03/19/2008 Farm Bureau Market Report

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Grain & Soybean Date: March 19, 2008 Soybeans Local Elevators: (Mar) EAST AR:  1165 to 1187 (NC) Summ. 1070 to 1109 River Elevators: (Mar) MISS: 1160 to 1191 ; AR & White 1177 to - - - (NC) Summ. 1087 to 1112 Ark. Processor Bids: (Mar) 1181 to 1182  (NC) 1102 to - - - Memphis:  (Mar) 1207 to 1217 (NC)  1115 to - - - Riceland Foods:  (NC) Stuttgart 1181 ; Pendleton 1187 ; West Memphis 1210 Chicago Futures: May down 50 at  1257   Jul  down  50  at  1272   Aug down 50  at  1266   Nov down 50  at  1190   Nov '09 down 50  at  1130   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans locked down the limit early for the second time in the last 3 days. Big declines in gold and other non-agricultural commodities triggered across the board weakness. A good crop in South America and weather concerns that may impact corn contributed to the weak undertone. Potential delay of pre-plant activities for corn is raising concern that some acreage may move to soybeans. Heavy rains and flooding are expected to delay field activities for 30 days or more in some Midwest and delta areas. Key support for November futures is January 23 low of $11.67 ½. Trendline support is also located in the same area. That is only 22 cents below today’s close. The next support is a dollar lower. Wheat Cash bid for new crop at Memphis  878 to 880; Bids to farmers at Local Elevators 848-865; River Elevators 845-868; Chicago Futures: May down  90  at  1074    Jul down 90  at  1048    Sep down  90  at  1055    Dec down  90  at  1064    Jul '09 down  77  at  968    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  906 to 911; Bids to farmers at River Elevators 829; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   513 1/4 to 521 1/4;   new crop at Memphis   489 1/2 to 496 1/2; Bids to farmers at River Elevators  497 to - - - Chicago Futures: May down  20  at  527 1/4    Jul down  20  at  539 1/4    Sep down  20  at  541 1/2    Dec down  20  at  541 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat just pretended yesterday’s gains never happened. The market opened near Monday’s close and quickly moved to limit-down status. Carryover weakness from other commodities sparked today’s selloff. Support starts at $11.00, then $10.00 with resistance at the $12.72 ¾ contract high. Cotton & Rice  Date: March 19, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 300 at  6502   Greenwood down  300 at 6502 New York Futures: May down  300  at  8202    Jul down  300  at  7423    Dec down  263  at  7780    Mar '09 down  284  at  8217    May '09 down  167  at  8424  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continued its steady retreat from recent lofty levels. December fell below support around 80.60 cents and will likely move toward the next level at 78 cents or perhaps even 74 cents. Dry conditions in Texas are prompting some acreage moving back to cotton. These discussions won’t be reflected in the March 31 planting intentions. Survey information for that report was, as of March 1. Overall fundamentals for cotton are negative with U.S. ending stocks projected at 9.4 million bales. That reflects reduced export needs for both China and Turkey. This larger carryover figure buffers prospects of a smaller planted acreage in ‘08. Rice Long Grain Cash Bid for  Mar 1535/cwt  to  - - -   Apr/May 1555/cwt  to  - - - Chicago Futures: May down  40 1/2  at  1802 1/2    Jul down  42  at  1830    Sep down  37  at  1635    Nov down  37  at  1640    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was caught in the undertow again today as wheat, corn, soybeans and some cotton contracts registered limit declines. September futures will likely test support at Monday’s low of $16.20. Below that is the 38% retracement objective of $15.50. Underlying fundamentals for rice are still very good. U.S. export movement is good and milled price levels are finally catching up with the cash market. Even a pass by the Philippines on a GSM 102 tender didn’t phase the market. A very similar situation is being seen in Thailand where exporters are withdrawing from the market to see where things are headed. Very reminiscent of the recent move in wheat. While everything looks rosy we will need to see the market move above the recent September contract high of $16.92. Be aware that what goes up will come down. Take advantage of good profit opportunities while they are available. Cattle & Hogs  Date: March 19, 2008 Cattle As reported by Federal-State Market News, receipts were 1,200 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $3-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to 124   500 to 550 lbs. 100 to 110   600 to 700 lbs. 90 to 100  Medium & Large Frame 2   400 to 450 lbs. 105 to 115 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 92 to 102  Medium & Large Frame 2   400 to 450 lbs. 83 to 93 Slaughter Cows, Boners 47   to   51 Light Weight 33 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   61   to   64, high dressing 67 Midwest Steers   remained steady   at   89   to   - - - Panhandle Steers   remained steady   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 down 130 at 8962   Jun down 155 at 8995 Feeders: May down 67 at 10495   Aug down 50 at 10882 Cattle Comment Cattle futures posted losses today, following the overall trend in commodity markets today. Projections of a 5% increase in placements in Friday’s cattle on feed report was also a negative. Yesterday’s high of $91.40 becomes the first level of support for April. Hogs Peoria: were     steady   at   28.5   to   29 Chicago Futures: Apr down 62 at 5495   Jun down 47 at 7112 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs turned mostly lower, but nearby April did find support at the contract low of $54.70 and closed around the middle of the day’s trading range. That fact may not spark much excitement, but the fact that April found support there instead of making a new low can be seen as a positive technical development. Weakness in cutout values added pressure, as did carryover weakness from other commodity markets. Poultry  Date: March 19, 2008 Eggs New York:  Ex. Lg. 163-167; Lg. 161-165; Med. 138-142; 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 about steady to instances weak. Supplies of all sizes were more than sufficient to satisfy trade needs. In production areas, live supplies were moderate at mixed, but 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