02/12/2008 Farm Bureau Market Report

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Grain & Soybean Date: February 12, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1265 to 1287 (NC) Summ. 1181 to 1213 River Elevators: (Feb) MISS: 1256 to 1310 ; AR & White 1277 to 1280 (NC) Summ. 1180 to 1216 Ark. Processor Bids: (Feb) 1281 to - - -  (NC) 1201 to 1206 Memphis:  (Feb) 1308 to 1311 (NC)  1201 to - - - Riceland Foods:  (NC) Stuttgart 1281 ; Pendleton 1287 ; West Memphis 1310 Chicago Futures: Mar down 5 at  1321   May  down  7  at  1338 1/2   Jul down 5 1/4  at  1349 1/4   Nov down 11  at  1271   Nov '09 down 5 1/2  at  1214 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans lost ground but overall declines were limited by strong export demand. Potential weather delays in harvest for parts of Brazil also tempered declines. Technically, November futures dipped below support around $12.00. However the market firmed and appears to be consolidating just above that level. There is no indication that index funds are ready to abandon ship. Other key support is located around $12 and then at $11.67 ½. Wheat Cash bid for new crop at Memphis  825 to 830; Bids to farmers at Local Elevators 810-832; River Elevators 812-835; Chicago Futures: Mar down  41  at  1007    May down 60  at  1025    Jul down  49  at  930    Sep down  60  at  930    Jul '09 down  33  at  871    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  889 to - - -; Bids to farmers at River Elevators 779-841; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   490 3/4 to - - -;   new crop at Memphis   482 1/2 to 487 1/2; Bids to farmers at River Elevators  462 to 488 Chicago Futures: Mar down  5 3/4  at  497 3/4    May down  5 3/4  at  511    Sep down  5 1/2  at  520 1/2    Dec down  5  at  520 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures posted sharp losses today after charting a key reversal yesterday. This market is showing signs of topping. While supplies of good quality wheat are tight now, the soft red winter wheat crop should be significantly larger than a year ago, and that will add pressure in Chicago. Cotton & Rice  Date: February 12, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 14 at  6252   Greenwood down  14 at 6252 New York Futures: Mar down  21  at  6695    May down  32  at  6869    Jul down  39  at  7037    Dec down  34  at  7543    Mar '09 down  45  at  7900  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 with December testing support near 75 cents. The market is looking at two key factors. First, big U.S. and world stocks will limit upside for old crop. Second, much smaller U.S. plantings in ’08 will lead to much tighter stocks a year from now. The National Cotton Council planting intentions survey put ’08 plantings at 9.55 million acres. Many analysts think it will be even less. With over half the acreage in Texas it could vulnerable and production could decline from current expectations. Rice Long Grain Cash Bid for  Feb/Mar 1360/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar up  9  at  1560    May up  7 1/2  at  1589 1/2    Jul up  21  at  1615    Sep up  5  at  1541 1/2    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice remained on the positive side despite the near limit declines in wheat. That may indicate rice will be on its own for a while. The tight situation worldwide and in the U.S. may have further impact on price. As this market rises it will tend to pull some additional acres back into rice in the U.S. But, even that won’t solve the tight world situation that has developed over the past 6 or 7 years. Old crop March will need to close above $15.73 while September will need to close above $15.49. Cattle & Hogs  Date: February 12, 2008 Cattle As reported by Federal-State Market News, receipts were 466 head at sales in Marshall.  Compared with last week, feeder steers sold $2-3 higher, heifers firm to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to 126   500 to 550 lbs. 111 to 128.50   600 to 700 lbs. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 101 to 112  Medium & Large Frame 2   400 to 450 lbs. 95 to 101 Slaughter Cows, Boners 44   to   52 Light Weight 30 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   67.50   to   69, high dressing untested Midwest Steers   were $3 lower   at   89   to   - - - Panhandle Steers   were $3 lower   at   89   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 down 32 at 9477   Jun down 10 at 9435 Feeders: Mar down 15 at 10575   Aug down 27 at 11367 Cattle Comment Cattle futures were mostly lower. Futures’ premium to cash prices is limiting the upside. Wholesale beef prices have increased enough this week that packer margins are now estimated to be back in positive territory. Hogs Peoria: were     steady   at   34.5   to   35 Chicago Futures: Apr up 80 at 6587   Jun up 17 at 7885 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended mixed. Weak packer margins and larger hog runs are expected to keep a lid on prices. Futures’ premium to cash prices is pressuring deferred contracts. Poultry  Date: February 12, 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. 75-77 Toms: 16-24 lbs. 75-77   Delmarva Broilers U.S. Grade A Trade sentiment was fully steady to firm. Supplies of all sizes were in balance 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