03/05/2008 Farm Bureau Market Report

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Grain & Soybean Date: March 05, 2008 Soybeans Local Elevators: (Mar) EAST AR:  1417 to 1439 (NC) Summ. 1287 to 1329 River Elevators: (Mar) MISS: 1419 to 1463 ; AR & White 1429 to 1440 (NC) Summ. 1288 to 1332 Ark. Processor Bids: (Mar) 1433 to 1442  (NC) 1311 to 1322 Memphis:  (Mar) 1463 1/2 to 1483 1/2 (NC)  1311 1/2 to 1321 1/2 Riceland Foods:  (NC) Stuttgart 1433 ; Pendleton 1439 ; West Memphis 1462 Chicago Futures: May down 2 1/4 at  1508 1/2   Jul  down  1/2  at  1519 1/2   Aug down 4  at  1498   Nov down 7 1/4  at  1391 1/2   Nov '09 down 7  at  1331   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were lower again today, but backed away from early losses. Weakness in Asian palm oil prices carried over into U.S. soyoil futures today and as a result, sparked the selloff in beans. Typically, yesterday’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  887 to 897; Bids to farmers at Local Elevators 872-931; River Elevators 889-934; Chicago Futures: May up  17 1/2  at  1105    Jul up 40  at  1047    Sep up  48 1/2  at  1059 1/2    Jul '09 up  12 1/2  at  969    n/a up  - - -  at  - - -    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  946 to 950; Bids to farmers at River Elevators 884-946; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   552 to - - -;   new crop at Memphis   533 to 543; Bids to farmers at River Elevators  530 to 545 Chicago Futures: May up  12 1/2  at  567    Jul up  12 1/4  at  579    Sep up  14 1/2  at  579 1/2    Dec up  10  at  577 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted strong gains today. There wasn’t really any fundamental news that would justify double digit gains, but fundamentals haven’t totally been driving the market anyway. Big tenders for wheat late last week and again this week provided positive reinforcement for the market. Cotton & Rice  Date: March 05, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 42 at  8328   Greenwood up  42 at 8328 New York Futures: May up  64  at  8950    Jul up  85  at  9137    Dec up  33  at  9478    Mar '09 up  116  at  9757    May '09 up  148  at  9844  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment New crop cotton moved sharply higher again today. 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 up  14  at  1814    Jul up  17  at  1842    Sep up  20  at  1735    Nov up  14  at  1739    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice recovered most of yesterday’s big losses. 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. Initial retracement objectives for September is $15.40, but there should be support between $16.70 and $15.45. Cattle & Hogs  Date: March 05, 2008 Cattle As reported by Federal-State Market News, receipts were 430 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold near steady on a light trend due to winter storm hampering livestock movement . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to 124   500 to 550 lbs. n/a to - - -   600 to 650 lbs. 100 to 106  Medium & Large Frame 2   400 to 450 lbs. 105 to 113 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. 95 to 102 Slaughter Cows, Boners 52   to   56 Light Weight 33 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   67   to   69, high dressing untested Midwest Steers   were quoted   at   91   to   - - - Panhandle Steers   were quoted   at   90   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 60 at 9060   Jun down 57 at 9232 Feeders: May down 80 at 10817   Aug down 60 at 11150 Cattle Comment April live cattle set a new contract low again today. Feeders were also lower but closed near the top of the day’s trading range. Ideas the beef market is topping added pressure, as did expectations for a weaker-than-anticipated cash trade. Hogs Peoria: were $1     lower   at   32.5   to   33 Chicago Futures: Apr down 7 at 5677   Jun down 45 at 7280 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs are under pressure from large supplies. Weekly kills continue to come in significantly higher than last year’s numbers, and higher than expected based on USDA’s quarterly inventory report. April hogs found support at yesterday’s low of $56.70. Poultry  Date: March 05, 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. 79-83.25 Toms: 16-24 lbs. 79-83.25   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady to about steady. Supplies of all sizes were usually more than sufficient to handle 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