Grain & Soybean Date: February 27, 2008

Soybeans

Local Elevators:
(Feb) EAST AR:  1403 to 1425
(NC) Summ. 1312 to 1344
River Elevators:
(Feb) MISS: 1381 to 1448 ; AR & White 1404 to 1415
(NC) Summ. 1316 to 1347
Ark. Processor Bids: (Feb) 1413 to 1419  (NC) 1336 to 1337
Memphis:  (Feb) 1435 to 1439 (NC)  1337 to 1347
Riceland Foods:  (NC) Stuttgart 1419 ; Pendleton 1425 ; West Memphis 1448

Chicago Futures:	Mar	down	7 3/4	at	1459
	May	down	9	at	1475 1/4
	Jul	down	8 3/4	at	1488 3/4
	Nov	down	20	at	1407
	Nov '09	down	28	at	1344
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans traded in a relatively narrow range today before closing lower. 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  995 to - - -;

Bids to farmers at Local Elevators	1010-1037;
River Elevators	1012-1040;

Chicago Futures:	Mar	up	80 1/2	at	1280
	May	up	35 1/2	at	1250
	Jul	up	8 1/2	at	1145
	Sep	up	11 3/4	at	1130 1/2
	Jul '09	up	17 1/2	at	1042 1/2
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for February at Memphis  895 to 920;

Bids to farmers at River Elevators	827-889;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	February at Memphis   518 to - - -;
	new crop at Memphis   517 to - - -;
Bids to farmers at River Elevators	496 to 511

Chicago Futures:	Mar	down	5 1/2	at	525
	May	down	6	at	538
	Sep	down	5	at	552
	Dec	down	3	at	553 1/2
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
The wheat trade continues to be extremely volatile. With limits expanded to $1.35 today, July opened down $1.28 and then had traded limit up (to $12.50!) by about 10:30 a.m. The final settlement was slightly higher, resulting in an outside day up on the chart. USDA confirmed this morning that Iraq has purchased 400,000 metric tons of U.S. hard red winter wheat, and that turned the market higher.

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Cotton & Rice  Date: February 27, 2008

Cotton

Spot Price, Grade 41 Staple 34:	Memphis down 155 at  7293
	Greenwood down  155 at 7293

New York Futures:	Mar	down	162	at	7685
	May	down	173	at	7775
	Jul	down	165	at	7958
	Dec	down	173	at	8330
	Jul '09	down	177	at	8735
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton turned lower on profit taking after making strong gains for the last six days. The trade is expecting weekly export sales of 200,000 to 250,000 bales. That would be down from 545,900 last week, according to USDA. 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	unchanged		at	1707
	May	up	4	at	1739
	Jul	up	7	at	1764
	Sep	up	8	at	1693
	- - -		- - -	at	- - -
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice was higher again today. The global situation is unchanged as tight world stocks have pushed prices in Thailand and Vietnam to the $460-$500 per tonne range—price levels only seen twice in history. New crop supplies are becoming available but much of it has been sold. Thailand has virtually pulled out of the parboil market because of depleted supplies and India has set a minimum export price of $500/tonne, but they should be able to competitively re-enter the export market soon at current price levels.

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Cattle & Hogs  Date: February 27, 2008

Cattle
As reported by Federal-State Market News, receipts were 1,319 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold mostly steady, heifers firm to $2 higher .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	116	to	126
	500	to	550 lbs.	108	to	118
	600	to	700 lbs.	96	to	106
Medium & Large Frame 2	400	to	450 lbs.	108	to	116
Heifers:
Medium & Large Frame 1	400	to	450 lbs.	104	to	114
Medium & Large Frame 2	400	to	450 lbs.	94	to	103

Slaughter Cows, Boners 53   to   57
Light Weight 35 to 40
Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   69, high dressing 70-71
Midwest Steers   were quoted   at   89   to   - - -
Panhandle Steers   were qutoed   at   89   to   - - -

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	down	95	at	9455
	Jun	down	35	at	9542
Feeders:	Mar	up	32	at	10510
	Aug	up	72	at	11340

Cattle Comment
After gapping higher yesterday, April live cattle charted a bearish key reversal today. This indicates the market has found at least a short-term top. April was under pressure from uncertainty about the cash market. Feeders were supported by corn market weakness.

Hogs
Peoria: were     steady   at   35.5   to   36

Chicago Futures:	Apr	up	22	at	6097
	Jun	up	47	at	7580

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

Hogs Comment
June hogs completed a 62% retracement of this winter’s gains yesterday and charted an outside day up today, indicating the market has found a bottom, at least for now. Expect the upside to be limited, however, by futures’ premium to cash prices.

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Poultry  Date: February 27, 2008

Eggs

New York:	Ex. Lg. 161-165; Lg. 159-163; 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

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