down  246  at  8350  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton broke both trendline support and support at the March 20 low of 76.34 cents early in the session. Further technical selling pushed the market down the 300 point daily limit. Today’s close at 75 cents will bring support at 74.35 cents into play and perhaps a push toward the earlier December low of $70.19 cents. 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 1950 /cwt  to  - - -   June 1950/cwt  to  - - - Chicago Futures: July down  75  at  1960    Sept down  75  at  1910    Jan '09 down  65  at  1941    March '09 down  55  at  1971    - - - unchanged  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was hit by sharp declines early with limited activity. November is likely to retest support at $48.23. There would seem to be little reason for the current weakness, as overall fundamentals are unchanged. The international market has calmed down in recent weeks with Thailand making a recent sale to Malaysia at $950 per metric tonne. Most offers appear to be closer to $1000 per tonne. 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 27, 2008 Cattle As reported by Federal-State Market News, receipts were 2852 head at sales in Springdale, Ola, Ash Flat and Marshall.  Compared with last week, feeder steers sold mostly firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120.54 to - - -   500 to 550 lbs. 114.18 to - - -   600 to 650 lbs. 106.30 to - - -  Medium & Large Frame 2   400 to 450 lbs. 113.75 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 105.30 to - - -  Medium & Large Frame 2   600 to 650 lbs. 101.90 to - - - Slaughter Cows, Boners 50   to   57 Light Weight 36 to 42.50 Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   71 Midwest Steers   were   at   92   to   94 Panhandle Steers   were   at   92   to   95 Oklahoma City Feeders Steers 550 to - - - lbs. 112 to 113   640 to 650 lbs. 109 to 110.50 Heifers 595 to - - - lbs. 109 to - - -   600 to 675 lbs. 106 to 109 Chicago Futures: Live Cattle: June up 52 at 9670   Aug up 20 at 10150 Feeders: Aug up 2 at 11525   Oct down 5 at 11685 Cattle Comment Live cattle prices held onto Friday’s gains, finishing the day up slightly. Good packer margins combined with perceived strong demand is adding some support to this market. Hogs Peoria: were 50¢ lower to $2     higher   at   49.5   to   50 Chicago Futures: June down 90 at 7695   Oct down 60 at 7340 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Lean hog prices declined sharply today. Speculative selling and weak cash prices continue to pressure prices. Poultry  Date: May 27, 2008 Eggs New York:  Ex. Lg. 104-108; Lg. 102-106; Med. 93-97; 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. Demand was light to moderate with most plants assessing market conditions following the extended Memorial Day weekend. Supplies of all sizes were usually sufficient to handle trade need. Processing schedules for this week were lighter due to plants being down for the holiday. 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

FWD: Morning Manna (May 27); BP: Acts 1:12-14; RBTTY: Jn. 10:1-23; II

Thanks to all of you for your military service AND/OR many years serving and praying for veterans and families.  God Bless 
Samuel D. High
sdhigh@aristotle.net

 

---

-----Original Message-----
From: Apostle Tom <pressingon@hotmail.com>
Sent: Mon, 26 May 2008 04:32:11 -0500
To: <pressingon@hotmail.com>
Subject: Morning Manna (May 27); BP: Acts 1:12-14; RBTTY: Jn. 10:1-23; II
 

May 27                                                                                                                               “In One Accord”

 

“Then returned they unto Jerusalem from the Mount called Olivet, which is from Jerusalem a Sabbath day’s journey.  And, when they were come in, they went up into an upper room. . .These all continued with one accord in prayer and supplication, with the women and Mary, the mother of Jesus, and with His brethren.”

                                                                                                                                            Acts 1:12-13a, 14

     When there’s unity of purpose, priority and passion, we’ll see God move.

     “In one accord.”

     Seven times in the book of Acts this phrase is used to describe the “oneness” the followers of Christ had in those early days of the emerging Church.  Could it be that this spiritual “ingredient” is still needed if we are to see God move in power today?

 

     The phrase is taken from the Greek word “homothumadon,” which is a compound word from “homos”—which means “same or together”—and “thumos,” which means “passion, anger, fierceness, wrath, indignation, heat, glow, etc.”  Thus, it’s the picture of “the same burning of heart or same heart passion.”  It’s used in Acts 1:14; 2:1, 46; 4:24; 5:12; 8:26; 15:25 and is implied in 2:46 where the disciples “did eat their meat with gladness and singleness of heart.”

 

     This “togetherness” or “unity” is not uniformity or a clone, cookie-cutter mentality; instead, it is a Spirit-inspired unanimity in the midst of diversity where everyone has but one desire:  To know Him and to do His will.

 

     Does this mean we cannot see God move in our midst until everyone is “on the same page?”

     No, for it only takes a core group of “hungering and thirsting after Him” believers to catch the Father’s ear and touch His heart.  Therefore, we should ask the Lord to use us individually to be spiritual “catalysts” or “change-agents” in our local congregations to not rest until “His Kingdom comes” in our midst.

 

     When the disciples first entered the upper room after Jesus’ ascension, they had but one purpose:  To “wait for the promise of the Father” (1:4).  Then, when the Holy Spirit fell in power on them on the Day of Pentecost (2:1-4), they all “continued steadfastly in the Apostles’ doctrine, fellowship, in the breaking of bread and in prayers—and fear came upon every one of them” (2:42-43a).  And, after Peter and John were released from custody and reported to the members what had happened (4:1-23), the entire group “lifted up their voices to God with one accord” (v.24) and asked Him to “grant unto them that they might speak His Word with all boldness” (v.29).

 

     Is it any wonder, then, that “the place was shaken and they were all filled with the Holy Spirit” after praying that way (v.31)?  No, it’s no wonder—for the Heavenly Father loves it when “brethren dwell together in unity” (Ps. 133).  Hallelujah!!

 

     Oh, dear Pilgrim, will you commit yourself anew today to be a “peacemaker” in your congregation and pray for those who refuse to be?  May you help lead your fellow believers to not rest until you’re all “in one accord” and Jesus is Lord.

FWD: Morning Manna (May 25); BP: Heb. 12:5-24; RBTTY: Jn. 9:1-23; I

 
Samuel D. High
sdhigh@aristotle.net

 

---

-----Original Message-----
From: Apostle Tom <pressingon@hotmail.com>
Sent: Sat, 24 May 2008 14:13:20 -0500
To: <pressingon@hotmail.com>
Subject: Morning Manna (May 25); BP: Heb. 12:5-24; RBTTY: Jn. 9:1-23; I
 

May 25                                                                                                              “Partakers of His Holiness”

 

“Furthermore, we have had fathers of our flesh which corrected us and we gave them reverence; shall we not much rather be in subjection unto the Father of spirits and live?  For they verily, for a few days, chastened us after their own pleasure; but He, for our profit, that we might be partakers of His Holiness.”

                                                                                                                                             Hebrews 12:9-10

     For now, there may only be a slight or strong resemblance; but one of these days we’ll look just like Him—and it’ll be Heavenly (I Jn. 3:2).

     Chastening.  Correction.  Discipline.

     All of these words sound harsh and, as we know from personal experience, they can be at times.  Who of us has not felt the sting of the strap, belt, branch or “board of education” when we were growing up?  And, if the truth be known, much of the time we needed it, even though at the time we thought we didn’t.

 

     Today’s Manna is taken from a section of admonitions or exhortations to endure “God’s chastenings” (vv.5-17), which come in a variety of ways.  Sometimes they’re physical; other times they’re more mental or emotional.  But, they’re always for a spiritual purpose—and always for the express purpose to transform us into “partakers (Grk. ‘metalambano’—‘participants in, partners, recipients of, to catch hold of, seize, etc.’) of His Holiness.”

 

     Our parents “corrected (Grk. ‘paideutes’—‘trained, to teach, instruct, discipline, etc.’) us after their own pleasure (Grk. ‘dokeo’—‘what seemed right, way of thinking, that which seemed good or necessary, etc.’).”  Simply put, (hopefully) they were seeking to “train us up in the way that we should go so we’d not stray from it when we got older” (Prov. 22:6).

 

     Even though, at times, their actions and words may have seemed harsh or overbearing, we still “gave them reverence (Grk. ‘entrepo’—‘respect, honor, etc.’) by obeying them.”  Why, then, do we inwardly fret or fume with the Heavenly Father—the “Giver of every good and perfect gift” (James 1:17)—when He allows difficulties in our lives? 

 

     Perhaps He uses them to warn us and wake us up to our sinful attitudes and actions, so we, like the prodigal son, will “come to ourselves, arise and return to Him” (Lk. 15:17-19).  Then, other times He allows us to go through “fiery trials” in order to further define and refine our faith (I Pet. 1:6-7).

 

     But, the bottom-line in all of these is to further transform us into the likeness of the Lord Jesus Christ.  That’s why we shouldn’t “despise (Grk. ‘oligoreo’—‘to have little regard for, to hold in disrespect or contempt, etc.’) the chastening (Grk. ‘paideia’—‘education, training, instruction, disciplinary correction, nurture, etc.’) of the Lord. . . for whom the Lord loves, He chastens and scourges every one” (vv.5-6; Prov. 3:11-12).

 

     Aren’t you thankful the Heavenly Father loves you enough to discipline you?  In the end it’s always for our “profit” and His pleasure—for He knows in we’ll end up being “partakers of His Holiness” and be a spitting image of Him.  Hallelujah!!

 

05/23/2008 Farm Bureau Market Report

Click here to view this report online.

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