02/15/2008 Farm Bureau Market Report

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Grain & Soybean Date: February 15, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1318 to 1340 (NC) Summ. 1223 to 1255 River Elevators: (Feb) MISS: 1309 to 1363 ; AR & White 1327 to 1333 (NC) Summ. 1226 to 1258 Ark. Processor Bids: (Feb) 1334 to - - -  (NC) 1247 to 1248 Memphis:  (Feb) 1365 3/4 to - - - (NC)  - - - to - - - Riceland Foods:  (NC) Stuttgart 1334 ; Pendleton 1340 ; West Memphis 1363 Chicago Futures: Mar up 5 3/4 at  1373 3/4   May  up  5 3/4  at  139 1/4   Jul up 7 3/4  at  1402 1/2   Nov up 12  at  1317 1/2   Nov '09 up 12  at  1252   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans made another strong run at contract highs and old crop hit new levels while November fell a little short. However, November did close at their highest level and are in position to move to a new high. But we have a long holiday weekend and the market may make adjustments. Fundamentals don’t seem to be having much influence on the market as high price levels have left many players on the sidelines – but not the index funds. They still seem to have investment money available and are giving the market another push. Wheat Cash bid for new crop at Memphis  832 1/2 to 837 1/2; Bids to farmers at Local Elevators 813-840; River Elevators 819-843; Chicago Futures: Mar down  4 1/2  at  1027 1/2    May up 1  at  1042    Jul down  3 1/2  at  937 1/2    Sep down  5  at  942    Jul '09 down  13  at  854 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  883 to 910; Bids to farmers at River Elevators 863-873; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   507 3/4 to 514 3/4;   new crop at Memphis   505 to - - -; Bids to farmers at River Elevators  479 to 500 Chicago Futures: Mar up  3 3/4  at  514 3/4    May up  4 1/4  at  527    Sep up  4 1/4  at  538    Dec up  5 3/4  at  538    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Chicago wheat ended mixed. Minneapolis futures continue to blaze the trail higher, since there is very little high protein wheat available right now. July has resistance at the high of $10.00. Support begins at this week’s low of $8.96. Cotton & Rice  Date: February 15, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 26 at  6540   Greenwood down  26 at 6540 New York Futures: Mar down  131  at  6860    May down  76  at  6995    Jul down  49  at  7200    Dec down  38  at  7665    Mar '09 down  60  at  7880  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was pressured after early gains and ended the session lower. Cotton is losing the battle for acres in ’08. However, the more we lose now, the better the rebound. 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 down  8  at  1619    May down  8  at  1651    Jul down  9  at  1675    Sep down  5  at  1568    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was a little lower as the market trimmed recent gains. However the long term situation remains unchanged. 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. Current September futures should have the market near $6.50 per bushel. Cattle & Hogs  Date: February 15, 2008 Cattle As reported by Federal-State Market News, receipts were 7,025 head at sales in Arkansas this week.  Compared with last week, feeder steers sold unevenly, near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118 to 128   500 to 550 lbs. 110 to 120   600 to 700 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. 111 to 121 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 97 to 107 Slaughter Cows, Boners 49   to   55 Light Weight 35 to 40.75 Bulls, Yield Grade   1   1000   to   2100 lbs.   60.25   to   68.50, high dressing 70-73 Midwest Steers   were steady to $1 higher   at   89   to   90 Panhandle Steers   were steady to $1 higher   at   89   to   90 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 10 at 9397   Jun up 27 at 9387 Feeders: Mar up 20 at 10462   Aug up 30 at 12220 Cattle Comment Live cattle futures were mixed with nearby contracts under pressure from beef price weakness and uncertainty about next week’s cash trade. April live cattle moved to their lowest level in a month, and could move to test support at $92.30. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Apr down 10 at 6420   Jun up 32 at 7865 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended mixed. Strength came from higher cash hog values. The upside appears limited, though, as supplies are now 60% above year ago levels. April could move back toward the contract low of $61.90. Poultry  Date: February 15, 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 balanced 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