02/07/2008 farm Bureau Market Report

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Grain & Soybean Date: February 07, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1276 to 1298 (NC) Summ. 1191 to 1223 River Elevators: (Feb) MISS: 1272 to 1312 ; AR & White 1283 to 1289 (NC) Summ. 1192 to 1226 Ark. Processor Bids: (Feb) 1292 to - - -  (NC) 1214 to 1216 Memphis:  (Feb) 1316 1/2 to 1319 1/2 (NC)  1221 to 1226 Riceland Foods:  (NC) Stuttgart 1292 ; Pendleton 1298 ; West Memphis 1321 Chicago Futures: Mar up 13 at  1331 1/2   May  up  11 1/2  at  1350 1/2   Jul up 10 1/2  at  1362 1/4   Nov up 1 1/2  at  1281   Nov '09 up 1/2  at  1220   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans started the day lower, but eventually moved to the positive side. Export sales of 39 million bushels was well above expectations and the amount needed to meet USDA’s projection for this year. This put the trade on notice to be aware that tomorrow’s report may show further downward revision in projected ending stocks. It should be noted that these sales were made at very high price levels. March futures will need to close above yesterday’s high of $13.73 to negate the bearish key reversal. Wheat Cash bid for new crop at Memphis  853 1/2 to 858 1/2; Bids to farmers at Local Elevators 834-856; River Elevators 835-859; Chicago Futures: Mar up  30  at  1063    May up 30  at  1079 3/4    Jul down  2 1/2  at  953 1/2    Sep down  1  at  962    Jul '09 down  1/2  at  900 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  892 to 908; Bids to farmers at River Elevators 798-861; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   492 1/2 to 493 1/2;   new crop at Memphis   488 1/2 to - - -; Bids to farmers at River Elevators  464 to 490 Chicago Futures: Mar down  2  at  499 1/2    May down  2  at  512 1/4    Sep down  3  at  521 1/2    Dec down  3  at  499    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Old crop wheat was up the limit again today, but new crop turned lower after setting a new high early. Minneapolis futures continue to be the leader in this market. The value of wheat as a food grain means there is demand no matter the price. Cotton & Rice  Date: February 07, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 26 at  6366   Greenwood down  26 at 6366 New York Futures: Mar down  17  at  6850    May down  45  at  7011    Jul down  55  at  7189    Dec down  34  at  7670    Mar '09 down  20  at  7925  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton traded back to trendline support and ended the session slightly lower. There has been no significant change in fundamentals, and upside potential remains limited. The big carryover projection may get bigger in Friday’s report, since at mid year exports are less than 40% of the annual projection. Prospects of reduced plantings again this year will help the market, but that probably won’t happen until much later in the year. Rice Long Grain Cash Bid for  Feb 1345/cwt  to  - - -   Mar 1345  to  1366/cwt Chicago Futures: Mar down  7  at  1535    May down  10  at  1563    Jul down  10  at  1587    Sep unchanged    at  1522    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended the day steady to slightly lower. Closing values were at the high for the day. Rice, like wheat, is a food grain and it is difficult to gauge how much higher the market can go when stocks get tight. On the international market rice values have zoomed higher with recent sales by Vietnam and Thailand moving at $450 or above per tonne. Vietnam now has a minimal export price of $425 per tonne for 5% broken and prospects of the market moving higher are strong. New crop futures have gapped higher twice in the last week and have shown no signs of a top as rice attempts to compete for acreage in ’08. Cattle & Hogs  Date: February 07, 2008 Cattle As reported by Federal-State Market News, receipts were 842 head at sales in Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly $3-7 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 129   500 to 550 lbs. 116 to 126   600 to 700 lbs. 103 to 113  Medium & Large Frame 2   400 to 450 lbs. 110 to 120 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 108 to 114  Medium & Large Frame 2   400 to 450 lbs. 96 to 104 Slaughter Cows, Boners 47.50   to   52 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   63.50, high dressing 63.50-65 Midwest Steers   were steady   at   88   to   - - - Panhandle Steers   were steady   at   88   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 157 at 9605   Jun up 117 at 9505 Feeders: Mar up 92 at 10585   Aug up 85 at 11345 Cattle Comment Cattle futures were higher across the board in reaction to improved cash values and lower corn prices. Wholesale beef prices have increased enough this week that packer margins are now estimated to be back in positive territory. Concerns about the overall economy, though, have traders cautious that beef demand will suffer. Hogs Peoria: were $1     higher   at   34.5   to   35 Chicago Futures: Apr down 75 at 6470   Jun down 80 at 7790 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were lower again today pressured by lower wholesale pork values. Improved weather has traders fearing a backlog of hogs coming to market. Poultry  Date: February 07, 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 fully steady to firm. Supplies of all sizes were sufficient to well cleared for 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