03/04/2008 Farm Bureau Market Report

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Grain & Soybean Date: March 04, 2008 Soybeans Local Elevators: (Mar) EAST AR:  1420 to 1451 (NC) Summ. 1299 to 1336 River Elevators: (Mar) MISS: 1421 to 1466 ; AR & White 1432 to 1443 (NC) Summ. 1296 to 1339 Ark. Processor Bids: (Mar) 1436 to 1452  (NC) 1328 to 1329 Memphis:  (Mar) 1465 3/4 to 1475 3/4 (NC)  1318 3/4 to 1328 3/4 Riceland Foods:  (NC) Stuttgart 1436 ; Pendleton 1442 ; West Memphis 1465 Chicago Futures: May down 48 3/4 at  1510 3/4   Jul  down  50  at  1520   Aug down 41  at  1502   Nov down 48 3/4  at  1398 3/4   Nov '08 down 50  at  1338   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans overcame early pressure to post another new contract high, before reversing and closing sharply lower. Weakness resulted from overnight losses in the Asian palm oil market. Gains in soyoil have keyed the recent rally and this could be a signal of a market top. Typically, today’s big key reversal would be a strong bearish signal, but with the index funds that is not necessarily true. The first key chart support for November beans is still a dollar away at $13.00. Wheat Cash bid for new crop at Memphis  845 1/2 to 855 1/2; Bids to farmers at Local Elevators 836-890; River Elevators 854-893; Chicago Futures: May down  9 1/2  at  1093    Jul down 8  at  1011    Sep down  19  at  1011    Dec down  8  at  1026    Jul '09 unchanged    at  980    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  924 to 928; Bids to farmers at River Elevators 861-923; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   539 1/2 to - - -;   new crop at Memphis   520 to 530; Bids to farmers at River Elevators  517 to 532 Chicago Futures: May down  12 1/2  at  543    Jul down  11 1/2  at  566 3/4    Sep down  13  at  565    Dec down  8 3/4  at  567 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended lower but near the middle of the day’s trading range. 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 04, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 302 at  8286   Greenwood up  302 at 8286 New York Futures: May up  400  at  8886    Jul up  400  at  9052    Dec up  400  at  9445    Mar 09 up  400  at  9641    May 09 up  400  at  9696  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton made major moves today, first increasing 400 points then dropping to the negative side as grains showed a softer undertone. However, cotton roared back to lock the limit 400 points and perhaps setting the stage for another big move tomorrow. No doubt this will pull some acreage back to cotton as producers lock in a good price and then anticipate a good seed rebate, as well. Overall fundamentals for cotton including the still declining domestic mill use and projected ending stocks of 8.2 million bales don’t support this kind of move. But, the market is looking ahead to the potential impact of 9 million acres or less being planted in ‘08. Rice Long Grain Cash Bid for  Mar/Apr 1490/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: May down  50  at  1800    Jul down  50  at  1825    Sep down  30  at  1715    Nov down  38  at  1725    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was hit by today’s selloff and closed sharply lower. Internationally the market is still dealing with tightening world stock. Stock levels are the lowest in 25 years, while price levels are the highest in 35 years. Thailand and Vietnam are stretching to meet demand and Vietnam has halted additional March delivery sales. With a big tender from the Philippines expected in the next week or ten days, their resolve may weaken. Recent price gains should pull additional acreage in the South to rice, but the overall firm undertone should remain. While today’s decline appears to be an island reversal top, it could just bring a short retracement. Initial retracement objectives for September is $15.40, but there should be support between $16.70 and $15.45. Cattle & Hogs  Date: March 04, 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 sold firm to $3 higher, heifers sold weak to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 122 to 132   500 to 550 lbs. 112 to 121   600 to 700 lbs. 101 to 111  Medium & Large Frame 2   400 to 450 lbs. 110 to 117 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 103 to 112  Medium & Large Frame 2   400 to 450 lbs. 90 to 98 Slaughter Cows, Boners 50   to   56 Light Weight 38 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   65   to   70, high dressing 71-75 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 120.50 to 124.50   600 to 650 lbs. 107.50 to 115 Heifers 500 to 550 lbs. 102 to 108.25   600 to 650 lbs. 96 to 103.25 Chicago Futures: Live Cattle: Apr down 145 at 9120   Jun down 147 at 9290 Feeders: May down 5 at 10897   Aug up 5 at 11210 Cattle Comment Cattle futures were mostly lower. Live contracts were sharply lower, but feeders found support from lower corn prices. Still, the best they could do was close mostly unchanged. The April live contract has moved to new 13 month lows. Further losses could be limited by indications the market is oversold and the fact that futures are trading at a discount to cash. Hogs Peoria: were $1     lower   at   33.5   to   34 Chicago Futures: Apr down 195 at 5685   Jun down 292 at 7325 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment April hogs set a new contract low for the third day in a row. Weak pork prices and large hog supplies and low cash hog prices are all factors. Poultry  Date: March 04, 2008 Eggs New York:  Ex. Lg. 163-167; Lg. 161-165; Med. 140-144; Chicago:  Ex. Lg. 155-169; Lg. 149-163; Med. 128-141; Eastern Region Turkeys Hens: 8-16 lbs. 77-79 Toms: 16-24 lbs 77-79   Delmarva Broilers U.S. Grade A Trade sentiment was generally 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