Grain & Soybean Date: February 26, 2008

Soybeans

Local Elevators:
(Feb) EAST AR:  1411 to 1433
(NC) Summ. 1332 to 1364
River Elevators:
(Feb) MISS: 1389 to 1420 ; AR & White 1412 to 1423
(NC) Summ. 1336 to 1367
Ark. Processor Bids: (Feb) 1421 to 1427  (NC) 1356 to 1357
Memphis:  (Feb) 1442 3/4 to 1446 3/4 (NC)  1357 to 1369
Riceland Foods:  (NC) Stuttgart 1426 ; Pendleton 1432 ; West Memphis 1455

Chicago Futures: Mar up 14 3/4 at  1466 3/4
  May  up  15  at  1484 1/4
  Jul up 12  at  1497 1/2
  Nov up 10  at  1427
  Nov '09 up 12  at  1372
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
November beans opened lower on profit taking, but quickly turned higher after closing yesterday’s gap and finding support there. The market continues to be 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 the 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  986 1/2 to 1026 1/2;
Bids to farmers at Local Elevators 1002-1029;
River Elevators 1003-1032;

Chicago Futures: Mar up  90  at  1199 1/2 
  May up 90  at  1214 1/2 
  Jul up  90  at  1136 1/2 
  Sep up  90  at  1142 1/4 
  Jul '09 up  55  at  1025 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  904 to 929;
Bids to farmers at River Elevators 836-898;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   523 1/2 to - - -;
  new crop at Memphis   522 to - - -;
Bids to farmers at River Elevators  501 to 516

Chicago Futures: Mar down  2 3/4  at  530 1/2 
  May down  at  544 
  Sep down  1/2  at  557 
  Dec down  3/4  at  556 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Chicago wheat futures were locked limit-up again today, and after limit gains yesterday the limit was expanded to 90 cents. That took futures well above $11. The market is focused on the tight supply situation that will remain until the winter crop is harvested.



Cotton & Rice  Date: February 26, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 67 at  7448
  Greenwood up  67 at 7448

New York Futures: Mar up  87  at  7847 
  May up  134  at  8015 
 Jul up  131  at  8163 
 Dec up  83  at  8535 
 Mar '09 up  64  at  8731 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton continued higher following soybeans and wheat. New crop December closed above 85 cents, setting a new contract high again today. 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 1420/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar up  6 1/2  at  1704 
 May up  8 1/2  at  1735 
 Jul up  at  1757 
 Sep up  14  at  1685 
 - - -   - - -  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. The tight stocks situation will continue.



Cattle & Hogs  Date: February 26, 2008

Cattle
As reported by Federal-State Market News, receipts were 1,124 head at sales in Marshall & Fort Smith.  Compared with last week, feeder steers and heifers sold mostly $1-4 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 120 to 130
  500 to 550 lbs. 110 to 120
  600 to 700 lbs. 103 to 113
 Medium & Large Frame 2   400 to 450 lbs. 110 to 119

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 104 to 114
 Medium & Large Frame 2   400 to 450 lbs. 94 to 104

Slaughter Cows, Boners 46   to   54
Light Weight 36 to 42
Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   68, high dressing 70.75-71.25
Midwest Steers   n/a   at   - - -   to   - - -
Panhandle Steers   n/a   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 120 to 133
  600 to 650 lbs. 109.50 to 116
Heifers 500 to 550 lbs. 100 to 109
  600 to 650 lbs. 100.50 to 105.50

Chicago Futures:
Live Cattle: Apr up 67 at 9550
  Jun up 75 at 9577
Feeders: Mar up 57 at 10477
  Aug up 60 at 11267

Cattle Comment
Cattle futures posted gains again today. Stronger beef values were supportive. A lack of cash trade limited the upside. April gapped higher and is now in position to retest the February high of $96.30.

Hogs
Peoria: were $1     lower   at   35.5   to   36

Chicago Futures: Apr up 25 at 6075
  Jun up 22 at 7532

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

Hogs Comment
Hogs traded in a narrow range and closed slightly higher on idea’s yesterday’s losses were overdone. Yesterday’s cold storage report gave the market a shock. 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.



Poultry  Date: February 26, 2008

Eggs
New York:  Ex. Lg. 156-163; Lg. 157-161; Med. 139-143;
Chicago:  Ex. Lg. 147-155; Lg. 145-153; Med. 130-138;

Eastern Region Turkeys
Hens: 8-16 lbs. 76-78
Toms: 16-24 lbs. 76-78.25
 

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