02/20/2008 Farm Bureau Market Report

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Grain & Soybean Date: February 20, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1342 to 1364 (NC) Summ. 1271 to 1286 River Elevators: (Feb) MISS: 1328 to 1387 ; AR & White 1351 to 1357 (NC) Summ. 1275 to 1295 Ark. Processor Bids: (Feb) 1358 to - - -  (NC) 1295 to 1296 Memphis:  (Feb) 1379 3/4 to 1384 3/4 (NC)  1306 to - - - Riceland Foods:  (Feb) Stuttgart 1358 ; Pendleton 1364 ; West Memphis 1387 Chicago Futures: Mar down 3/4 at  1397 3/4   May  down  3/4  at  1417   Jul up 3/4  at  1430 3/4   Nov up 5 1/2  at  1366   Nov '09 up 12  at  1306   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment New crop soybeans posted double-digit gains today while old crop contracts ended fractionally lower. Early weakness was attributed to the corrective pullback in crude oil futures. Demand from China continues to be supportive as that nation attempts to build a stockpile of edible oil in order to control inflation and perhaps compensate for winter damage to their rapeseed crop. Wheat Cash bid for new crop at Memphis  849 1/2 to 854 1/2; Bids to farmers at Local Elevators 830-857; River Elevators 831-860; Chicago Futures: Mar down  16  at  1020    May down 14  at  1033 1/2    Jul down  5 1/4  at  954 1/2    Sep down  1 1/2  at  959    Jul '09 up  9  at  880    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  913 to 917; Bids to farmers at River Elevators 823-886; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   515 1/2 to 520 1/2;   new crop at Memphis   514 3/4 to - - -; Bids to farmers at River Elevators  492 to 509 Chicago Futures: Mar up  3  at  523    May up  3 1/4  at  535 3/4    Sep up  2 3/4  at  547 3/4    Dec up  2 3/4  at  547 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Chicago wheat futures ended lower following Minneapolis futures. It appears that $20 was the breaking point for spring wheat, and it could be difficult for winter wheat to hold at current price levels without carryover strength from that market. The weekly crop ratings were supportive, with the crop still deteriorating despite beneficial rains, particularly in Texas. July has resistance at the high of $10.00. Support begins at this week’s low of $8.96. Cotton & Rice  Date: February 20, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 47 at  6727   Greenwood up  47 at 6727 New York Futures: Mar up  79  at  7023    May up  81  at  7261    Jul up  80  at  7428    Dec up  124  at  7880    Mar '09 up  111  at  8127  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continued to move higher today. 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 1390/cwt  to  - - -   Apr 1445/cwt  to  - - - Chicago Futures: Mar down  1  at  1633    May down  1 1/2  at  1663 1/2    Jul unchanged    at  1687    Sep down  12  at  1590    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment New crop rice continued to move higher. The tight global supply situation is supportive, with news that Vietnam has issued a moratorium on sales of rice for March delivery to ensure they have enough for domestic consumption. Panama has tendered for 68,000 metric tons of U.S. milled rice, and Iraq is expected to tender for rice again soon. The resignation of Fidel Castro as president of Cuba may have sparked some optimism in the rice pit as well, as normalized trade relations could result in additional demand for U.S. rice. Cattle & Hogs  Date: February 20, 2008 Cattle As reported by Federal-State Market News, receipts were 1,021 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold mostly steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118 to 128   500 to 550 lbs. 108 to 118   600 to 700 lbs. 94 to 104  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 106 to 114.50  Medium & Large Frame 2   400 to 450 lbs. 92 to 102 Slaughter Cows, Boners 50   to   57 Light Weight 35 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   63   to   68, high dressing 72 Midwest Steers   were $.50-1.50 lower   at   89   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - 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 up 10 at 9495   Jun up 82 at 9497 Feeders: Mar up 75 at 10565   Aug up 32 at 11287 Cattle Comment Cattle futures moved higher on profit taking after recent losses. Improved product values were also supportive. Questions about demand, however, limited gains. Feeders were higher on lower corn prices, but futures are having a tough time building upward momentum without a confirmed top in corn futures. Hogs Peoria: were     steady   at   36.5   to   37 Chicago Futures: Apr up 55 at 6507   Jun up 60 at 7945 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended higher, with April building support at $64. News that Smithfield is trimming its sow herd was supportive. Futures’ premium to cash prices limited gains. Poultry  Date: February 20, 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 satisfy 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