03/10/2008 Farm Bureau Market Report

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Grain & Soybean Date: March 10, 2008 Soybeans Local Elevators: (Mar) EAST AR:  1315 to 1337 (NC) Summ. 1180 to 1226 River Elevators: (Mar) MISS: 1317 to 1360 ; AR & White 1324 to 1330 (NC) Summ. 1192 to 1229 Ark. Processor Bids: (Mar) 1332 to 1337  (NC) 1219 to 1226 Memphis:  (Mar) 1348 1/2 to 1361 1/2 (NC)  1220 to - - - Riceland Foods:  (Mar) Stuttgart 1331 ; Pendleton 1337 ; West Memphis 1360 Chicago Futures: May up 47 at  1388   Jul  down  1/2  at  1420 1/2   Aug down 10  at  1409   Nov down 11 1/2  at  1300   Nov '09 down 12 1/2  at  1252   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were locked down the limit for a big part of the day, but moved off those lows after crude oil set new all-time highs. Now that the South American harvest is in full swing, and yield reports make it look like we will see a record harvest in Brazil, we will have tough competition in the export market. There is already talk that China will begin focusing on South America for their needs. Wheat Cash bid for March at Memphis  971 3/4 to - - -; Bids to farmers at Local Elevators 947-976; River Elevators 944-970; Chicago Futures: May up  58  at  1163    Jul up 53 1/4  at  1121 3/4    Sep up  60  at  1138 1/2    Dec up  55  at  1140    Jul '09 up  34  at  1035    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  918 to - - -; Bids to farmers at River Elevators 882-945; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   540 3/4 to 550 3/4;   new crop at Memphis   534 to - - -; Bids to farmers at River Elevators  529 to 544 Chicago Futures: May up  22  at  555 1/2    Jul up  19 1/4  at  578 1/4    Sep up  20  at  586 3/4    Dec up  19 3/4  at  579    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was sharply higher after trading lower in reaction to losses in soybeans. 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 looks like the top of this market, but time will tell. Cotton & Rice  Date: March 10, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 800 at  7028   Greenwood down  800 at 7028 New York Futures: May down  400  at  7728    Jul down  400  at  7911    Dec down  338  at  8415    Mar '09 down  290  at  8680    May '09 down  399  at  9443  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton gapped lower again today. 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. December completed a 62% retracement of recent gains, and could find support near this level. Further weakness, however, would suggest a move back toward 75 cents. Rice Long Grain Cash Bid for  Mar 1490/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: May up  50  at  1805    Jul up  50  at  1833    Sep up  41  at  1710    Nov up  42  at  1720    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice charted a huge bullish reversal today after gapping lower on Friday. 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 resistance at the contract high of $17.55. Cattle & Hogs  Date: March 10, 2008 Cattle As reported by Federal-State Market News, receipts were 636 head at sales in Springdale.  Compared with last week, feeder steers sold mostly week to $3 lower. Feeder heifers sold $1-3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 132 to 136   500 to 550 lbs. 118 to 127   600 to 650 lbs. 108 to 115.50  Medium & Large Frame 2   400 to 450 lbs. 115 to 125 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 109 to 114  Medium & Large Frame 2   400 to 450 lbs. 100 to 110 Slaughter Cows, Boners 52   to   55 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   62   to   67, high dressing 69-72.50 Midwest Steers   $3-$.50 lower   at   87   to   90.50 Panhandle Steers   $2 lower to steady   at   89   to   91 Oklahoma City Feeders Steers 500 to 550 lbs. 123.50 to 129.50   600 to 650 lbs. 110 to 115.50 Heifers 550 to 600 lbs. 103 to 108.50   600 to 650 lbs. 98.25 to 102.60 Chicago Futures: Live Cattle: Apr down 77 at 8975   Jun down 50 at 9150 Feeders: May down 85 at 10312   Aug down 142 at 11035 Cattle Comment April live cattle found support at the contract low of $89.60, today’s low. Ideas the beef market is topping added pressure, as did expectations for a weaker-than-anticipated cash trade. Hogs Peoria: were     steady   at   31.5   to   32 Chicago Futures: Apr down 23 at 5772   Jun down 20 at 7390 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were a bit lower today. Weekly kills continue to come in significantly higher than last year’s numbers, and higher than expected based on USDA’s quarterly inventory report. Average weights are also high, adding to the overall supply of pork. April hogs have support at $56.70. Poultry  Date: March 10, 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. 80-83 Toms: 16-24 lbs. 80-83   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Supplies of all sizes were more than sufficient to handle light 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