03/11/2008 Farm Bureau Market Report

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Grain & Soybean Date: March 11, 2008 Soybeans Local Elevators: (Mar) EAST AR:  1316 to 1331 (NC) Summ. 1195 to 1241 River Elevators: (Mar) MISS: 1318 to 1361 ; AR & White 1326 to 1332 (NC) Summ. 1207 to 1244 Ark. Processor Bids: (Mar) 1332 to 1333  (NC) 1227 to 1234 Memphis:  (Mar) 1355 3/4 to 1367 3/4 (NC)  1235 1/4 to 1245 1/4 Riceland Foods:  (Mar) Stuttgart 1332 ; Pendleton 1338 ; West Memphis 1361 Chicago Futures: May up 1 1/4 at  1407 3/4   Jul  up  3  at  1423 1/2   Aug unchanged   at  1409   Nov up 15 1/4  at  1315 1/4   Nov '09 up 28  at  1280   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Today’s USDA report came in at the low end of trade estimates and projects ending stocks at 140 million bushels for roughly 3 weeks of supply. This added some fresh fundamental news to the market leading to higher soybean prices across almost the whole board. While many feel the market has more than factored in today’s reduction, large amounts of fund money continues to add support to prices. Wheat Cash bid for March at Memphis  1043 to 1168; Bids to farmers at Local Elevators 994-1036; River Elevators 104-1030; Chicago Futures: May up  60  at  1223    Jul up 58 1/4  at  1181 3/4    Sep up  51 1/2  at  1190    Dec up  57  at  1197    Jul '09 up  54  at  1089    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  912 to 938; Bids to farmers at River Elevators 893-955; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   552 1/2 to 557 1/2;   new crop at Memphis   536 1/2 to 541 1/2; Bids to farmers at River Elevators  535 to 550 Chicago Futures: May up  6 3/4  at  572 1/2    Jul up  6 1/4  at  584 1/2    Sep up  7 1/2  at  586 3/4    Dec up  6 1/2  at  585 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Along with soybeans, the USDA also reduced current year wheat ending stocks, as exports and domestic consumption were increased some 20 and 5 million bushels, respectively. Wheat prices experienced strong increases today as fund money reacted to today’s USDA report. The March contract was up over a dollar, while other contracts were up the limit or near the limit today. As for corn, the USDA made no changes to the corn balance sheet; however prices were up across the board as corn continues to fight for acreage ahead of the planting intentions report. Cotton & Rice  Date: March 11, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 400 at  7428   Greenwood up  400 at 7428 New York Futures: May up  400  at  8128    Jul up  400  at  8311    Dec up  400  at  8824    Mar '09 up  400  at  9065    May '09 up  369  at  9137  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Despite a bearish USDA report which slashed exports and increased ending stocks, cotton prices regained most or all of yesterday’s declines. As with other commodity markets the fundamentals have taken a backseat to the funds, so we’ll have to see which way the volatility swings tomorrow. Rice Long Grain Cash Bid for  Mar 1490/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: May up  75  at  1850    Jul up  50  at  1883    Sep up  30  at  1740    Nov up  30  at  1750    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment The USDA reduced US rice stocks by 1 million cwt; however due to increases primarily in India rice production global stocks were increased this month. The tightening U.S. supplies led to higher rice prices across the board. While global stocks increased, the stocks are still well below what the market would like. Cattle & Hogs  Date: March 11, 2008 Cattle As reported by Federal-State Market News, receipts were 866 head at sales in Marshall & Fort Smith.  Compared with last week, feeder steers sold mostly weak to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119 to 129   500 to 550 lbs. 111 to 121   600 to 700 lbs. 102 to 110  Medium & Large Frame 2   400 to 450 lbs. 102 to 112 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 94 to 99.50 Slaughter Cows, Boners 50   to   55 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   65   to   70.50, high dressing 71-76 Midwest Steers   were $1-2.50 lower   at   88   to   - - - Panhandle Steers   were $1-3 lower   at   88   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Apr up 15 at 8990   Jun up 20 at 9170 Feeders: May down 45 at 10570   Aug down 55 at 10980 Cattle Comment Despite reports of lower cash prices, beef cattle futures posted another day of modest gains. Gains today are largely the result of speculative short coverings. Hogs Peoria: were     steady   at   31.5   to   32 Chicago Futures: Apr up 57 at 5830   Jun up 85 at 7475 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Lean hogs showed modest gains today, as traders bid up prices as the market is showing signs of being oversold. While the futures market appears poised to strengthen the cash market remains weak. Poultry  Date: March 11, 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 at least 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