02/08/2008 Farm Bureau Market Report

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Grain & Soybean Date: February 08, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1283 to 1301 (NC) Summ. 1195 to 1223 River Elevators: (Feb) MISS: 1228 to 1319 ; AR & White 1290 to 1296 (NC) Summ. 1194 to 1230 Ark. Processor Bids: (Feb) 1299 to - - -  (NC) 1218 to 1220 Memphis:  (Feb) 1324 to 1326 (NC)  1225 to 1230 Riceland Foods:  (NC) Stuttgart 1299 ; Pendleton 1305 ; West Memphis 1328 Chicago Futures: Mar up 7 1/2 at  1339   May  up  8  at  1358 1/2   Jul up 5 3/4  at  1368   Nov up 4  at  1285   Nov '09 unchanged   at  1220   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were higher again today. USDA raised the export projection by 10 million bushels in today's report, which was, of course, bullish. The crush was bumped by 5 million bushels, bringing total ending stocks to just 160 million bushels. Today's strength could also be attributed to follow through from big gains overnight as the funds continued to be active buyers this morning as well. March futures will need to close above Wednesday's high of $13.73 to negate the bearish key reversal. Wheat Cash bid for new crop at Memphis  883 1/2 to - - -; Bids to farmers at Local Elevators 856-874; River Elevators 874-889; Chicago Futures: Mar up  30  at  1093    May up 30  at  1109 3/4    Jul up  30  at  983 1/2    Sep up  26 1/2  at  988 1/2    Jul '09 up  10  at  910 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  898 to 923; Bids to farmers at River Elevators 814-877; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   500 to 501;   new crop at Memphis   492 to 497; Bids to farmers at River Elevators  472 to 498 Chicago Futures: Mar up  9 1/2  at  509    May up  8 1/4  at  520 1/2    Sep up  6 1/2  at  530    Dec up  7 1/2  at  530    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were up the limit in many contracts, and nearly so in the rest. USDA raised the export projection by 25 million bushels. Wheat feed usage was trimmed by 5 million, with a net result of a 20 million bushel cut in the ending stocks estimate. This was expected, but the funds drove the market limit up anyway in light of the ever tightening world stocks situation. Cotton & Rice  Date: February 08, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 68 at  6434   Greenwood up  68 at 6434 New York Futures: Mar up  64  at  6905    May up  66  at  7080    Jul up  67  at  7266    Dec up  80  at  7750    Mar '09 up  75  at  8000  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton rode the wave higher despite a disappointing supply/demand report. The export projection was cut by 300,000 bales, mostly due to expectations for decreased exports to China. There has been no significant change in fundamentals, and upside potential remains limited. 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 1365/cwt  to  - - -   Mar 1365  to  1366/cwt Chicago Futures: Mar up  30  at  1565    May up  30  at  1593    Jul up  28  at  1615    Sep up  15  at  1537    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was up sharply in reaction to the supply/demand report. US exports were raised by 2 million hundredweight and world rice stocks are estimated to be at the lowest level since 1983/1984. 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 08, 2008 Cattle As reported by Federal-State Market News, receipts were 4,635 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly $2-6 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 130   500 to 550 lbs. 111 to 121   600 to 700 lbs. 99 to 109  Medium & Large Frame 2   400 to 450 lbs. 114 to 124 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 98 to 108 Slaughter Cows, Boners 48   to   54 Light Weight 38 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   66, high dressing 66-73.50 Midwest Steers   were steady to $2 higher   at   88   to   90 Panhandle Steers   were steady to $2 higher   at   88   to   90 Oklahoma City Feeders Steers 500 to 550 lbs. 106 to 127.50   600 to 650 lbs. 104.50 to 115 Heifers 500 to 550 lbs. 95 to 113.50   600 to 650 lbs. 90 to 101.50 Chicago Futures: Live Cattle: Apr down 95 at 9510   Jun down 80 at 9420 Feeders: Mar down 82 at 10502   Aug down 25 at 11320 Cattle Comment Cattle futures were under pressure from gains in corn. 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     lower   at   33.5   to   34 Chicago Futures: Apr up 17 at 6487   Jun up 65 at 7855 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs posted gains as higher grain prices have traders expecting cutbacks in production. Weak packer margins and larger hog runs are expected to keep a lid on prices. Poultry  Date: February 08, 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 short of full 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