02/28/2008 Farm Bureau Market Report

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Grain & Soybean Date: February 28, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1443 to 1465 (NC) Summ. 1329 to 1361 River Elevators: (Feb) MISS: 1421 to 1488 ; AR & White 1443 to 1455 (NC) Summ. 1333 to 1364 Ark. Processor Bids: (Feb) 1453 to 1459  (NC) 1353 to 1354 Memphis:  (Feb) 1476 1/2 to 1478 1/2 (NC)  1354 to 1364 Riceland Foods:  (NC) Stuttgart 1452 ; Pendleton 1458 ; West Memphis 1481 Chicago Futures: Mar up 39 1/2 at  1498 1/2   May  up  37 1/4  at  1512 1/2   Jul up 35  at  1523 3/4   Nov up 17  at  1424   Nov '09 up 23  at  1367   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans surged higher with old crop contracts moving above $15. Chinese buying is pushing futures higher. China bought 225,000 metric tons of soybeans and 25,000 metric tons of soy oil last week. Index funds are reinvesting strong profits and putting the squeeze on elevators that are attempting to manage their risk of booking crops for producers. Be aware what goes up will come down – and probably faster than it went up. Wheat Cash bid for new crop at Memphis  907 to - - -; Bids to farmers at Local Elevators 922-949; River Elevators 919-952; Chicago Futures: Mar down  111  at  1169    May down 85  at  1165    Jul down  88  at  1057    Sep down  58  at  1072 1/2    Jul '09 down  62 1/2  at  980    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  925 to 952; Bids to farmers at River Elevators 859-921; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   535 1/4 to 536 1/4;   new crop at Memphis   531 to - - -; Bids to farmers at River Elevators  516 to 531 Chicago Futures: Mar up  17 1/2  at  542 1/2    May up  18 1/4  at  556 1/4    Sep up  14  at  566    Dec up  12  at  565 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures posted sharp losses today as extreme volatility continues. The International Grains Council increased their world wheat estimate by 4 million metric tons to a record 646 million metric tons. News that Iraq purchased Australian wheat this week in addition to U.S. wheat was viewed as negative, as was news that Egypt has changed their specs to include French wheat. Cotton & Rice  Date: February 28, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 140 at  7433   Greenwood up  140 at 7433 New York Futures: Mar up  128  at  7813    May up  115  at  7908    Jul up  117  at  8090    Dec up  105  at  8455    Mar '09 up  115  at  8690  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton recovered a big portion of yesterday’s losses. The market apparently ignored the domestic mill use report. Use is down 5.2 percent from the August-January period of last year. Mill use is estimated at the lowest level since 1910-1911 as U.S. mills have been unable to compete with imported textile and apparel products. Tomorrow marks the last day of pit trading for cotton futures on the Intercontinental Exchange. Cotton futures trading will become completely electronic on Monday. 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  23  at  1730    May up  20 1/2  at  1759 1/2    Jul up  20  at  1784    Sep up  7  at  1700    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 with old crop contracts leading the way. 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 28, 2008 Cattle As reported by Federal-State Market News, receipts were 2,442 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. 118 to 128   500 to 550 lbs. 116 to 126   600 to 700 lbs. 103 to 113  Medium & Large Frame 2   400 to 450 lbs. 111 to 121 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 99 to 109 Slaughter Cows, Boners 48   to   55 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   67, high dressing 67-72.50 Midwest Steers   were steady   at   89   to   - - - Panhandle Steers   were steady   at   89   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 125 to 132   600 to 650 lbs. 108.25 to 114 Heifers 550 to 600 lbs. 100 to 107   600 to 650 lbs. 98 to 105 Chicago Futures: Live Cattle: Apr up 20 at 9475   Jun down 5 at 9537 Feeders: Apr down 30 at 10790   Aug down 45 at 10465 Cattle Comment April live cattle didn’t show any follow through on yesterday’s bearish key reversal. Firm wholesale beef prices and expectations for higher cash prices were supportive. Hogs Peoria: were $.50     lower   at   35   to   35.5 Chicago Futures: Apr up 27 at 6125   Jun up 85 at 7665 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs moved higher after June charted a bullish reversal yesterday. Strong product movement and lighter carcass weights were supportive. Expect the upside to be limited, however, by futures’ premium to cash prices. Poultry  Date: February 28, 2008 Eggs New York:  Ex. Lg. 163-167; Lg. 161-165; Med. 140-144; Chicago:  Ex. Lg. 147-155; Lg. 145-153; Med. 130-138; Eastern Region Turkeys Hens: 8-16 lbs. 77-79 Toms: 16-24 lbs. 77-79   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 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