03/18/2008 Farm Bureau Market Report

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Grain & Soybean Date: March 18, 2008 Soybeans Local Elevators: (Mar) EAST AR:  1215 to 1237 (NC) Summ. 1120 to 1159 River Elevators: (Mar) MISS: 1210 to 1260 ; AR & White 1222 to 1228 (NC) Summ. 1132 to 1162 Ark. Processor Bids: (Mar) 1231 to 1232  (NC) 1152 to - - - Memphis:  (Mar) 1248 to 1259 (NC)  1160 to 1170 Riceland Foods:  (Mar) Stuttgart 1231 ; Pendleton 1237 ; West Memphis 1260 Chicago Futures: May up 4 1/4 at  1307   Jul  up  3 1/4  at  1322   Aug up 7  at  1316   Nov up 11  at  1240   Nov '09 down 7  at  1180   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans recovered from another day of early declines to close on a positive note. The market was influenced positively by expectations of another sizeable interest cut in today’s Fed meeting. That boosted oil and contributed an upturn in the stock market. November soybeans will encounter resistance in the $12.60 area. Wheat Cash bid for new crop at Memphis  958 to 970; Bids to farmers at Local Elevators 938-955; River Elevators 922-958; Chicago Futures: May up  32 1/2  at  1164    Jul up 36  at  1138    Sep up  20  at  1145    Dec up  29 1/2  at  1154    Jul '09 up  22 1/2  at  1045    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  942 to - - -; Bids to farmers at River Elevators 841-904; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   528 1/4 to 532 1/4;   new crop at Memphis   509 1/2 to 516 1/2; Bids to farmers at River Elevators  509 to 525 Chicago Futures: May up  8  at  547 1/4    Jul up  8  at  559 1/4    Sep up  8 1/4  at  561 1/2    Dec up  6 1/4  at  561 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat made a substantial recovery as funds again appear to be buying the break. The condition of the U.S. and world crops is a positive factor which will limit downside in the short term. Support starts at $11.00, then $10.00 with resistance at the $12.72 ¾ contract high. Cotton & Rice  Date: March 18, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 28 at  6802   Greenwood down  28 at 6802 New York Futures: May down  33  at  7497    Jul down  97  at  7693    Dec down  72  at  8247    Mar '09 down  55  at  8531    May '09 down  96  at  8560  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton ended the session lower, but did trade to the positive side, as expected Federal Reserve actions offered support. Long term fundamentals remain negative. Projected U.S. stocks of 9.4 million bales will limit upside potential. China’s projected use and thus import needs were lowered in last week’s report. Turkey’s import needs were also reduced 300,000 bales. U.S. plantings are expected to be 9.5 million acres or less and that could eventually bring a reduction in stocks. December support is at 80.61 cents. Rice Long Grain Cash Bid for  Mar 1535/cwt  to  - - -   Apr/May 1555/cwt  to  - - - Chicago Futures: May up  49  at  1843    Jul up  50  at  1872    Sep up  42  at  1672    Nov up  37  at  1677    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice bounced back to recoup yesterday’s losses. The overall fundamentals picture for rice is quite positive. Vietnam has oversold available supplies, and Thailand is essentially waiting for demand to increase. Limited stocks and apparently unlimited demand suggest additional upside potential. U.S. export movement and domestic mill use are very strong. USDA cut projected stocks an additional cwt in last week’s report. World production and ending stocks were raised but robust demand continues. September futures have resistance at the recent contract high of $17.40. Cattle & Hogs  Date: March 18, 2008 Cattle As reported by Federal-State Market News, receipts were 1,097 head at sales in Marshall & Fort Smith.  Compared with last week, feeder steers near steady, heifers steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117 to 127   500 to 550 lbs. 113 to 123   600 to 700 lbs. 97 to 107  Medium & Large Frame 2   400 to 450 lbs. 105 to 115 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 99 to 109  Medium & Large Frame 2   400 to 450 lbs. 87 to 97 Slaughter Cows, Boners 47   to   51 Light Weight 32 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   62.50   to   65, high dressing 66.50-71 Midwest Steers   were $1 lower   at   89   to   - - - Panhandle Steers   were $1 lower   at   89   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 119 to 129   600 to 650 lbs. 112 to 115 Heifers 500 to 550 lbs. 101.50 to 108   600 to 650 lbs. 95 to 104.75 Chicago Futures: Live Cattle: Apr up 172 at 9095   Jun up 152 at 9150 Feeders: May up 180 at 10562   Aug up 137 at 10932 Cattle Comment Cattle were bolstered by the stronger U.S. stock market and held early gains into the close. Expectations of increased beef demand after Easter and thoughts beef has bottomed contributed to today’s stronger market. Upside potential was limited by projections of a 5% increase in placements in Friday’s cattle on feed report. Hogs Peoria: were     steady   at   28.5   to   29 Chicago Futures: Apr down 35 at 5557   Jun up 45 at 7160 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mostly higher with only the nearby April contract closing lower. Rumors of possible Chinese purchases helped boost the market. Gains are being limited by large hog runs and reduced needs as we approach the 3 day Easter holiday. Poultry  Date: March 18, 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 steady to about steady. Supplies of all sizes were more than sufficient to satisfy trade needs. In production areas, live supplies were moderate. Weights were mostly desirable to slightly heavier. ---------------------------------------- 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