03/12/2008 Farm Bureau Market Report

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Grain & Soybean Date: March 12, 2008 Soybeans Local Elevators: (Mar) EAST AR:  1303 to 1325 (NC) Summ. 1197 to 1236 River Elevators: (Mar) MISS: 1305 to 1348 ; AR & White 1313 to 1319 (NC) Summ. 1209 to 1240 Ark. Processor Bids: (Mar) 1319 to 1320  (NC) 1229 to - - - Memphis:  (Mar) 1337 to 1355 (NC)  1237 1/4 to 1247 1/4 Riceland Foods:  (Mar) Stuttgart 1319 ; Pendleton 1325 ; West Memphis 1348 Chicago Futures: May down 12 3/4 at  1395   Jul  down  13  at  1410 1/2   Aug down 9  at  1400   Nov up 2  at  1317 1/4   Nov '09 down 2  at  1278   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans appear to have taken a “resting” day, with relatively narrow trading ranges charted. November was a bit higher, but most other contracts lost ground today. Yesterday’s report showed ending stocks at 140 million bushels—or a 3 week supply. While many feel the market has more than factored in this fact, large amounts of fund money continue to add support to prices. Wheat Cash bid for new crop at Memphis  1085 to 1090; Bids to farmers at Local Elevators 1060-1088; River Elevators 1056-1090; Chicago Futures: May up  59 1/2  at  1282 1/2    Jul up 63 1/4  at  1245    Sep up  61 1/2  at  1251 1/2    Dec up  60 1/2  at  1257 1/2    Jul '09 up  44 1/2  at  1133 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  977 to - - -; Bids to farmers at River Elevators 877-945; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   547 1/4 to 552 1/4;   new crop at Memphis   547 1/4 to 552 1/4; Bids to farmers at River Elevators  530 to 548 Chicago Futures: May down  5 1/4  at  567 1/4    Jul down  5  at  579 1/2    Sep down  7 3/4  at  578 3/4    Dec down  6  at  579    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted huge gains, with July moving to a new all time high of $12.70—shattering the previous high of $12.50, which looked for all the world like the top of this market. Corn gave back most of yesterday’s gains, but the huge bullish reversal Monday remains valid. Cotton & Rice  Date: March 12, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 78 at  7506   Greenwood up  78 at 7506 New York Futures: May up  42  at  8170    Jul up  116  at  8427    Dec up  101  at  8925    Mar up  158  at  9223    May '09 up  400  at  9537  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures traded in a very wide range today before closing higher. December completed a 62% retracement of recent gains on Monday, and found support at that level. The market nearly closed the gap left Friday on the way down. The top of that gap is 91.53 cents, and the market needs to close above that level in order to make further gains possible. Rice Long Grain Cash Bid for  Mar 1535/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: May up  50  at  1905    Jul up  50  at  1933    Sep up  12  at  1754    Nov up  16  at  1766    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice gapped higher again today. This week’s strength is partly in reaction to news that the Philippines will tender for U.S. rice using GSM 102 credit. India has raised their Minimum Export Price to $650/ton. The USDA reduced US rice stocks by 1 million cwt in yesterday’s report, but global stocks were increased. However, global supply is tight and demand remains strong for rice. Remember, rice is a staple food for many parts of the world. September has resistance at the high of $17.55, a penny above today’s high. Cattle & Hogs  Date: March 12, 2008 Cattle As reported by Federal-State Market News, receipts were 1,915 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers suitable for grazing sold firm to $2 higher, yearlings weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to 126   500 to 550 lbs. 106 to 116   600 to 700 lbs. 94 to 104  Medium & Large Frame 2   400 to 450 lbs. 102 to 112 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. 90 to 100 Slaughter Cows, Boners 48   to   54 Light Weight 33 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   69, high dressing 70-71 Midwest Steers   were steady   at   88   to   - - - Panhandle Steers   were steady   at   88   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 120 to 129.50   600 to 650 lbs. 110 to 118.85 Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Apr up 42 at 9032   Jun up 32 at 9202 Feeders: May up 7 at 10570   Aug steady at 10970 Cattle Comment April live cattle were higher again today, holding on to support at the contract low of $89.60 set Monday. Weakness in the beef market and concerns about beef demand limited gains. Hogs Peoria: were     steady   at   31.5   to   32 Chicago Futures: Apr down 55 at 5775   Jun down 25 at 7450 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures turned lower again in the face of burdensome supplies and ideas that those supplies will not tighten significantly in the coming months. Weekly kills have been well ahead of last year’s pace and where we should be based on USDA’s quarterly inventory report. Poultry  Date: March 12, 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 to about 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