03/03/2008 Farm Bureau Market Report

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Grain & Soybean Date: March 03, 2008 Soybeans Local Elevators: (March) EAST AR:  1481 to 1503 (NC) Summ. 1348 to 1385 River Elevators: (March) MISS: 1470 to 1522 ; AR & White 1493 to 1499 (NC) Summ. 1354 to 1388 Ark. Processor Bids: (March) 1497 to 1501  (NC) 1377 to 1378 Memphis:  (March) 1524 1/2 to 1527 1/2 (NC)  1367 1/2 to 1372 1/2 Riceland Foods:  (March) Stuttgart 1497 ; Pendleton 1503 ; West Memphis 1526 Chicago Futures: May up 23 at  1559 1/2   July  up  24  at  1570   Aug up 28  at  1543   Nov up 21 1/2  at  1447 1/2   Nov '09 up 16 1/2  at  1388   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans made strong gains but failed to hold at the day’s highs. Gains were fueled by strong soy oil demand amid recent reports of sharply reduced canola production in India. This boosted soy oil above 70 cents and has new crop November pointed toward $15. There are no technical upside objectives so the market appears to be targeting points every 50 cents, like $14.50, $15 etc. Wheat Cash bid for new crop at Memphis  869 to 874; Bids to farmers at Local Elevators 849-903; River Elevators 876-906; Chicago Futures: May up  16 1/2  at  1102 1/2    July up 19  at  1019    Sept up  19  at  1030    Dec up  9  at  1030    July '09 up  10  at  980    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  946 to 958; Bids to farmers at River Elevators 882-945; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   551 1/2 to 556 1/2;   New crop at Memphis   533 to 543; Bids to farmers at River Elevators  529 to 544 Chicago Futures: May up  10  at  566 1/2    July up  9 3/4  at  578 1/4    Sept up  12 3/4  at  578    Dec up  11 1/4  at  576    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat closed higher for the day but failed to hold early gains. Big tenders for wheat late last week and again this week provided positive reinforcement for the market, while gains were tempered by reports from Australia that their crop would be double their drought reduced ‘07 production. Cotton & Rice  Date: March 03, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 300 at  7986   Greenwood up  300 at 7986 New York Futures: May up  300  at  8486    July up  300  at  8652    Dec up  300  at  9045    March '09 up  300  at  9241    May '09 up  300  at  9296  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton led today’s charge higher with across the board gains of 300 points. This was the first day of exclusive e-trading as open outcry pits closed last Friday. Settlement prices will be set at 1:15 p.m. central time reflecting the trade level at that time. Cotton is the new target for index funds. Having lagged behind in the acreage war, cotton appears to be underpriced relative to other commodities. While that may be the case, there is certainly no shortage of cotton and at some point that should play against additional upside movement. That was not the case today, with limit gains suggesting more short term upside potential. Rice Long Grain Cash Bid for  March 1420  to  1490/cwt   April 1490/cwt  to  - - - Chicago Futures: May up  45 1/2  at  1850    July up  41  at  1875    Sept up  29  at  1745    Nov up  33  at  1763    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice gapped to new contract highs bolstered by strong gains in cotton and grains. 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: March 03, 2008 Cattle As reported by Federal-State Market News, receipts were 3754 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers sold steady to $2 higher, most advance on lightweight calves. Feeder heifers sold firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 125 to 135   500 to 550 lbs. 109 to 119   600 to 700 lbs. 103 to 113  Medium & Large Frame 2   400 to 450 lbs. 114 to 124 Heifers:  Medium & Large Frame 1   500 to 550 lbs. 99 to 109  Medium & Large Frame 2   350 to 400 lbs. 98 to 108 Slaughter Cows, Boners 50   to   56 Light Weight 36 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   68, high dressing 68.5 - 71.5. Midwest Steers   were steady to 50¢ lower   at   93   to   - - - Panhandle Steers   were steady   at   93   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 115 to 117   600 to 650 lbs. 109.5 to 114 Heifers 500 to 550 lbs. 102 to 108.25   600 to 650 lbs. 99 to 102.5 Chicago Futures: Live Cattle: April down 167 at 9265   June down 95 at 9437 Feeders: May down 140 at 10902   Aug down 97 at 11205 Cattle Comment Cattle futures were sharply lower, pressured by big gains in corn and soybeans. Potential declines in cattle were softened by early strong gains in beef cutout values. However, the negative impact of higher grains pushed futures through support around 93.50 and put the market in position to test the recent low of 92.30. March feeders also penetrated support at $103 and appears headed to the mid-January low of $99.30. Hogs Peoria: were steady to 50¢     higher   at   34.5   to   35 Chicago Futures: April down 115 at 5880   June down 17 at 7617 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs followthrough on Friday’s weakness and appears to be headed lower in the short term. Higher corn values and larger than expected hog numbers are contributing to the weaker undertone. Poultry  Date: March 03, 2008 Eggs New York:  Ex. Lg. 163-167; Lg. 161-165; Med. 140-144; Chicago:  Ex. Lg. 154-162; Lg. 152-160; Med. 133-141; Eastern Region Turkeys Hens: 8-16 lbs. 77-79 Toms: 16-24 lbs. 77-79   Delmarva Broilers U.S. Grade A Movement of ready-to-cook whole birds ranged light to fair with optimism entering the first of the month. Seller offerings were adequate to fully adequate for current needs. Live supplies were moderate; weights were mixed, but reported as mostly desirable. Processor schedules were moderate to moderately heavy. Less than trucklot asking prices were unchanged at 79 to 89 cents. Trade sentiment was about steady to steady. ---------------------------------------- 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