02/29/2008 Farm Bureau Market Report

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Grain & Soybean Date: February 29, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1458 to 1480 (NC) Summ. 1331 to 1363 River Elevators: (Feb) MISS: 1445 to 1503 ; AR & White 1470 to 1476 (NC) Summ. 1333 to 1366 Ark. Processor Bids: (Feb) 1474 to 1478  (NC) 1355 to 1356 Memphis:  (Feb) 1500 to 1502 (NC)  1356 to 1366 Riceland Foods:  (Feb) Stuttgart 1474 ; Pendleton 1480 ; West Memphis 1503 Chicago Futures: Mar up 23 1/2 at  1522   May  up  24  at  1536 1/2   Jul up 22 1/4  at  1546   Nov up 2  at  1426   Nov '09 up 4 1/2  at  1371 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were mostly higher, with old crop contracts leading the way. Chinese demand is still the driving factor for old crop gains. 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  850 to - - -; Bids to farmers at Local Elevators 865-884; River Elevators 857-885; Chicago Futures: Mar down  96  at  1073    May down 79  at  1086    Jul down  57  at  1000    Sep down  64 1/2  at  1008    Jul '09 down  10  at  970    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  930 to 957; Bids to farmers at River Elevators 882-923; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   538 to 539;   new crop at Memphis   530 1/4 to - - -; Bids to farmers at River Elevators  521 to 536 Chicago Futures: Mar up  2 3/4  at  546    May up  1/4  at  556 1/2    Sep down  3/4  at  565 1/4    Dec down  3/4  at  564 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures posted sharp losses today as extreme volatility continues. Egypt bought French wheat in their weekly tender, which was a bit bearish for U.S. futures, but with supplies as tight as they are, any demand can be seen as supportive. This market is beginning to look as if a top has been put in, but any indication of crop problems before harvest could send the market higher again. Cotton & Rice  Date: February 29, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 253 at  7686   Greenwood up  253 at 7686 New York Futures: Mar up  153  at  7966    May up  253  at  8186    Jul up  243  at  8352    Dec up  268  at  8745    Mar '09 up  226  at  8996  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 today after charting an outside day up yesterday. The market is apparently focusing on grain prices and the fight for acreage this spring. Last week’s USDA outlook conference set cotton plantings at 9.5 million acres. However, slowing demand and ample old-crop stocks could limit the upside. Today was the last day of pit trading for cotton futures. Monday marks the first day of entirely electronic trading. Rice Long Grain Cash Bid for  Feb/Mar 1420/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar up  70  at  1800    May up  45  at  1804 1/2    Jul up  50  at  1834    Sep up  16  at  1716    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice moved to new highs again today—a nearly daily occurrence for the past few weeks. 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 29, 2008 Cattle As reported by Federal-State Market News, receipts were 9,330 head at sales in Arkansas this week.  Compared with last week, feeder steers sold steady $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 130   500 to 550 lbs. 113 to 123   600 to 700 lbs. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. 109 to 119 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 101 to 111 Slaughter Cows, Boners 48   to   56 Light Weight 35 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   69, high dressing 69-73.50 Midwest Steers   were $3-3.50 higher   at   93   to   93.50 Panhandle Steers   were $3 higher   at   93   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 114 to 133   600 to 650 lbs. 107 to 119 Heifers 500 to 550 lbs. 100 to 111   600 to 650 lbs. 92.50 to 105.50 Chicago Futures: Live Cattle: Apr down 42 at 9432   Jun down 5 at 9532 Feeders: Mar down 100 at 10365   Aug down 25 at 11300 Cattle Comment Cattle futures were mixed with expiring February under pressure from its premium to cash prices. April was lower and has uptrending support near $93.85. Firm beef prices and optimism about spring beef demand were supportive. Hogs Peoria: were $.50     lower   at   34.5   to   - - - Chicago Futures: Apr down 130 at 5995   Jun down 30 at 7635 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs turned lower on active fund selling and weakening fundamentals. April moved to a new contract low but June found support at yesterday’s low of $75.15. Poultry  Date: February 29, 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 overall no better than steady. Supplies of all sizes were available to fully sufficient for 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