02/27/2008 Farm Bureau Market Report

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Grain & Soybean Date: February 27, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1403 to 1425 (NC) Summ. 1312 to 1344 River Elevators: (Feb) MISS: 1381 to 1448 ; AR & White 1404 to 1415 (NC) Summ. 1316 to 1347 Ark. Processor Bids: (Feb) 1413 to 1419  (NC) 1336 to 1337 Memphis:  (Feb) 1435 to 1439 (NC)  1337 to 1347 Riceland Foods:  (NC) Stuttgart 1419 ; Pendleton 1425 ; West Memphis 1448 Chicago Futures: Mar down 7 3/4 at  1459   May  down  9  at  1475 1/4   Jul down 8 3/4  at  1488 3/4   Nov down 20  at  1407   Nov '09 down 28  at  1344   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded in a relatively narrow range today before closing lower. 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  995 to - - -; Bids to farmers at Local Elevators 1010-1037; River Elevators 1012-1040; Chicago Futures: Mar up  80 1/2  at  1280    May up 35 1/2  at  1250    Jul up  8 1/2  at  1145    Sep up  11 3/4  at  1130 1/2    Jul '09 up  17 1/2  at  1042 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  895 to 920; Bids to farmers at River Elevators 827-889; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   518 to - - -;   new crop at Memphis   517 to - - -; Bids to farmers at River Elevators  496 to 511 Chicago Futures: Mar down  5 1/2  at  525    May down  6  at  538    Sep down  5  at  552    Dec down  3  at  553 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment The wheat trade continues to be extremely volatile. With limits expanded to $1.35 today, July opened down $1.28 and then had traded limit up (to $12.50!) by about 10:30 a.m. The final settlement was slightly higher, resulting in an outside day up on the chart. USDA confirmed this morning that Iraq has purchased 400,000 metric tons of U.S. hard red winter wheat, and that turned the market higher. Cotton & Rice  Date: February 27, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 155 at  7293   Greenwood down  155 at 7293 New York Futures: Mar down  162  at  7685    May down  173  at  7775    Jul down  165  at  7958    Dec down  173  at  8330    Jul '09 down  177  at  8735  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton turned lower on profit taking after making strong gains for the last six days. The trade is expecting weekly export sales of 200,000 to 250,000 bales. That would be down from 545,900 last week, according to USDA. 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 unchanged    at  1707    May up  4  at  1739    Jul up  7  at  1764    Sep up  8  at  1693    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was higher again today. The global situation is unchanged as tight world stocks have pushed prices in Thailand and Vietnam to the $460-$500 per tonne range—price levels only seen twice in history. New crop supplies are becoming available but much of it has been sold. Thailand has virtually pulled out of the parboil market because of depleted supplies and India has set a minimum export price of $500/tonne, but they should be able to competitively re-enter the export market soon at current price levels. Cattle & Hogs  Date: February 27, 2008 Cattle As reported by Federal-State Market News, receipts were 1,319 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold mostly steady, heifers firm to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to 126   500 to 550 lbs. 108 to 118   600 to 700 lbs. 96 to 106  Medium & Large Frame 2   400 to 450 lbs. 108 to 116 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 104 to 114  Medium & Large Frame 2   400 to 450 lbs. 94 to 103 Slaughter Cows, Boners 53   to   57 Light Weight 35 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   69, high dressing 70-71 Midwest Steers   were quoted   at   89   to   - - - Panhandle Steers   were qutoed   at   89   to   - - - 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 down 95 at 9455   Jun down 35 at 9542 Feeders: Mar up 32 at 10510   Aug up 72 at 11340 Cattle Comment After gapping higher yesterday, April live cattle charted a bearish key reversal today. This indicates the market has found at least a short-term top. April was under pressure from uncertainty about the cash market. Feeders were supported by corn market weakness. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Apr up 22 at 6097   Jun up 47 at 7580 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment June hogs completed a 62% retracement of this winter’s gains yesterday and charted an outside day up today, indicating the market has found a bottom, at least for now. Expect the upside to be limited, however, by futures’ premium to cash prices. Poultry  Date: February 27, 2008 Eggs New York:  Ex. Lg. 161-165; Lg. 159-163; 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   Delmarva Broilers U.S. Grade A Trade sentiment was steady at best. Supplies of all sizes were usually 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