03/17/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: March 17, 2008 Soybeans Local Elevators: (March) EAST AR:  n/a to - - (NC) Summ. - - to -- - - River Elevators: (March) MISS: - - - to - - - ; AR & White - - - to - -- (NC) Summ. - - - to - - - Ark. Processor Bids: (March) - - - to - --  (NC) - - - to - - - Memphis:  (March) 1242 3/4 to 1252 3/4 (NC)  1149 to 1159 Riceland Foods:  (March) Stuttgart 1226 ; Pendleton 1232 ; West Memphis 1255 Chicago Futures: May down 50 at  1302 3/4   July  down  49 3/4  at  1318 3/4   Aug down 50  at  1311   Nov down 50  at  1229   Nov '09 down 50  at  1187   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans locked limit down early in the session. November gapped lower on the open pressure by reduced Chinese interest and reports that the Brazilian crop will be extremely large. In addition, private forecasts are continuing to suggest a substantial increase in U.S. ’08 plantings. Given today’s big decline, the next support is the late January low of $11.67 ½, or another limit decline. Be aware the CBOT has requested a new daily trading limit of 70 cents for soybeans to start on March 28. Wheat Cash bid for new crop at Memphis  922 to 947; Bids to farmers at Local Elevators - - -; River Elevators - - -; Chicago Futures: May down  60  at  1131 1/2    July down 60  at  1102    Sept down  60  at  1125    Dec down  60  at  1124 1/2    July '09 down    at      Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  927 to - - -; Bids to farmers at River Elevators - - -; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   517 1/4 to 519 1/4;   New crop at Memphis   498 1/2 to 508 1/4; Bids to farmers at River Elevators  - - - to - - - Chicago Futures: May down  20  at  539 1/4    July down  20  at  551 1/4    Sept down  20  at  553 1/4    Dec down  20  at  555    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 last week. Underlying support is coming from the tight supply situation, but that has been well known for some time. Carryover weakness from soybeans was a factor today. Cotton & Rice  Date: March 17, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 400 at  6830   Greenwood down  400 at 6830 New York Futures: May down  400  at  7530    July down  400  at  7790    Dec down  400  at  8319    March '09 down  400  at  8586    May '09 down  400  at  8656  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures declined the limit as the market appears to be reacting more to actual fundamentals. Obviously, the projected ending stocks of 9.4 million bales and the apparent reduced interest in China are pressuring a market that was pushed sharply higher by outside interests. Eventually, supply and demand have to come back into focus and that is what is happening in the cotton market. Initial support for December is just under 81 cents, but that may give way to support at 78 or even 74 cents. Rice Long Grain Cash Bid for  March 1535/cwt  to  - - -   April/May 1555/cwt  to  - - - Chicago Futures: May down  50  at  1793    July down  48  at  1822    Sept down  42  at  1630    Nov down  42  at  1640    - - - unchanged  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice also declined today but was not down the limit like most others. Rice stocks remain a major factor, although last week’s USDA report did indicate ’08 production exceeding usage for the first time in 7 or 8 years. World production of 422.9 mmt was up 2.31 mmt from the February report, with India up 2 mmt. The first major support for September futures is the 38% retracement objective of $15.49. However, their market may have fundamental justification to hold above that level. Cattle & Hogs  Date: March 17, 2008 Cattle As reported by Federal-State Market News, receipts were 3777 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers sold mostly $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 130   500 to 550 lbs. 107 to 117   600 to 700 lbs. 95 to 105  Medium & Large Frame 2   400 to 450 lbs. 110 to 120 Heifers:  Medium & Large Frame 1   500 to 550 lbs. 93 to 103  Medium & Large Frame 2   400 to 450 lbs. 94 to 104 Slaughter Cows, Boners 48   to   53 Light Weight 35 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   65 Midwest Steers   remained steady   at   90   to   - - - Panhandle Steers   remained steady   at   90   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Heifers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: April down 127 at 8922   June down 97 at 8997 Feeders: May down 130 at 10382   Aug down 120 at 10795 Cattle Comment Cattle futures ended lower, with deferred contracts under pressure from their premium to cash. April found resistance at last week’s high of $90.75, and came within a penny of the contract low of $89.10. Hogs Peoria: were $1.50 to $2.50     lower   at   28.5   to   29 Chicago Futures: April up 90 at 5592   June up 102 at 7115 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures recovered some of Friday’s big losses, mostly because of profit taking. Supply side concerns continue to weigh on the market. 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 17, 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 Movement of ready-to-cook whole birds continued light to fair at best entering Holy Week. Offerings were usually more than adequate for current trade needs. Live supplies were moderate; weights varied, but ranged mostly desirable to heavy. Processor schedules were moderate to moderately heavy. Less than trucklot asking prices were unchanged at 79 to 89 cents. Trade sentiment was about steady. ---------------------------------------- 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