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  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:

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:

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:

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  at  538 
  Sep down  at  552 
  Dec down  at  553 1/2 
  Today's Arkansas LDP rate for corn is:

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.



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  at  1739 
 Jul up  at  1764 
 Sep up  at  1693 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
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.



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.



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.