Grain & Soybean Date: February 21, 2008

Soybeans

Local Elevators:
(Feb) EAST AR:  1350 to 1372
(NC) Summ. 1284 to 1316
River Elevators:
(Feb) MISS: 1333 to 1395 ; AR & White 1357 to 1363
(NC) Summ. 1287 to 1319
Ark. Processor Bids: (Feb) 1366 to - - -  (NC) 1308 to 1309
Memphis:  (Feb) 1386 3/4 to 1390 3/4 (NC)  1318 1/2 to - - -
Riceland Foods:  (NC) Stuttgart 1366 ; Pendleton 1372 ; West Memphis 1395

Chicago Futures: Mar up 8 at  1405 3/4
  May  up  7 3/4  at  1424 3/4
  Jul up 8 3/4  at  1439 1/2
  Nov up 12 1/2  at  1378 1/2
  Nov '09 up 13  at  1319
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
November beans moved to a new high for the third day in a row. The USDA released their initial acreage estimate, and soybeans were unchanged from the baseline of 71 million acres. The weekly export data won’t be released until tomorrow, but traders are expecting to see sales to China 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  864 to 869;
Bids to farmers at Local Elevators 844-871;
River Elevators 846-874;

Chicago Futures: Mar up  9 1/2  at  1029 1/2 
  May up 12  at  1045 1/2 
  Jul up  14 1/2  at  969 
  Sep up  17  at  976 
  Jul '09 up  20  at  900 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  908 to 919;
Bids to farmers at River Elevators 825-888;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   521 1/2 to - - -;
  new crop at Memphis   516 to - - -;
Bids to farmers at River Elevators  493 to 510

Chicago Futures: Mar up  at  524 1/2 
  May up  1 1/2  at  537 1/2 
  Sep up  3 1/4  at  551 
  Dec up  at  553 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Minneapolis wheat led the charge higher again, and Chicago followed suit. USDA says 64 million acres will be devoted to wheat this year, up from 60 million last year. July charted an outside day up, but still has resistance at the reversal high of $10. USDA says 92 million acres will be seeded to corn, down 3.6 million from a year ago.



Cotton & Rice  Date: February 21, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 269 at  6996
  Greenwood up  269 at 6996

New York Futures: Mar up  300  at  7323 
  May up  263  at  7490 
 Jul up  235  at  7663 
 Dec up  222  at  8090 
 Mar '09 up  207  at  8334 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
December cotton gapped higher and closed just below the high of 81 cents. USDA said today they expect 9.5 million acres to be devoted to cotton this year. That is down over 1 million acres from a year ago. The Cotton Council had already released their estimate, which was also 9.5 million, so this was no surprise, but confirmation by USDA seemed to give the market a boost anyway.

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

Chicago Futures: Mar up  43 1/2  at  1676 1/2 
 May up  45 1/2  at  1709 
 Jul up  43  at  1730 
 Sep up  44  at  1634 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
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 21, 2008

Cattle
As reported by Federal-State Market News, receipts were 3,092 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold unevenly, near steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 119 to 129
  500 to 550 lbs. 114 to 124
  600 to 700 lbs. 88 to 98
 Medium & Large Frame 2   400 to 450 lbs. 95 to 105

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 105 to 115
 Medium & Large Frame 2   400 to 450 lbs. 95 to 105

Slaughter Cows, Boners 47.50   to   52
Light Weight n/a to - - -
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   63.50   to   64, high dressing 69
Midwest Steers   were steady   at   89   to   - - -
Panhandle Steers   were quoted   at   89   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 127.50 to 132
  600 to 650 lbs. 112 to 123.50
Heifers 500 to 550 lbs. 104.50 to 106.50
  600 to 650 lbs. 98 to 99.50

Chicago Futures:
Live Cattle: Apr down 45 at 9450
  Jun down 35 at 9462
Feeders: Mar down 57 at 10507
  Aug down 52 at 11235

Cattle Comment
Cattle futures turned lower as traders evened positions ahead of tomorrow’s Cattle on Feed report. January placements are expected to be up from a year ago. Questions about demand are also a factor. April has been building support around $93, but a retest of the recent low of $92.30 can’t be ruled out.

Hogs
Peoria: were     steady   at   36.5   to   37

Chicago Futures: Apr down 107 at 6400
  Jun down 85 at 7860

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

Hogs Comment
Hogs turned lower and April could head down to close the gap to $63.65 left in January. Strong product prices limited losses, but futures’ premium to cash prices is still keeping a lid on futures.



Poultry  Date: February 21, 2008

Eggs
New York:  Ex. Lg. 157-161; Lg. 155-159; 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 no better than steady with caution noted. Supplies of all sizes were more than sufficient to satisfy trade requirement. In production areas, live supplies were moderate at mixed, but mostly desirable weights.