02/25/2008 Farm Bureau Market Report

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Grain & Soybean Date: February 25, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1396 to 1418 (NC) Summ. 1322 to 1354 River Elevators: (Feb) MISS: 1379 to 1441 ; AR & White 1397 to 1408 (NC) Summ. 1326 to 1357 Ark. Processor Bids: (Feb) 1412 to - - -  (NC) 1346 to 1347 Memphis:  (Feb) 1428 to 1437 (NC)  1347 to 1357 Riceland Foods:  (Feb/Mar) Stuttgart 1412 ; Pendleton 1481 ; West Memphis 1441 Chicago Futures: Mar up 32 at  1452   May  up  31  at  1469 1/4   Jul up 32 3/4  at  1485 1/2   Nov up 26 1/2  at  1417   Nov '09 up 37 1/2  at  1360   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans followed a wheat led price explosion to another sharp gain. The market was supported by good export movement and surging vegetable oil prices. There is little rhyme or reason to the market. Index funds are reinvesting strong profits and putting squeeze on elevators that are attempting to manage their risk of booking crops for producers. Upside potential appears unlimited as November moved above $14. Be aware what goes up will come down – and probably faster than it went up. Wheat Cash bid for new crop at Memphis  911 1/2 to 946 1/2; Bids to farmers at Local Elevators 922-939; River Elevators 913-942; Chicago Futures: Mar up  60  at  1109 1/2    May up 60  at  1124 1/2    Jul up  59  at  1046 1/2    Sep up  60  at  1052 1/4    Jul '09 up  60  at  970    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  909 to 939; Bids to farmers at River Elevators 841-904; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   526 1/4 to 530 1/4;   new crop at Memphis   522 1/2 to - - -; Bids to farmers at River Elevators  504 to 519 Chicago Futures: Mar up  11  at  533 1/4    May up  12  at  547    Sep up  9 3/4  at  557 1/2    Dec up  7  at  557 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Chicago wheat futures were locked limit-up for most of the day. With limits removed, Minneapolis wheat was up $5.05, at the end of the day and traded to $25 before the market closed. While fundamentals hardly justify today’s move, if Chicago found it impossible to resist following along with Minneapolis. July took out the reversal high of $10, setting a new all time high of $10.46 ½. Cotton & Rice  Date: February 25, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 300 at  7381   Greenwood up  300 at 7381 New York Futures: Mar up  198  at  7760    May up  300  at  7881    Jul up  289  at  8030    Dec up  263  at  8439    Mar '09 up  261  at  8667  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton exploded to the upside, as it followed grains and soybeans higher. Last week’s USDA outlook conference set cotton plantings at 9.5 million acres. But, even recent gains haven’t given cotton any advantage. That will come later. Cotton will have to have more acreage in 2009. Rice Long Grain Cash Bid for  Feb/Mar 1390/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar up  31 1/2  at  1697 1/2    May up  26 1/2  at  1726 1/2`    Jul up  27  at  1749    Sep up  26  at  1671    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was higher again as the overall bullish attitude in grains makes rice a valuable commodity. Looking at wheat as an example, rice may still have additional upside. However, that is a big "if" and current price levels offer good profit potential. Tight world stocks remain a factor and have pushed prices in Thailand and Vietnam to the $460-$500 per tonne range. New crop supplies are becoming available but much of it has been sold. Tight stocks situation will continue. Cattle & Hogs  Date: February 25, 2008 Cattle As reported by Federal-State Market News, receipts were 1,467 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers sold $1-4 lower, heifers sold $2-3 lower, except 600-700 lbs. $5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 130   500 to 550 lbs. 110 to 120   600 to 700 lbs. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. 112 to 115 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 102 to 112  Medium & Large Frame 2   350 to 400 lbs. 95 to 105 Slaughter Cows, Boners 50   to   57 Light Weight 45 to 48.50 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   66.50, high dressing 70.50-74 Midwest Steers   were $2-3 higher   at   91   to   92 Panhandle Steers   were steady to $2.50 higher   at   90   to   92.50 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 up 85 at 9482   Jun up 62 at 9502 Feeders: Mar up 27 at 10420   Aug up 7 at 11207 Cattle Comment Cattle futures posted gains after Friday’s cattle on feed report was surprisingly bullish. January placements were up, but not at the level the trade was expecting. A lack of cash trade limited gains. Hogs Peoria: were     steady   at   36.5   to   37 Chicago Futures: Apr down 300 at 6050   Jun down 275 at 7510 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs gapped lower in reaction to Friday’s cold storage report. The USDA estimate came in 42 million pounds over the average trade guess. Negative packer operating margins and expectations for weaker cash prices are also factors. April closed down the limit and set a new contract low in the process. Poultry  Date: February 25, 2008 Eggs New York:  Ex. Lg. 157-161; Lg. 155-159; Med. 138-142; Chicago:  Ex. Lg. 147-155; Lg. 145-153; 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 steady at best. Supplies of all sizes were more than sufficient to satisfy 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