02/14/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: February 14, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1312 to 1334 (NC) Summ. 1211 to 1243 River Elevators: (Feb) MISS: 1303 to 1357 ; AR & White 1321 to 1327 (NC) Summ. 1214 to 1243 Ark. Processor Bids: (Feb) 1328 to - - -  (NC) 1235 to 1236 Memphis:  (Feb) 1355 to 1360 (NC)  1240 1/2 to 1245 1/2 Riceland Foods:  (NC) Stuttgart 1328 ; Pendleton 1334 ; West Memphis 1357 Chicago Futures: Mar up 39 1/2 at  1368   May  up  38 1/2  at  1385 1/2   Jul up 38 1/2  at  1394 3/4   Nov up 34 1/2  at  1305 1/2   Nov '09 up 26  at  1240   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans made an impressive rebound after showing major signs of topping earlier in the week. The upturn was led by wheat and corn, but soybeans had to follow. While November didn’t make a new contract high, it did make its highest close and may be ready to make another push. Volatility remains the watch word. Wheat Cash bid for new crop at Memphis  836 to 841; Bids to farmers at Local Elevators 816-843; River Elevators 823-846; Chicago Futures: Mar up  40 1/2  at  1032    May up 33 1/2  at  1041    Jul up  32  at  941    Sep up  26  at  947    Jul '09 up  19 1/2  at  867 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  877 to 913; Bids to farmers at River Elevators 802-864; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   504 to 508;   new crop at Memphis   495 1/4 to 500 1/4; Bids to farmers at River Elevators  475 to 496 Chicago Futures: Mar up  14  at  511    May up  13  at  522 3/4    Sep up  13 3/4  at  533 1/4    Dec up  13  at  532 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Chicago wheat futures gapped higher and have recouped about half of this week’s losses. Minneapolis futures continue to blaze the trail higher, since there is very little high quality wheat available right now. Only 5.7 million bushels were reportedly sold for export last week, but a large tender by Egypt helped the market ignore that news this morning. July has resistance at the high of $10.00. Support begins at yesterday’s low of $8.96. Cotton & Rice  Date: February 14, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 30 at  6566   Greenwood up  30 at 6566 New York Futures: Mar up  300  at  6961    May up  234  at  7098    Jul up  230  at  7273    Dec up  156  at  7690    Mar '09 up  160  at  7940  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton appears to benefit from reports that China will be buying food products to help hold down costs. This was translated into strong demand for U.S. commodities including cotton. The problem is cotton didn’t make any headway today relative to commodities which are pulling acreage for ’08. Cotton needs to gain value relative to beans, corn and rice if acreage is to increase. Not going to happen this year, but it should next year so look for strong gains later in ’08 and early ’09. Rice Long Grain Cash Bid for  Feb/Mar 1360/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar up  32  at  1627    May up  34  at  1659    Jul up  35  at  1684    Sep up  20  at  1573    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures made another strong gain today and has shown no sign the market is near a top. The international market remains firm despite the observance of Chinese New Year. Price levels are above $460 and could move higher in subsequent sales. Recent futures gains are expected to pull some additional acreage in the U.S. Today’s September futures should have the market near $6.50 per bushel. Cattle & Hogs  Date: February 14, 2008 Cattle As reported by Federal-State Market News, receipts were 2,045 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 123 to 133   500 to 550 lbs. 113 to 123   600 to 700 lbs. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. 113 to 123 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 104 to 114  Medium & Large Frame 2   400 to 450 lbs. 101 to 107 Slaughter Cows, Boners 46   to   52 Light Weight 32 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   65, high dressing $65-68 Midwest Steers   were steady   at   89   to   - - - Panhandle Steers   were steady   at   89   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 117.50 to 129.50   600 to 650 lbs. 111.50 to 117.50 Heifers 550 to 600 lbs. 102.50 to 107   600 to 650 lbs. 102.50 to 106 Chicago Futures: Live Cattle: Apr up 5 at 9407   Jun down 22 at 9355 Feeders: Mar down 55 at 10440   Aug down 65 at 11190 Cattle Comment Live cattle futures were sharply lower in reaction to sharp declines in beef values. April live cattle moved to their lowest level in a month, and could move to test support at $92.30. Hogs Peoria: were $1     higher   at   35.5   to   36 Chicago Futures: Apr up 15 at 6430   Jun up 92 at 7832 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended a bit higher, but the upside potential could be limited. 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 14, 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 well cleared for trade needs. 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