02/05/2008 Farm Bureau Market Report

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Grain & Soybean Date: February 05, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1270 to 1292 (NC) Summ. 1200 to 1231 River Elevators: (Feb) MISS: 1311 to 1373 ; AR & White 1277 to 1283 (NC) Summ. 1202 to 1235 Ark. Processor Bids: (Feb) 1283 to 1286  (NC) 1223 to 1225 Memphis:  (Feb) 1308 to 1313 (NC)  1235 to - - - Riceland Foods:  (NC) Stuttgart 1286 ; Pendleton 1292 ; West Memphis 1315 Chicago Futures: Mar down 3 at  1323   May  down  2 3/4  at  1342   Jul down 3 1/2  at  1355   Nov down 4 1/2  at  1290   Nov '09 down 1  at  1240   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded in a narrow range with November pushing to $12.98 before retreating and closing slightly lower for the day. Recesssionary fears and lower crude oil provided some negative influence. Key support is the recent low of $11.67 ½, while the contract high of $13.04 ½ is resistance. A close outside either of these points would suggest further movement in that direction. Wheat Cash bid for new crop at Memphis  873 to 983; Bids to farmers at Local Elevators 815-837; River Elevators 825-840; Chicago Futures: Mar up  30  at  1003    May up 29 3/4  at  1019 3/4    Jul up  30  at  934 1/2    Sep up  30  at  941    Jul '09 up  14 1/2  at  895    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  918 to 945; Bids to farmers at River Elevators 816-879; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   499 1/4 to 509 1/4;   new crop at Memphis   499 1/4 to - - -; Bids to farmers at River Elevators  474 to 499 Chicago Futures: Mar down  1 1/4  at  509 1/4    May down  1  at  521 3/4    Sep down  1  at  532 1/4    Dec down  1/2  at  532 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was up the limit across the board. Strong global demand for wheat continues to support the market. The weekly crop ratings were supportive as well, particularly since the crop in Kansas, Oklahoma and Texas is in disappointing shape. Cotton & Rice  Date: February 05, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 77 at  6335   Greenwood down  77 at 6335 New York Futures: Mar down  81  at  6806    May down  89  at  6990    Jul down  81  at  7169    Dec down  102  at  7645    Mar '09 down  97  at  7888  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton couldn’t manage any followthrough on yesterday’s move that pulled the market out of a narrow 2 week consolidation range. The market continues to show concern about the overall economic situation and a slow export situation. USDA projects 07/08 exports at 16 million bales. However at the half way point shipments are only 6.1 million bales. Movement and sales will need to increase steadily, or end of year stocks could be near 9 million bales instead of the current projections of 7.9. This will keep a cap on upside potential. Tightening U.S. and world stocks in 08/09, as ’08 plantings decline – should provide a boost at some point for ’09. Rice Long Grain Cash Bid for  Feb 1316/cwt  to  - - -   Mar 1316  to  1366/cwt Chicago Futures: Mar down  3 1/2  at  1506 1/2    May down  1  at  1539    Jul down  1  at  1568    Sep down  4  at  1498    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice traded in a very narrow range and found little to give the market direction. Another limit gain in wheat provided little impetus as rice appears to be making time just below Friday’s contract low. World and U.S. rice stocks are tight and that simply adds fuel to the fire that is burning in the grains and soybeans. Producers are completing their plans for ’08 and while then tendency may be to plant more soybeans and perhaps less rice. The availability of quality soybean seed may keep rice at the top of the mix. Cattle & Hogs  Date: February 05, 2008 Cattle As reported by Federal-State Market News, receipts were 820 head at sales in Marshall & Fort Smith.  Compared with last week, feeder steers sold $2-5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118 to 128   500 to 550 lbs. 110 to 120   600 to 700 lbs. 98 to 108  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. 88 to 98 Slaughter Cows, Boners 44   to   50 Light Weight 35 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   61   to   66, high dressing 67-72 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   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: Apr up 70 at 9462   Jun down 22 at 9452 Feeders: Mar up 75 at 10550   Aug up 80 at 11285 Cattle Comment Cattle prices were mixed. With lackluster packer demand and negative packer margins prices could retest recent contract lows. The April live contract gapped higher today, but stayed within the recent consolidation range. Resistance at $95.45 proved to be too much to overcome. Hogs Peoria: were     steady   at   32.5   to   33 Chicago Futures: Apr down 105 at 6615   Jun down 115 at 7990 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended the day lower. Prices were overbought and due a correction. However, all indications are the market has hit its winter bottom, and prices should trend higher. Poultry  Date: February 05, 2008 Eggs New York:  Ex. Lg. 156-160; Lg. 154-158; Med. 138-142; Chicago:  Ex. Lg. 146-154; Lg. 144-152; Med. 130-138; Eastern Region Turkeys Hens: 8-16 lbs. 74-77 Toms: 16-24 lbs. 74-77   Delmarva Broilers U.S. Grade A Trade sentiment was mixed, but overall at least steady. 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