02/26/2008 Farm Bureau Market Report

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Grain & Soybean Date: February 26, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1411 to 1433 (NC) Summ. 1332 to 1364 River Elevators: (Feb) MISS: 1389 to 1420 ; AR & White 1412 to 1423 (NC) Summ. 1336 to 1367 Ark. Processor Bids: (Feb) 1421 to 1427  (NC) 1356 to 1357 Memphis:  (Feb) 1442 3/4 to 1446 3/4 (NC)  1357 to 1369 Riceland Foods:  (NC) Stuttgart 1426 ; Pendleton 1432 ; West Memphis 1455 Chicago Futures: Mar up 14 3/4 at  1466 3/4   May  up  15  at  1484 1/4   Jul up 12  at  1497 1/2   Nov up 10  at  1427   Nov '09 up 12  at  1372   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment November beans opened lower on profit taking, but quickly turned higher after closing yesterday’s gap and finding support there. The market continues to be 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 the 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  986 1/2 to 1026 1/2; Bids to farmers at Local Elevators 1002-1029; River Elevators 1003-1032; Chicago Futures: Mar up  90  at  1199 1/2    May up 90  at  1214 1/2    Jul up  90  at  1136 1/2    Sep up  90  at  1142 1/4    Jul '09 up  55  at  1025    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  904 to 929; Bids to farmers at River Elevators 836-898; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   523 1/2 to - - -;   new crop at Memphis   522 to - - -; Bids to farmers at River Elevators  501 to 516 Chicago Futures: Mar down  2 3/4  at  530 1/2    May down  3  at  544    Sep down  1/2  at  557    Dec down  3/4  at  556 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Chicago wheat futures were locked limit-up again today, and after limit gains yesterday the limit was expanded to 90 cents. That took futures well above $11. The market is focused on the tight supply situation that will remain until the winter crop is harvested. Cotton & Rice  Date: February 26, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 67 at  7448   Greenwood up  67 at 7448 New York Futures: Mar up  87  at  7847    May up  134  at  8015    Jul up  131  at  8163    Dec up  83  at  8535    Mar '09 up  64  at  8731  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continued higher following soybeans and wheat. New crop December closed above 85 cents, setting a new contract high again today. 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 1420/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar up  6 1/2  at  1704    May up  8 1/2  at  1735    Jul up  8  at  1757    Sep up  14  at  1685    - - -   - - -  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. The tight stocks situation will continue. Cattle & Hogs  Date: February 26, 2008 Cattle As reported by Federal-State Market News, receipts were 1,124 head at sales in Marshall & Fort Smith.  Compared with last week, feeder steers and heifers sold mostly $1-4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 130   500 to 550 lbs. 110 to 120   600 to 700 lbs. 103 to 113  Medium & Large Frame 2   400 to 450 lbs. 110 to 119 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 104 to 114  Medium & Large Frame 2   400 to 450 lbs. 94 to 104 Slaughter Cows, Boners 46   to   54 Light Weight 36 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   68, high dressing 70.75-71.25 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 120 to 133   600 to 650 lbs. 109.50 to 116 Heifers 500 to 550 lbs. 100 to 109   600 to 650 lbs. 100.50 to 105.50 Chicago Futures: Live Cattle: Apr up 67 at 9550   Jun up 75 at 9577 Feeders: Mar up 57 at 10477   Aug up 60 at 11267 Cattle Comment Cattle futures posted gains again today. Stronger beef values were supportive. A lack of cash trade limited the upside. April gapped higher and is now in position to retest the February high of $96.30. Hogs Peoria: were $1     lower   at   35.5   to   36 Chicago Futures: Apr up 25 at 6075   Jun up 22 at 7532 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs traded in a narrow range and closed slightly higher on idea’s yesterday’s losses were overdone. Yesterday’s cold storage report gave the market a shock. 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. Poultry  Date: February 26, 2008 Eggs New York:  Ex. Lg. 156-163; Lg. 157-161; Med. 139-143; Chicago:  Ex. Lg. 147-155; Lg. 145-153; Med. 130-138; Eastern Region Turkeys Hens: 8-16 lbs. 76-78 Toms: 16-24 lbs. 76-78.25   Delmarva Broilers U.S. Grade A Trade sentiment was about steady. Supplies of all sizes were more than 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