02/22/2008 Farm Bureau Market Report

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Grain & Soybean Date: February 22, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1364 to 1386 (NC) Summ. 1296 to 1328 River Elevators: (Feb) MISS: 1347 to 1409 ; AR & White 1371 to 1377 (NC) Summ. 1299 to 1331 Ark. Processor Bids: (Feb) 1380 to - - -  (NC) 1320 to 1321 Memphis:  (Feb) 1401 to 1405 (NC)  1330 1/2 to - - - Riceland Foods:  (NC) Stuttgart 190 ; Pendleton 1406 ; West Memphis 1409 Chicago Futures: Mar up 14 1/4 at  1420   May  up  13 1/2  at  1438 1/4   Jul up 13 1/4  at  1452 3/4   Nov up 12  at  1390 1/2   Nov '09 up 8 1/2  at  1327 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment November beans set a new high every day this week. The USDA says carryover for 08/09 will be about even with 07/08. It was a very good week for exports, thanks to China. 23.2 million bushels were sold for export this week as China 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  881 1/2 to 886 1/2; Bids to farmers at Local Elevators 862-879; River Elevators 863-882; Chicago Futures: Mar up  20 1/2  at  1049 1/2    May up 19  at  1064 1/2    Jul up  17 1/2  at  986 1/2    Sep up  16 1/4  at  992 1/4    Jul '09 up  10  at  910    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  904 to 915; Bids to farmers at River Elevators 821-884; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   519 1/4 to - - -;   new crop at Memphis   512 3/4 to - - -; Bids to farmers at River Elevators  493 to 508 Chicago Futures: Mar down  2 1/4  at  522 1/4    May down  2 1/2  at  535    Sep down  3 1/4  at  547 3/4    Dec down  2 3/4  at  550 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat lost ground in early dealings. The USDA estimates carryover for 08/09 will be about double this year’s total. Exports for the week totaled a sad 8.8 million bushels, indicating we may be pricing ourselves out of the market. Fund buying, however, turned the market higher by the end of the day. July still has resistance at the reversal high of $10. Cotton & Rice  Date: February 22, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 85 at  7081   Greenwood up  85 at 7081 New York Futures: Mar up  162  at  7485    May up  69  at  7565    Jul up  54  at  7725    Dec up  46  at  8140    Mar '09 up  72  at  8406  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment December cotton traded in a wide range, charting an outside day up and setting a new contract high in the process. Big export sales to China were supportive, but the really big news was the world supply and use estimates by USDA. While the U.S. crop is expected to be significantly smaller, the world crop is projected to be larger than a year ago. Even still, world mill use is expected to exceed global production by 6.5 million bales. That would result in the lowest carryover in five years. Rice Long Grain Cash Bid for  Feb/Mar 1380/cwt  to  - - -   Apr 1445/cwt  to  - - - Chicago Futures: Mar down  10 1/2  at  1666    May down  9  at  1700    Jul down  8  at  1722    Sep down  11  at  1646    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was mixed with new crop contracts moving higher. The initial supply and use estimates from USDA show the 08/09 marketing year looking much the same as 07/08. Fund buying and carryover strength from other commodities were supportive. 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 22, 2008 Cattle As reported by Federal-State Market News, receipts were 8,805 head at sales in Arkansas this week.  Compared with last week, feeder steers sold steady to $2 higher, heifers steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119 to 129   500 to 550 lbs. 112 to 122   600 to 700 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. 108 to 118 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 104 to 113  Medium & Large Frame 2   400 to 450 lbs. 96 to 106 Slaughter Cows, Boners 50   to   56 Light Weight 38 to 45 Bulls, Yield Grade   1   100   to   2100 lbs.   61   to   68, high dressing 70-75 Midwest Steers   were steady   at   89   to   - - - Panhandle Steers   were $1 higher   at   90   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 116 to 132   600 to 650 lbs. 103 to 123.50 Heifers 500 to 550 lbs. 100 to 114.50   600 to 650 lbs. 92 to 103 Chicago Futures: Live Cattle: Apr down 52 at 9397   Jun down 22 at 9440 Feeders: Mar down 115 at 10392   Aug down 35 at 11200 Cattle Comment Cattle futures were lower as traders evened positions ahead of this afternoon’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 50 at 6350   Jun down 75 at 7785 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. Negative packer operating margins and expectations for weaker cash prices are pressuring the market. Poultry  Date: February 22, 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 mixed, but overall no better than steady. Supplies of all sizes were at least sufficient to satisfy light 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