Grain & Soybean Date: March 05, 2008

Soybeans

Local Elevators:
(Mar) EAST AR:  1417 to 1439
(NC) Summ. 1287 to 1329
River Elevators:
(Mar) MISS: 1419 to 1463 ; AR & White 1429 to 1440
(NC) Summ. 1288 to 1332
Ark. Processor Bids: (Mar) 1433 to 1442  (NC) 1311 to 1322
Memphis:  (Mar) 1463 1/2 to 1483 1/2 (NC)  1311 1/2 to 1321 1/2
Riceland Foods:  (NC) Stuttgart 1433 ; Pendleton 1439 ; West Memphis 1462

Chicago Futures: May down 2 1/4 at  1508 1/2
  Jul  down  1/2  at  1519 1/2
  Aug down 4  at  1498
  Nov down 7 1/4  at  1391 1/2
  Nov '09 down 7  at  1331
  Today's Arkansas LDP rate for soybeans is: 0¢

Soybean Comment
Soybeans were lower again today, but backed away from early losses. Weakness in Asian palm oil prices carried over into U.S. soyoil futures today and as a result, sparked the selloff in beans. Typically, yesterday’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  887 to 897;
Bids to farmers at Local Elevators 872-931;
River Elevators 889-934;

Chicago Futures: May up  17 1/2  at  1105 
  Jul up 40  at  1047 
  Sep up  48 1/2  at  1059 1/2 
  Jul '09 up  12 1/2  at  969 
  n/a up  - - -  at  - - - 
  Today's Arkansas LDP rate for wheat is: 0¢

Grain Sorghum
Cash bid for March at Memphis  946 to 950;
Bids to farmers at River Elevators 884-946;
Today's Arkansas LDP rate for sorghum is: 0¢

Corn
Cash bid for March at Memphis   552 to - - -;
  new crop at Memphis   533 to 543;
Bids to farmers at River Elevators  530 to 545

Chicago Futures: May up  12 1/2  at  567 
  Jul up  12 1/4  at  579 
  Sep up  14 1/2  at  579 1/2 
  Dec up  10  at  577 1/4 
  Today's Arkansas LDP rate for corn is: 0¢

Grain Comment
Wheat posted strong gains today. There wasn’t really any fundamental news that would justify double digit gains, but fundamentals haven’t totally been driving the market anyway. Big tenders for wheat late last week and again this week provided positive reinforcement for the market.


Cotton & Rice  Date: March 05, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 42 at  8328
  Greenwood up  42 at 8328

New York Futures: May up  64  at  8950 
  Jul up  85  at  9137 
 Dec up  33  at  9478 
 Mar '09 up  116  at  9757 
 May '09 up  148  at  9844 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
New crop cotton moved sharply higher again today. 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 up  14  at  1814 
 Jul up  17  at  1842 
 Sep up  20  at  1735 
 Nov up  14  at  1739 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is  0¢
medium grain rice is  0¢
Rice Comment
Rice recovered most of yesterday’s big losses. 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. Initial retracement objectives for September is $15.40, but there should be support between $16.70 and $15.45.


Cattle & Hogs  Date: March 05, 2008

Cattle
As reported by Federal-State Market News, receipts were 430 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold near steady on a light trend due to winter storm hampering livestock movement .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 114 to 124
  500 to 550 lbs. n/a to - - -
  600 to 650 lbs. 100 to 106
 Medium & Large Frame 2   400 to 450 lbs. 105 to 113

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 100 to 110
 Medium & Large Frame 2   400 to 450 lbs. 95 to 102

Slaughter Cows, Boners 52   to   56
Light Weight 33 to 36
Bulls, Yield Grade   1   1000   to   2100 lbs.   67   to   69, high dressing untested
Midwest Steers   were quoted   at   91   to   - - -
Panhandle Steers   were quoted   at   90   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 60 at 9060
  Jun down 57 at 9232
Feeders: May down 80 at 10817
  Aug down 60 at 11150

Cattle Comment
April live cattle set a new contract low again today. Feeders were also lower but closed near the top of the day’s trading range. Ideas the beef market is topping added pressure, as did expectations for a weaker-than-anticipated cash trade.

Hogs
Peoria: were $1     lower   at   32.5   to   33

Chicago Futures: Apr down 7 at 5677
  Jun down 45 at 7280

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

Hogs Comment
Hogs are under pressure from large supplies. Weekly kills continue to come in significantly higher than last year’s numbers, and higher than expected based on USDA’s quarterly inventory report. April hogs found support at yesterday’s low of $56.70.


Poultry  Date: March 05, 2008

Eggs
New York:  Ex. Lg. 163-167; Lg. 161-165; Med. 140-144;
Chicago:  Ex. Lg. 154-162; Lg. 152-160; Med. 133-141;

Eastern Region Turkeys
Hens: 8-16 lbs. 79-83.25
Toms: 16-24 lbs. 79-83.25
 

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