02/21/2008 Farm Bureau Market Report

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Grain & Soybean Date: February 21, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1350 to 1372 (NC) Summ. 1284 to 1316 River Elevators: (Feb) MISS: 1333 to 1395 ; AR & White 1357 to 1363 (NC) Summ. 1287 to 1319 Ark. Processor Bids: (Feb) 1366 to - - -  (NC) 1308 to 1309 Memphis:  (Feb) 1386 3/4 to 1390 3/4 (NC)  1318 1/2 to - - - Riceland Foods:  (NC) Stuttgart 1366 ; Pendleton 1372 ; West Memphis 1395 Chicago Futures: Mar up 8 at  1405 3/4   May  up  7 3/4  at  1424 3/4   Jul up 8 3/4  at  1439 1/2   Nov up 12 1/2  at  1378 1/2   Nov '09 up 13  at  1319   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment November beans moved to a new high for the third day in a row. The USDA released their initial acreage estimate, and soybeans were unchanged from the baseline of 71 million acres. The weekly export data won’t be released until tomorrow, but traders are expecting to see sales to China 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  864 to 869; Bids to farmers at Local Elevators 844-871; River Elevators 846-874; Chicago Futures: Mar up  9 1/2  at  1029 1/2    May up 12  at  1045 1/2    Jul up  14 1/2  at  969    Sep up  17  at  976    Jul '09 up  20  at  900    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  908 to 919; Bids to farmers at River Elevators 825-888; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   521 1/2 to - - -;   new crop at Memphis   516 to - - -; Bids to farmers at River Elevators  493 to 510 Chicago Futures: Mar up  1  at  524 1/2    May up  1 1/2  at  537 1/2    Sep up  3 1/4  at  551    Dec up  5  at  553    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Minneapolis wheat led the charge higher again, and Chicago followed suit. USDA says 64 million acres will be devoted to wheat this year, up from 60 million last year. July charted an outside day up, but still has resistance at the reversal high of $10. USDA says 92 million acres will be seeded to corn, down 3.6 million from a year ago. Cotton & Rice  Date: February 21, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 269 at  6996   Greenwood up  269 at 6996 New York Futures: Mar up  300  at  7323    May up  263  at  7490    Jul up  235  at  7663    Dec up  222  at  8090    Mar '09 up  207  at  8334  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment December cotton gapped higher and closed just below the high of 81 cents. USDA said today they expect 9.5 million acres to be devoted to cotton this year. That is down over 1 million acres from a year ago. The Cotton Council had already released their estimate, which was also 9.5 million, so this was no surprise, but confirmation by USDA seemed to give the market a boost anyway. Rice Long Grain Cash Bid for  Feb/Mar 1390/cwt  to  - - -   Apr 1445/cwt  to  - - - Chicago Futures: Mar up  43 1/2  at  1676 1/2    May up  45 1/2  at  1709    Jul up  43  at  1730    Sep up  44  at  1634    - - -   - - -  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 21, 2008 Cattle As reported by Federal-State Market News, receipts were 3,092 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold unevenly, near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119 to 129   500 to 550 lbs. 114 to 124   600 to 700 lbs. 88 to 98  Medium & Large Frame 2   400 to 450 lbs. 95 to 105 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 95 to 105 Slaughter Cows, Boners 47.50   to   52 Light Weight n/a to - - - Bulls, Yield Grade   1-2   1000   to   2100 lbs.   63.50   to   64, high dressing 69 Midwest Steers   were steady   at   89   to   - - - Panhandle Steers   were quoted   at   89   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 127.50 to 132   600 to 650 lbs. 112 to 123.50 Heifers 500 to 550 lbs. 104.50 to 106.50   600 to 650 lbs. 98 to 99.50 Chicago Futures: Live Cattle: Apr down 45 at 9450   Jun down 35 at 9462 Feeders: Mar down 57 at 10507   Aug down 52 at 11235 Cattle Comment Cattle futures turned lower as traders evened positions ahead of tomorrow’s Cattle on Feed report. January placements are expected to be up from a year ago. Questions about demand are also a factor. April has been building support around $93, but a retest of the recent low of $92.30 can’t be ruled out. Hogs Peoria: were     steady   at   36.5   to   37 Chicago Futures: Apr down 107 at 6400   Jun down 85 at 7860 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs turned lower and April could head down to close the gap to $63.65 left in January. Strong product prices limited losses, but futures’ premium to cash prices is still keeping a lid on futures. Poultry  Date: February 21, 2008 Eggs New York:  Ex. Lg. 157-161; Lg. 155-159; 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 no better than steady with caution noted. Supplies of all sizes were more than sufficient to satisfy trade requirement. 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