03/24/2008 Farm Bureau Market Report

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Grain & Soybean Date: March 24, 2008 Soybeans Local Elevators: (Mar) EAST AR:  1170 to 1192 (NC) Summ. 1069 to 1108 River Elevators: (Mar) MISS: 1160 to 1215 ; AR & White 1192 to - - - (NC) Summ. 1085 to 1116 Ark. Processor Bids: (Mar) 1182 to 1186  (NC) 1101 to 1106 Memphis:  (Mar) 1222 to 1224 (NC)  1114 to - - - Riceland Foods:  (NC) Stuttgart 1186 ; Pendleton 1192 ; West Memphis 1215 Chicago Futures: May up 50 at  1257   Jul  up  50  at  1272   Aug up 50  at  1266   Nov up 49  at  1189   Nov '09 up 45  at  1125   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans and corn pushed to near limit gains as market rebounded following the extended weekend. November soybeans responded late in the session and it looked as if the market had growing concerns about the size of ’08 plantings. That may still prove to be the case as flooding is delaying field work in some acres. This could push corn acreage to soybeans. Today’s rebound closed Thursday’s gap lower and left November above trendline support. There will be substantial resistance around $12.25. Corn closed strong despite a weak export report. Overall corn has a more positive chart picture than soybeans. Wheat Cash bid for new crop at Memphis  850 1/2 to 853 1/2; Bids to farmers at Local Elevators 819-836; River Elevators 816-848; Chicago Futures: May up  32 1/2  at  1020    Jul up 32  at  1018 1/2    Sep up  45  at  1029    Dec up  45 1/2  at  1039 1/2    Jul '09 up  52  at  989 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  907 to 910; Bids to farmers at River Elevators 802-864; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   516 3/4 to 520 3/4;   new crop at Memphis   492 to 495; Bids to farmers at River Elevators  494 to 509 Chicago Futures: May up  17 1/4  at  524 3/4    Jul up  17 3/4  at  537    Sep up  17  at  540    Dec up  18 1/2  at  539 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat also rallied following a big tender from Egypt last Thursday. The market failed to hold all the early gains and appears to have most of the bullish factors covered. Key support remains $10 for the July contract. Cotton & Rice  Date: March 24, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 203 at  6605   Greenwood down  203 at 6605 New York Futures: May up  204  at  7306    Jul up  243  at  7626    Dec up  300  at  8228    Mar '09 up  262  at  8446    May '09 unchanged    at  8267  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton made a solid recovery after moving near long term support last Thursday. While the big move in cotton earlier this month was overdone, it appears there is solid support around the break out point. Look for this support to continue although it is obvious that export demand is declining. A smaller ’08 acreage will help bring the supply side of the market into better balance. Weather factors may alter planting intentions which are to be released a week from today. Flooding in Arkansas, Missouri and parts of the delta could push corn to beans or cotton. While dry conditions in Texas could bring cotton back into the mix. For now look for December futures to have support just above 76 cents. Initial resistance is around 55 cents. Rice Long Grain Cash Bid for  Mar 1535/cwt  to  - - -   Apr/May 1555/cwt  to  - - - Chicago Futures: May up  50  at  1853 1/2    Jul up  50  at  1880    Sep up  50  at  1715    Nov up  50  at  1720    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was sharply higher with old crop contracts moving to limit gains right after the open during the session and closed up the limit. Overall fundamentals remain positive with tight U.S. and world supplies limiting availability. India is maintaining a minimum Export Price which moves higher as the market gets close. Vietnam sales are limited by available supply and Thailand is awaiting further market developments. Improvement of available supplies is expected to be limited and overall market outlook remain firm to higher. Old crop May futures have resistance at the week before last high of $19.55. New crop September’s resistance is $17.71. Cattle & Hogs  Date: March 24, 2008 Cattle As reported by Federal-State Market News, receipts were 2,895 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers sold mostly $2-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 93 to 103   500 to 550 lbs. 87 to 97   600 to 700 lbs. 83 to 93  Medium & Large Frame 2   400 to 450 lbs. 89 to 99 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93 to 103  Medium & Large Frame 2   400 to 450 lbs. 89 to 99 Slaughter Cows, Boners 44   to   52 Light Weight 35 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   64, high dressing 66-67 Midwest Steers   were steady   at   88   to   89 Panhandle Steers   were $.50-1 higher   at   88.50   to   90 Oklahoma City Feeders Steers 550 to 600 lbs. 115 to 127.50   600 to 650 lbs. 109 to 115 Heifers 550 to 600 lbs. 102 to 10   600 to 650 lbs. 96.50 to 99.50 Chicago Futures: Live Cattle: Apr down 25 at 9042   Jun down 12 at 9085 Feeders: May down 97 at 10637   Aug down 17 at 11062 Cattle Comment Cattle futures were mixed with distant contracts closing higher. Last Thursday’s cattle on feed report was generally below expectations and appeared to have little market impact. Placements were up 3% and the market expected 5%, thus the total on feed was also a little below expectations. Higher grain and feed futures put feeders on the defensive, although the lighter placement number either means feeders are being held on wheat pastures longer than expected, or there are less feeders than thought. Hogs Peoria: were     steady   at   27.5   to   28 Chicago Futures: Apr down 2 at 5630   Jun down 57 at 7150 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mixed despite a negative cold storage report that put stocks 25% above year ago levels. Increasing pork exports are an offsetting factor. Last week’s slaughter numbers were up 10% from year ago levels, but weights were a pound lower. Friday’s quarterly pig crop report should shed more light on the situation. Poultry  Date: March 24, 2008 Eggs New York:  Ex. Lg. 163-167; Lg. 161-165; Med. 138-142; Chicago:  Ex. Lg. 154-162; Lg. 152-160; Med. 131-139; 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 at best. Supplies of all sizes were more than sufficient to easily handle 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. 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