Grain & Soybean Date: February 22, 2008

Soybeans

Local Elevators:
(Feb) EAST AR:  1364 to 1386
(NC) Summ. 1296 to 1328
River Elevators:
(Feb) MISS: 1347 to 1409 ; AR & White 1371 to 1377
(NC) Summ. 1299 to 1331
Ark. Processor Bids: (Feb) 1380 to - - -  (NC) 1320 to 1321
Memphis:  (Feb) 1401 to 1405 (NC)  1330 1/2 to - - -
Riceland Foods:  (NC) Stuttgart 190 ; Pendleton 1406 ; West Memphis 1409

Chicago Futures: Mar up 14 1/4 at  1420
  May  up  13 1/2  at  1438 1/4
  Jul up 13 1/4  at  1452 3/4
  Nov up 12  at  1390 1/2
  Nov '09 up 8 1/2  at  1327 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
November beans set a new high every day this week. The USDA says carryover for 08/09 will be about even with 07/08. It was a very good week for exports, thanks to China. 23.2 million bushels were sold for export this week as China 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  881 1/2 to 886 1/2;
Bids to farmers at Local Elevators 862-879;
River Elevators 863-882;

Chicago Futures: Mar up  20 1/2  at  1049 1/2 
  May up 19  at  1064 1/2 
  Jul up  17 1/2  at  986 1/2 
  Sep up  16 1/4  at  992 1/4 
  Jul '09 up  10  at  910 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  904 to 915;
Bids to farmers at River Elevators 821-884;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   519 1/4 to - - -;
  new crop at Memphis   512 3/4 to - - -;
Bids to farmers at River Elevators  493 to 508

Chicago Futures: Mar down  2 1/4  at  522 1/4 
  May down  2 1/2  at  535 
  Sep down  3 1/4  at  547 3/4 
  Dec down  2 3/4  at  550 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat lost ground in early dealings. The USDA estimates carryover for 08/09 will be about double this year’s total. Exports for the week totaled a sad 8.8 million bushels, indicating we may be pricing ourselves out of the market. Fund buying, however, turned the market higher by the end of the day. July still has resistance at the reversal high of $10.



Cotton & Rice  Date: February 22, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 85 at  7081
  Greenwood up  85 at 7081

New York Futures: Mar up  162  at  7485 
  May up  69  at  7565 
 Jul up  54  at  7725 
 Dec up  46  at  8140 
 Mar '09 up  72  at  8406 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
December cotton traded in a wide range, charting an outside day up and setting a new contract high in the process. Big export sales to China were supportive, but the really big news was the world supply and use estimates by USDA. While the U.S. crop is expected to be significantly smaller, the world crop is projected to be larger than a year ago. Even still, world mill use is expected to exceed global production by 6.5 million bales. That would result in the lowest carryover in five years.

Rice
Long Grain Cash Bid for  Feb/Mar 1380/cwt  to  - - -
  Apr 1445/cwt  to  - - -

Chicago Futures: Mar down  10 1/2  at  1666 
 May down  at  1700 
 Jul down  at  1722 
 Sep down  11  at  1646 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was mixed with new crop contracts moving higher. The initial supply and use estimates from USDA show the 08/09 marketing year looking much the same as 07/08. Fund buying and carryover strength from other commodities were supportive. 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 22, 2008

Cattle
As reported by Federal-State Market News, receipts were 8,805 head at sales in Arkansas this week.  Compared with last week, feeder steers sold steady to $2 higher, heifers steady to $2 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 119 to 129
  500 to 550 lbs. 112 to 122
  600 to 700 lbs. 100 to 110
 Medium & Large Frame 2   400 to 450 lbs. 108 to 118

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 104 to 113
 Medium & Large Frame 2   400 to 450 lbs. 96 to 106

Slaughter Cows, Boners 50   to   56
Light Weight 38 to 45
Bulls, Yield Grade   1   100   to   2100 lbs.   61   to   68, high dressing 70-75
Midwest Steers   were steady   at   89   to   - - -
Panhandle Steers   were $1 higher   at   90   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 116 to 132
  600 to 650 lbs. 103 to 123.50
Heifers 500 to 550 lbs. 100 to 114.50
  600 to 650 lbs. 92 to 103

Chicago Futures:
Live Cattle: Apr down 52 at 9397
  Jun down 22 at 9440
Feeders: Mar down 115 at 10392
  Aug down 35 at 11200

Cattle Comment
Cattle futures were lower as traders evened positions ahead of this afternoon’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 50 at 6350
  Jun down 75 at 7785

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. Negative packer operating margins and expectations for weaker cash prices are pressuring the market.



Poultry  Date: February 22, 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 mixed, but overall no better than steady. Supplies of all sizes were at least sufficient to satisfy light trade needs. In production areas, live supplies were moderate at mostly desirable weights.