Grain & Soybean Date: February 20, 2008

Soybeans

Local Elevators:
(Feb) EAST AR:  1342 to 1364
(NC) Summ. 1271 to 1286
River Elevators:
(Feb) MISS: 1328 to 1387 ; AR & White 1351 to 1357
(NC) Summ. 1275 to 1295
Ark. Processor Bids: (Feb) 1358 to - - -  (NC) 1295 to 1296
Memphis:  (Feb) 1379 3/4 to 1384 3/4 (NC)  1306 to - - -
Riceland Foods:  (Feb) Stuttgart 1358 ; Pendleton 1364 ; West Memphis 1387

Chicago Futures: Mar down 3/4 at  1397 3/4
  May  down  3/4  at  1417
  Jul up 3/4  at  1430 3/4
  Nov up 5 1/2  at  1366
  Nov '09 up 12  at  1306
  Today's Arkansas LDP rate for soybeans is: 0¢

Soybean Comment
New crop soybeans posted double-digit gains today while old crop contracts ended fractionally lower. Early weakness was attributed to the corrective pullback in crude oil futures. Demand from China continues to be supportive as that nation attempts to build a stockpile of edible oil in order to control inflation and perhaps compensate for winter damage to their rapeseed crop.

Wheat
Cash bid for new crop at Memphis  849 1/2 to 854 1/2;
Bids to farmers at Local Elevators 830-857;
River Elevators 831-860;

Chicago Futures: Mar down  16  at  1020 
  May down 14  at  1033 1/2 
  Jul down  5 1/4  at  954 1/2 
  Sep down  1 1/2  at  959 
  Jul '09 up  9  at  880 
  Today's Arkansas LDP rate for wheat is: 0¢

Grain Sorghum
Cash bid for February at Memphis  913 to 917;
Bids to farmers at River Elevators 823-886;
Today's Arkansas LDP rate for sorghum is: 0¢

Corn
Cash bid for February at Memphis   515 1/2 to 520 1/2;
  new crop at Memphis   514 3/4 to - - -;
Bids to farmers at River Elevators  492 to 509

Chicago Futures: Mar up  3  at  523 
  May up  3 1/4  at  535 3/4 
  Sep up  2 3/4  at  547 3/4 
  Dec up  2 3/4  at  547 3/4 
  Today's Arkansas LDP rate for corn is: 0¢

Grain Comment
Chicago wheat futures ended lower following Minneapolis futures. It appears that $20 was the breaking point for spring wheat, and it could be difficult for winter wheat to hold at current price levels without carryover strength from that market. The weekly crop ratings were supportive, with the crop still deteriorating despite beneficial rains, particularly in Texas. July has resistance at the high of $10.00. Support begins at this week’s low of $8.96.


Cotton & Rice  Date: February 20, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 47 at  6727
  Greenwood up  47 at 6727

New York Futures: Mar up  79  at  7023 
  May up  81  at  7261 
 Jul up  80  at  7428 
 Dec up  124  at  7880 
 Mar '09 up  111  at  8127 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton continued to move higher today. Cotton is losing the battle for acres in ’08. However, the more we lose now, the better the rebound. Cotton needs to gain value relative to beans, corn and rice if acreage is to increase. It doesn’t look like that is going to happen this year, but it should next year so look for strong gains later in ’08 and early ’09.

Rice
Long Grain Cash Bid for  Feb/Mar 1390/cwt  to  - - -
  Apr 1445/cwt  to  - - -

Chicago Futures: Mar down  1  at  1633 
 May down  1 1/2  at  1663 1/2 
 Jul unchanged    at  1687 
 Sep down  12  at  1590 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is  0¢
medium grain rice is  0¢
Rice Comment
New crop rice continued to move higher. The tight global supply situation is supportive, with news that Vietnam has issued a moratorium on sales of rice for March delivery to ensure they have enough for domestic consumption. Panama has tendered for 68,000 metric tons of U.S. milled rice, and Iraq is expected to tender for rice again soon. The resignation of Fidel Castro as president of Cuba may have sparked some optimism in the rice pit as well, as normalized trade relations could result in additional demand for U.S. rice.


Cattle & Hogs  Date: February 20, 2008

Cattle
As reported by Federal-State Market News, receipts were 1,021 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold mostly steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 118 to 128
  500 to 550 lbs. 108 to 118
  600 to 700 lbs. 94 to 104
 Medium & Large Frame 2   400 to 450 lbs. n/a to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 106 to 114.50
 Medium & Large Frame 2   400 to 450 lbs. 92 to 102

Slaughter Cows, Boners 50   to   57
Light Weight 35 to 40
Bulls, Yield Grade   1   1000   to   2100 lbs.   63   to   68, high dressing 72
Midwest Steers   were $.50-1.50 lower   at   89   to   - - -
Panhandle Steers   n/a   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 121 to 128
  600 to 650 lbs. 111.50 to 118
Heifers 500 to 550 lbs. 104.50 to 113
  600 to 650 lbs. 96 to 102.75

Chicago Futures:
Live Cattle: Apr up 10 at 9495
  Jun up 82 at 9497
Feeders: Mar up 75 at 10565
  Aug up 32 at 11287

Cattle Comment
Cattle futures moved higher on profit taking after recent losses. Improved product values were also supportive. Questions about demand, however, limited gains. Feeders were higher on lower corn prices, but futures are having a tough time building upward momentum without a confirmed top in corn futures.

Hogs
Peoria: were     steady   at   36.5   to   37

Chicago Futures: Apr up 55 at 6507
  Jun up 60 at 7945

Sheep
St. Paul sheep shorn slaughter lambs   at   n/a   to   - - -

Hogs Comment
Hogs ended higher, with April building support at $64. News that Smithfield is trimming its sow herd was supportive. Futures’ premium to cash prices limited gains.


Poultry  Date: February 20, 2008

Eggs
New York:  Ex. Lg. 156-160; Lg. 154-158; Med. 138-142;
Chicago:  Ex. Lg. 146-154; Lg. 144-152; Med. 130-138;

Eastern Region Turkeys
Hens: 8-16 lbs. 76-78
Toms: 16-24 lbs. 76-78
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was mixed, but mostly steady. Supplies of all sizes were usually sufficient to satisfy trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.