02/19/08 Farm Bureau Market Report

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Grain & Soybean Date: February 19, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1343 to 1365 (NC) Summ. 1266 to 1298 River Elevators: (Feb) MISS: 1234 to 1288 ; AR & White 1351 to 1357 (NC) Summ. 1269 to 1301 Ark. Processor Bids: (Feb) 1359 to - - -  (NC) 1290 to 1291 Memphis:  (Feb) 1383 1/2 to 1388 1/2 (NC)  1300 1/2 to - - - Riceland Foods:  (NC) Stuttgart 1359 ; Pendleton 1365 ; West Memphis 1388 Chicago Futures: Mar up 24 3/4 at  1398 1/2   May  up  26 1/2  at  1417 3/4   Jul up 27 1/2  at  1430   Nov up 43  at  1360 1/2   Nov '09 up 45  at  1297   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gapped to new highs today. Sharp gains in crude oil futures and news of Chinese buying fueled the fire in both the soybean and soy oil pit. China is experiencing their worst winter in 50 years, and it is expected to harm the rapeseed crop. They are also trying to slow inflation that is being driven by high food costs. As the South American harvest gets cranked up, the U.S. will have competition for the Chinese business, but not right now. The index funds are, of course, still playing a role in the market. They still seem to have investment money available and are giving the market another push. Wheat Cash bid for new crop at Memphis  854 3/4 to 859 3/4; Bids to farmers at Local Elevators 835-862; River Elevators 843-865; Chicago Futures: Mar up  8 1/2  at  1036    May up 5 1/2  at  1047 1/2    Jul up  22 1/4  at  959 3/4    Sep up  18 1/2  at  960 1/2    Jul '09 up  6 1/4  at  554 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  907 to 920; Bids to farmers at River Elevators 818-880; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   512 to 517;   new crop at Memphis   512 to - - -; Bids to farmers at River Elevators  489 to 505 Chicago Futures: Mar up  5 1/4  at  520    May up  5 1/2  at  532 1/2    Sep up  6  at  545    Dec up  7  at  545    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Chicago wheat closed higher following soybeans. Gains were limited somewhat by something we haven’t seen for quite a while: Minneapolis wheat futures turned lower today after trading to within 20 cents of $20 a bushel on Friday. July has resistance at the high of $10.00. Support begins at this week’s low of $8.96. Cotton & Rice  Date: February 19, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 140 at  6680   Greenwood up  140 at 6680 New York Futures: Mar up  68  at  6950    May up  150  at  7190    Jul up  149  at  7357    Dec up  131  at  7780    Mar '09 up  160  at  8040  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton recovered a good portion of Friday’s losses in today’s trade. 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. It doesn’t look like that is 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  - - -   Apr 1445/cwt  to  - - - Chicago Futures: Mar up  15  at  1634    May up  14  at  1665    Jul up  12  at  1687    Sep up  10  at  1578    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment The strength in rice resumed today as the market moved to new highs. 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. Cattle & Hogs  Date: February 19, 2008 Cattle As reported by Federal-State Market News, receipts were 3,042 head at sales in Ash Flat, Ola, Springdale & Marshall.  Compared with last week, feeder steers sold $2-3 higher, heifers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 124 to 134   500 to 550 lbs. 116 to 126   600 to 700 lbs. 103 to 113  Medium & Large Frame 2   400 to 450 lbs. 115 to 125 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 115  Medium & Large Frame 2   350 to 400 lbs. 97 to 107 Slaughter Cows, Boners 48   to   55 Light Weight 35 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   67, high dressing 67.50-73 Midwest Steers   were $.50-1.50   at   89.50   to   91.50 Panhandle Steers   were $1-1.50 higher   at   90   to   91.50 Oklahoma City Feeders Steers 500 to 550 lbs. 121 to 128   600 to 650 lbs. 111.50 to 118 Heifers 500 to 550 lbs. 104.50 to 113   600 to 650 lbs. 96 to 102.75 Chicago Futures: Live Cattle: Apr down 5 at 9392   Jun up 32 at 9415 Feeders: Mar up 27 at 10490   Aug up 35 at 11255 Cattle Comment Live cattle futures were mixed with nearby contracts under pressure from beef price weakness and uncertainty about beef demand, particularly in light of the massive beef recall reported over the weekend. April live cattle could move to test support at $92.30 Hogs Peoria: were     steady   at   36.5   to   37 Chicago Futures: Apr up 32 at 6452   Jun up 20 at 7885 Sheep St. Paul sheep shorn slaugther lambs   at   n/a   to   - - - Hogs Comment Hogs were a bit higher on strength in wholesale pork prices, but futures’ premium to cash prices tempered gains. The upside appears limited as supplies are now 60% above year ago levels. April could move back toward the contract low of $61.90. Poultry  Date: February 19, 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. 76-78 Toms: 16-24 lbs. 76-78   Delmarva Broilers U.S. Grade A Trade sentiment was mixed, but mostly steady. Supplies of all sizes were usually sufficient to more available 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