02/13/2008 Farm Bureau Market Report

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Grain & Soybean Date: February 13, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1273 to 1295 (NC) Summ. 1176 to 1208 River Elevators: (Feb) MISS: 1264 to 1318 ; AR & White 1281 to 1287 (NC) Summ. 1180 to 1211 Ark. Processor Bids: (Feb) 1289 to - - -  (NC) 1200 to 1201 Memphis:  (Feb) 1315 1/2 to 1318 1/2 (NC)  1201 to 1206 Riceland Foods:  (NC) Stuttgart 1289 ; Pendleton 1295 ; West Memphis 1318 Chicago Futures: Mar up 7 1/2 at  1328 1/2   May  up  8 1/2  at  1347   Jul up 7  at  1356 1/4   Nov unchanged   at  1271   Nov '08 up 1/2  at  1214   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans firmed today with most contracts higher. The market is very volatile and has show some positive signs of topping, however downside would appear limited at least until the planting intentions are released in late March. Weather harvest delays in areas of Brazil are also a positive. Long term support for November is the recent low of $11.67 ½. Corn appears to be more vulnerable than beans at least from a technical perspective. December support is around $5.15 to $5.05 and then $4.84. Wheat Cash bid for new crop at Memphis  804 to 809; Bids to farmers at Local Elevators 784-811; River Elevators 791-806; Chicago Futures: Mar down  15 1/2  at  991 1/2    May down 17 1/2  at  1007 1/2    Jul down  21  at  909    Sep down  18  at  912    Jul '09 down  23  at  848    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  888 to - - -; Bids to farmers at River Elevators 777-839; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   490 to - - -;   new crop at Memphis   481 1/2 to 486 1/2; Bids to farmers at River Elevators  461 to 487 Chicago Futures: Mar down  3/4  at  497    May down  1 1/4  at  509 3/4    Sep down  1  at  519 1/2    Dec down  1  at  519 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat remained under pressure settling substantially lower for the 3rd day in a row. July pushed down to trendline support just below $9 before firming some late in the session. Egypt’s cancellation of a wheat tender was negative and suggests others’ may follow. Inability to hold above today’s low could bring a test of support at $8.50 and then $8.30. Cotton & Rice  Date: February 13, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 14 at  6266   Greenwood up  14 at 6266 New York Futures: Mar down  10  at  6692    May down  15  at  6865    Jul down  16  at  7043    Dec down  25  at  7531    Mar '09 down  15  at  7780  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton found very little support as the daily trade remained in a narrow range before easing lower at the close. 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  35  at  1595    May up  35 1/2  at  1625    Jul up  34  at  1649    Sep up  11 1/2  at  1553    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice gapped above previous contract highs and closed with strong gains. March traded to within a penny of $16, as rice again moved in the opposite direction of wheat. 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. Cattle & Hogs  Date: February 13, 2008 Cattle As reported by Federal-State Market News, receipts were 635 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers under 500 lbs. $3-6 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118 to 128   500 to 550 lbs. 110 to 118   600 to 650 lbs. n/a to - - -  Medium & Large Frame 2   400 to 450 lbs. 107 to 117 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 103 to 113  Medium & Large Frame 2   400 to 450 lbs. 94 to 100 Slaughter Cows, Boners 47   to   53 Light Weight 33 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   66   to   70.50, high dressing 75 Midwest Steers   were steady   at   89   to   - - - Panhandle Steers   were steady   at   89   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 123 to 129   600 to 650 lbs. 109.50 to 119 Heifers 550 to 600 lbs. 100 to 109.75   650 to 700 lbs. 97 to 102 Chicago Futures: Live Cattle: Apr down 75 at 9402   Jun down 57 at 9377 Feeders: Mar down 80 at 10495   Aug down 112 at 11255 Cattle Comment Live cattle futures declined despite higher wholesale beef values. Inability to move cattle at higher values has also added to the negative undertone for feeders. April live cattle will test support around $93.50 and could head toward $90 if that fails. Hogs Peoria: were     steady   at   34.5   to   35 Chicago Futures: Apr down 162 at 6425   Jun down 150 at 7735 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were pressured by big slaughter numbers on Monday and Tuesday. It appears supplies will begin to back up in storage as they are now 60% above year ago levels. The April close below $64.50 may push the market back toward the contract low of $61.90. Poultry  Date: February 13, 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 mixed, but overall at least steady. In production areas, live supplies were moderate at mixed, but 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