03/13/2008 Farm Bureau Market Reort

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Grain & Soybean Date: March 13, 2008 Soybeans Local Elevators: (Mar) EAST AR:  1311 to 1333 (NC) Summ. 1201 to 1240 River Elevators: (Mar) MISS: 1313 to 1356 ; AR & White 1321 to 1327 (NC) Summ. 1212 to 1243 Ark. Processor Bids: (Mar) 1327 to 1328  (NC) 1233 to - - - Memphis:  (Mar) 1344 3/4 to 1357 3/4 (NC)  1240 1/2 to 1250 1/2 Riceland Foods:  (Mar) Stuttgart 1327 ; Pendleton 1323 ; West Memphis 1356 Chicago Futures: May up 7 3/4 at  1402 3/4   Jul  up  8 1/4  at  1418 3/4   Aug up 6  at  1406   Nov up 3 1/4  at  1320 1/2   Nov '09 down 3  at  1275   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the day mixed after posting strong gains early. Crude oil was trading over $110 a barrel, and that added strength. USDA said 14.1 million bushels were sold for export last week, and 32 million bushels were shipped. That means that buyers are taking delivery on the larger-than-expected sales over the past months. November is building strength at the recent low of $12.61 ½. Wheat Cash bid for new crop at Memphis  1048 1/2 to 1058 1/2; Bids to farmers at Local Elevators 1014-1057; River Elevators 1015-1059; Chicago Futures: May down  41 1/2  at  1241    Jul down 35  at  1210    Sep down  34 1/2  at  1217    Dec down  34 1/2  at  1223    May '09 down  39  at  1225    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  972 to 981; Bids to farmers at River Elevators 899-934; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   549 1/2 to - - -;   new crop at Memphis   528 to 538; Bids to farmers at River Elevators  532 to 547 Chicago Futures: May up  3 1/4  at  560    Jul up  2 3/4  at  582 1/4    Sep up  4 1/4  at  583    Dec up  4 1/2  at  583 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat matched yesterday’s high of $12.70, but was unable to move above that level and charted a potential double top. Corn also charted a potential double top in a few contracts. The biggest threat to these markets now is profit taking on long positions, but any selloff could happen in a hurry. Cotton & Rice  Date: March 13, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 125 at  7381   Greenwood down  125 at 7381 New York Futures: May down  105  at  8101    Jul down  107  at  8354    Dec down  124  at  8845    Mar '09 up  173  at  9400    May '09 up  8  at  9301  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures were lower following a disappointing export report showing total sales of 90,200 running bales. December needs to close the gap to 91.53 cents left last week in order to make further gains possible. Rice Long Grain Cash Bid for  Mar 1535/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: May down  12  at  1893    Jul down  13  at  1920    Sep down  36  at  1718    Nov down  38  at  1728    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Old crop was limit up early, but the market quickly turned lower and most contracts charted a bearish reversal. However, global supply is tight and demand remains strong for rice. Remember, rice is a staple food for many parts of the world. September looks to be headed to close the gap to $17.10 left earlier this week. Failure to find support at that level will suggest further losses are probable. Cattle & Hogs  Date: March 13, 2008 Cattle As reported by Federal-State Market News, receipts were 3,122 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold unevenly, mostly steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to 126   500 to 550 lbs. 115 to 125   600 to 700 lbs. 99 to 109  Medium & Large Frame 2   400 to 450 lbs. 113 to 123 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. 92 to 102 Slaughter Cows, Boners 47   to   54 Light Weight 32 to 38 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   58   to   65, high dressing 65-73.50 Midwest Steers   were steady to $1 higher   at   88   to   89 Panhandle Steers   were $1.50 higher   at   89.50   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 120 to 128   600 to 650 lbs. 109.50 to 115 Heifers 500 to 550 lbs. 105 to 111   600 to 650 lbs. 103 to 110 Chicago Futures: Live Cattle: Apr down 77 at 8955   Jun down 105 at 9097 Feeders: May down 105 at 10465   Aug down 105 at 10865 Cattle Comment Cattle futures were sharply lower under pressure from a big drop in choice cutout values. April moved to a new contract low in the selloff. Concerns about the economy were also negative. Hogs Peoria: were $1     lower   at   30.5   to   31 Chicago Futures: Apr down 55 at 5720   Jun down 140 at 7310 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. June has support at $72.60. Poultry  Date: March 13, 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. 82-84 Toms: 16-24 lbs. 82-84   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. ---------------------------------------- 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