Grain & Soybean Date: February 25, 2008

Soybeans

Local Elevators:
(Feb) EAST AR:  1396 to 1418
(NC) Summ. 1322 to 1354
River Elevators:
(Feb) MISS: 1379 to 1441 ; AR & White 1397 to 1408
(NC) Summ. 1326 to 1357
Ark. Processor Bids: (Feb) 1412 to - - -  (NC) 1346 to 1347
Memphis:  (Feb) 1428 to 1437 (NC)  1347 to 1357
Riceland Foods:  (Feb/Mar) Stuttgart 1412 ; Pendleton 1481 ; West Memphis 1441

Chicago Futures: Mar up 32 at  1452
  May  up  31  at  1469 1/4
  Jul up 32 3/4  at  1485 1/2
  Nov up 26 1/2  at  1417
  Nov '09 up 37 1/2  at  1360
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans followed a wheat led price explosion to another sharp gain. The market was supported by good export movement and surging vegetable oil prices. There is little rhyme or reason to the market. Index funds are reinvesting strong profits and putting squeeze on elevators that are attempting to manage their risk of booking crops for producers. Upside potential appears unlimited as November moved above $14. Be aware what goes up will come down – and probably faster than it went up.

Wheat
Cash bid for new crop at Memphis  911 1/2 to 946 1/2;
Bids to farmers at Local Elevators 922-939;
River Elevators 913-942;

Chicago Futures: Mar up  60  at  1109 1/2 
  May up 60  at  1124 1/2 
  Jul up  59  at  1046 1/2 
  Sep up  60  at  1052 1/4 
  Jul '09 up  60  at  970 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  909 to 939;
Bids to farmers at River Elevators 841-904;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   526 1/4 to 530 1/4;
  new crop at Memphis   522 1/2 to - - -;
Bids to farmers at River Elevators  504 to 519

Chicago Futures: Mar up  11  at  533 1/4 
  May up  12  at  547 
  Sep up  9 3/4  at  557 1/2 
  Dec up  at  557 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Chicago wheat futures were locked limit-up for most of the day. With limits removed, Minneapolis wheat was up $5.05, at the end of the day and traded to $25 before the market closed. While fundamentals hardly justify today’s move, if Chicago found it impossible to resist following along with Minneapolis. July took out the reversal high of $10, setting a new all time high of $10.46 ½.



Cotton & Rice  Date: February 25, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 300 at  7381
  Greenwood up  300 at 7381

New York Futures: Mar up  198  at  7760 
  May up  300  at  7881 
 Jul up  289  at  8030 
 Dec up  263  at  8439 
 Mar '09 up  261  at  8667 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton exploded to the upside, as it followed grains and soybeans higher. Last week’s USDA outlook conference set cotton plantings at 9.5 million acres. But, even recent gains haven’t given cotton any advantage. That will come later. Cotton will have to have more acreage in 2009.

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

Chicago Futures: Mar up  31 1/2  at  1697 1/2 
 May up  26 1/2  at  1726 1/2` 
 Jul up  27  at  1749 
 Sep up  26  at  1671 
 n/a up  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was higher again as the overall bullish attitude in grains makes rice a valuable commodity. Looking at wheat as an example, rice may still have additional upside. However, that is a big "if" and current price levels offer good profit potential. Tight world stocks remain a factor and have pushed prices in Thailand and Vietnam to the $460-$500 per tonne range. New crop supplies are becoming available but much of it has been sold. Tight stocks situation will continue.



Cattle & Hogs  Date: February 25, 2008

Cattle
As reported by Federal-State Market News, receipts were 1,467 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers sold $1-4 lower, heifers sold $2-3 lower, except 600-700 lbs. $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 120 to 130
  500 to 550 lbs. 110 to 120
  600 to 700 lbs. 102 to 112
 Medium & Large Frame 2   400 to 450 lbs. 112 to 115

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 102 to 112
 Medium & Large Frame 2   350 to 400 lbs. 95 to 105

Slaughter Cows, Boners 50   to   57
Light Weight 45 to 48.50
Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   66.50, high dressing 70.50-74
Midwest Steers   were $2-3 higher   at   91   to   92
Panhandle Steers   were steady to $2.50 higher   at   90   to   92.50

Oklahoma City Feeders
Steers n/a to - - - lbs. - - - to - - -
  n/a to - - - lbs. - - - to - - -
Heifers n/a to - - - lbs. - - - to - - -
  n/a to - - - lbs. - - - to - - -

Chicago Futures:
Live Cattle: Apr up 85 at 9482
  Jun up 62 at 9502
Feeders: Mar up 27 at 10420
  Aug up 7 at 11207

Cattle Comment
Cattle futures posted gains after Friday’s cattle on feed report was surprisingly bullish. January placements were up, but not at the level the trade was expecting. A lack of cash trade limited gains.

Hogs
Peoria: were     steady   at   36.5   to   37

Chicago Futures: Apr down 300 at 6050
  Jun down 275 at 7510

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

Hogs Comment
Hogs gapped lower in reaction to Friday’s cold storage report. The USDA estimate came in 42 million pounds over the average trade guess. Negative packer operating margins and expectations for weaker cash prices are also factors. April closed down the limit and set a new contract low in the process.



Poultry  Date: February 25, 2008

Eggs
New York:  Ex. Lg. 157-161; Lg. 155-159; Med. 138-142;
Chicago:  Ex. Lg. 147-155; Lg. 145-153; 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 steady at best. Supplies of all sizes were more than sufficient to satisfy trade needs. In production areas, live supplies were moderate at mostly desirable weights.