03/14/2008 Farm Bureau Market Report

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Grain & Soybean Date: March 14, 2008 Soybeans Local Elevators: (Mar) EAST AR:  1261 to 1283 (NC) Summ. 1159 to 1198 River Elevators: (Mar) MISS: 1256 to 1306 ; AR & White 1271 to 1277 (NC) Summ. 1171 to 1201 Ark. Processor Bids: (Mar) 1277 to 1278  (NC) 1191 to - - - Memphis:  (Mar) 1297 3/4 to 1307 3/4 (NC)  1199 to 1209 Riceland Foods:  (NC) Stuttgart 1277 ; Pendleton 1283 ; West Memphis 1306 Chicago Futures: May down 50 at  1352 3/4   Jul  down  50  at  1368 3/4   Aug down 45  at  1361   Nov down 41 1/2  at  1279   Nov '09 down 38  at  1237   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted sharp losses today, partially on carryover weakness from the stock market. February crush came in at the low end of expectations and traders are concerned that China will turn to South America for the bean and soyoil needs now that their harvest is in full swing. November is building strength at the recent low of $12.61 ½, but is operating under a huge bearish reversal charted last week which could be the top of this market. Wheat Cash bid for new crop at Memphis  992 to 1007; Bids to farmers at Local Elevators 962-979; River Elevators 959-982; Chicago Futures: May down  52 1/2  at  1191 1/2    Jul down 51 1/2  at  1162    Sep down  35 1/2  at  1185    Dec down  38  at  1184 1/2    Jul '09 down  14  at  1097    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  954 to 963; Bids to farmers at River Elevators 863-925; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   539 1/4 to - - -;   new crop at Memphis   518 1/4 to 528 1/4; Bids to farmers at River Elevators  522 to 537 Chicago Futures: May down  10 1/4  at  559 1/4    Jul down  10 1/4  at  571 1/4    Sep down  9 3/4  at  573 1/4    Dec down  8 1/4  at  575    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat posted sharp losses after charting a potential double top at $12.70 earlier this week. Corn futures got an early bump from Informa’s lower-than-expected acreage projection, but quickly followed other markets lower, charting an outside day down in the process. December has support starting at the recent low of $5.41. Cotton & Rice  Date: March 14, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 151 at  7230   Greenwood down  151 at 7230 New York Futures: May down  151  at  7930    Jul down  149  at  8190    Dec down  134  at  8719    Mar '09 down  130  at  8986    May '09 down  125  at  9056  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures were lower again today. Fundamentals haven’t changed, and a disappointing export report showing total sales of 90,200 running bales this week only drives that point home. 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  50  at  1843    Jul down  50  at  1870    Sep down  46  at  1672    Nov down  46  at  1682    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice gapped lower today following other grains. 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 initial support at the recent low of $16.47. Cattle & Hogs  Date: March 14, 2008 Cattle As reported by Federal-State Market News, receipts were 9,065 head at sales in Arkansas this week.  Compared with last week, feeder steers sold unevenly, mostly steady to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115 to 125   500 to 550 lbs. 111 to 121   600 to 700 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. 106 to 116 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 103 to 113  Medium & Large Frame 2   400 to 450 lbs. 92 to 102 Slaughter Cows, Boners 47   to   54 Light Weight 34 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   67.50, high dressing 67.50-72 Midwest Steers   were $2-1 lower   at   90   to   - - - Panhandle Steers   were $.50 lower   at   90   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 116 to 130   600 to 650 lbs. 106.50 to 118.85 Heifers 500 to 550 lbs. 96.50 to 115   600 to 650 lbs. 93 to 110 Chicago Futures: Live Cattle: Apr up 95 at 9050   Jun down 2 at 9095 Feeders: May up 45 at 10512   Aug up 47 at 10915 Cattle Comment April live cattle recovered some of yesterday’s losses on profit taking on short positions. Other contracts were under pressure from weakness in hog futures and fund liquidation spurred on by losses in corn. Hogs Peoria: were     steady   at   30.5   to   31 Chicago Futures: Apr down 217 at 5502   Jun down 297 at 7012 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures gapped lower 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 moved to a new low in today’s selloff. Poultry  Date: March 14, 2008 Eggs New York:  Ex. Lg. 163-167; Lg. 161-165; Med. 140-144; Chicago:  Ex. Lg. 154-162; Lg. 152-160; Med. 134-136; 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. Supplies of all sizes were more than sufficient to easily handle trade needs. In production areas, live supplies were moderate at desirable to heavy, 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