03/06/2008 Farm Bureau Market Report

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Grain & Soybean Date: March 06, 2008 Soybeans Local Elevators: (Mar) EAST AR:  1375 to 1397 (NC) Summ. 1257 to 1288 River Elevators: (Mar) MISS: 1369 to 1406 ; AR & White 1377 to 1387 (NC) Summ. 1256 to 1291 Ark. Processor Bids: (Mar) 1391 to 1392  (NC) 1281 to - - - Memphis:  (Mar) 1428 3/4 to 1433 3/4 (NC)  1281 1/2 to 1291 1/2 Riceland Foods:  (Mar) Stuttgart 1391 ; Pendleton 1397 ; West Memphis 1420 Chicago Futures: May down 49 3/4 at  1458 3/4   Jul  down  48 1/2  at  1471   Aug down 38  at  1460   Nov down 30  at  1361 1/2   Nov '09 down 16 1/2  at  1314 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted losses for the third day in a row, giving stronger validity to Tuesday’s by weakness in soyoil. Weaker than expected export sales and a larger production estimate for Brazil added pressure to the negative undertone. Initial support for November futures begins around $13. Corn continued to exhibit a stronger market presence, reflecting concern about potential planted acreage for ’08. Wheat Cash bid for new crop at Memphis  915 to 925; Bids to farmers at Local Elevators 900-938; River Elevators 907-935; Chicago Futures: May up  20  at  1125    Jul up 28  at  1075    Sep up  30 1/2  at  1090    Dec up  25 1/2  at  1090 1/2    Jul '09 up  10  at  1002 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  947 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 1/4 to 555 1/4;   new crop at Memphis   534 to 544; Bids to farmers at River Elevators  530 to 545 Chicago Futures: May up  1/4  at  567 1/4    Jul unchanged    at  579    Sep down  1/2  at  579    Dec up  2  at  579 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted strong gains again today. There wasn’t really any fundamental news that would justify double digit gains, but fundamentals haven’t totally been driving the market anyway. Last week’s spike to $12.50 for July sure looks like the top, but there has been very little follow-through selling to confirm it. Cotton & Rice  Date: March 06, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 500 at  7828   Greenwood up  500 at 7828 New York Futures: May down  400  at  8528    Jul down  400  at  8711    Dec down  400  at  9153    Mar '09 down  400  at  9357    May '09 down  400  at  9444  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was sharply lower following a late sell-off yesterday. Known fundamentals suggest this rally was a little early, since projected ending stocks are expected to increase above the February estimate of 8.2 million bales. Likely the strong price flurry, encouraged by index fund buying, has pulled some acreage back into cotton. That would keep U.S. stocks from tightening as much as anticipated in 08/09. Initial retracement objectives for December ’08 are 89.45 and then 86.6 cents. Rice Long Grain Cash Bid for  Mar/Apr 1490/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: May down  12 1/2  at  1801 1/2    Jul down  15  at  1827    Sep down  15  at  1715    Nov down  9  at  1725    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was a little lower today, but probably represents more of a short term correction than an indication the market is topping. Of all the markets rice probably has the best supporting fundamentals. World stocks have tightened for seven years in a row and are the lowest since 83/84. U.S. stocks are also tight particularly on the long grain side. This should prompt continued strong demand, as has been seen in wheat. Price levels in Thailand and Vietnam are the highest since 1973, and could rise even more as current demand is greater than expected. September futures have support starting around $16.70. Cattle & Hogs  Date: March 06, 2008 Cattle As reported by Federal-State Market News, receipts were 447 head at sales in Charlotte & Ratcliff.  Compared with last week, feeder steers sold unevenly, mostly steady to $5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to 122   500 to 550 lbs. 110 to 120   600 to 700 lbs. 95 to 101  Medium & Large Frame 2   400 to 450 lbs. 111.50 to 117 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Slaughter Cows, Boners 53   to   57 Light Weight 35 to 39 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   61   to   62.50, high dressing untested Midwest Steers   were $ higher to steady   at   90   to   91 Panhandle Steers   were $1 higher   at   91   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 109 to 124.50   600 to 650 lbs. 107 to 113.50 Heifers 550 to 600 lbs. 101.50 to 103.25   600 to 650 lbs. 99 to 103 Chicago Futures: Live Cattle: Apr down 65 at 8995   Jun down 22 at 9210 Feeders: May down 122 at 10307   Aug down 72 at 11077 Cattle Comment April live cattle were sharply lower again today and appear headed to a retest of the contract low of $89.60. Ideas the beef market is topping added pressure, as did expectations for a weaker-than-anticipated cash trade. Hogs Peoria: were     steady   at   32.5   to   33 Chicago Futures: Apr up 62 at 5740   Jun up 97 at 7377 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs turned higher today due to profit taking on short positions after recent sharp losses. The market was oversold and due a correction. 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 have support at $56.70. Poultry  Date: March 06, 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 Toms: 16-24 lbs. 79-83   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Live supplies were moderate; weights were mixed, but reported as mostly desirable. Trade sentiment was mostly 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