Grain & Soybean Date: March 04, 2008

Soybeans

Local Elevators:
(Mar) EAST AR:  1420 to 1451
(NC) Summ. 1299 to 1336
River Elevators:
(Mar) MISS: 1421 to 1466 ; AR & White 1432 to 1443
(NC) Summ. 1296 to 1339
Ark. Processor Bids: (Mar) 1436 to 1452  (NC) 1328 to 1329
Memphis:  (Mar) 1465 3/4 to 1475 3/4 (NC)  1318 3/4 to 1328 3/4
Riceland Foods:  (NC) Stuttgart 1436 ; Pendleton 1442 ; West Memphis 1465

Chicago Futures: May down 48 3/4 at  1510 3/4
  Jul  down  50  at  1520
  Aug down 41  at  1502
  Nov down 48 3/4  at  1398 3/4
  Nov '08 down 50  at  1338
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans overcame early pressure to post another new contract high, before reversing and closing sharply lower. Weakness resulted from overnight losses in the Asian palm oil market. Gains in soyoil have keyed the recent rally and this could be a signal of a market top. Typically, today’s big key reversal would be a strong bearish signal, but with the index funds that is not necessarily true. The first key chart support for November beans is still a dollar away at $13.00.

Wheat
Cash bid for new crop at Memphis  845 1/2 to 855 1/2;
Bids to farmers at Local Elevators 836-890;
River Elevators 854-893;

Chicago Futures: May down  9 1/2  at  1093 
  Jul down at  1011 
  Sep down  19  at  1011 
  Dec down  at  1026 
  Jul '09 unchanged    at  980 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  924 to 928;
Bids to farmers at River Elevators 861-923;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   539 1/2 to - - -;
  new crop at Memphis   520 to 530;
Bids to farmers at River Elevators  517 to 532

Chicago Futures: May down  12 1/2  at  543 
  Jul down  11 1/2  at  566 3/4 
  Sep down  13  at  565 
  Dec down  8 3/4  at  567 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat ended lower but near the middle of the day’s trading range. Big tenders for wheat late last week and again this week provided positive reinforcement for the market, while gains were tempered by reports from Australia that their crop would be double their drought reduced ‘07 production.



Cotton & Rice  Date: March 04, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 302 at  8286
  Greenwood up  302 at 8286

New York Futures: May up  400  at  8886 
  Jul up  400  at  9052 
 Dec up  400  at  9445 
 Mar 09 up  400  at  9641 
 May 09 up  400  at  9696 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton made major moves today, first increasing 400 points then dropping to the negative side as grains showed a softer undertone. However, cotton roared back to lock the limit 400 points and perhaps setting the stage for another big move tomorrow. No doubt this will pull some acreage back to cotton as producers lock in a good price and then anticipate a good seed rebate, as well. Overall fundamentals for cotton including the still declining domestic mill use and projected ending stocks of 8.2 million bales don’t support this kind of move. But, the market is looking ahead to the potential impact of 9 million acres or less being planted in ‘08.

Rice
Long Grain Cash Bid for  Mar/Apr 1490/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May down  50  at  1800 
 Jul down  50  at  1825 
 Sep down  30  at  1715 
 Nov down  38  at  1725 
 n/a down  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was hit by today’s selloff and closed sharply lower. Internationally the market is still dealing with tightening world stock. Stock levels are the lowest in 25 years, while price levels are the highest in 35 years. Thailand and Vietnam are stretching to meet demand and Vietnam has halted additional March delivery sales. With a big tender from the Philippines expected in the next week or ten days, their resolve may weaken. Recent price gains should pull additional acreage in the South to rice, but the overall firm undertone should remain. While today’s decline appears to be an island reversal top, it could just bring a short retracement. Initial retracement objectives for September is $15.40, but there should be support between $16.70 and $15.45.



Cattle & Hogs  Date: March 04, 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 sold firm to $3 higher, heifers sold weak to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 122 to 132
  500 to 550 lbs. 112 to 121
  600 to 700 lbs. 101 to 111
 Medium & Large Frame 2   400 to 450 lbs. 110 to 117

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 103 to 112
 Medium & Large Frame 2   400 to 450 lbs. 90 to 98

Slaughter Cows, Boners 50   to   56
Light Weight 38 to 42
Bulls, Yield Grade   1   1000   to   2100 lbs.   65   to   70, high dressing 71-75
Midwest Steers   n/a   at   - - -   to   - - -
Panhandle Steers   n/a   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 120.50 to 124.50
  600 to 650 lbs. 107.50 to 115
Heifers 500 to 550 lbs. 102 to 108.25
  600 to 650 lbs. 96 to 103.25

Chicago Futures:
Live Cattle: Apr down 145 at 9120
  Jun down 147 at 9290
Feeders: May down 5 at 10897
  Aug up 5 at 11210

Cattle Comment
Cattle futures were mostly lower. Live contracts were sharply lower, but feeders found support from lower corn prices. Still, the best they could do was close mostly unchanged. The April live contract has moved to new 13 month lows. Further losses could be limited by indications the market is oversold and the fact that futures are trading at a discount to cash.

Hogs
Peoria: were $1     lower   at   33.5   to   34

Chicago Futures: Apr down 195 at 5685
  Jun down 292 at 7325

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

Hogs Comment
April hogs set a new contract low for the third day in a row. Weak pork prices and large hog supplies and low cash hog prices are all factors.



Poultry  Date: March 04, 2008

Eggs
New York:  Ex. Lg. 163-167; Lg. 161-165; Med. 140-144;
Chicago:  Ex. Lg. 155-169; Lg. 149-163; Med. 128-141;

Eastern Region Turkeys
Hens: 8-16 lbs. 77-79
Toms: 16-24 lbs 77-79
 

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