Grain & Soybean Date: March 11, 2008

Soybeans

Local Elevators:
(Mar) EAST AR:  1316 to 1331
(NC) Summ. 1195 to 1241
River Elevators:
(Mar) MISS: 1318 to 1361 ; AR & White 1326 to 1332
(NC) Summ. 1207 to 1244
Ark. Processor Bids: (Mar) 1332 to 1333  (NC) 1227 to 1234
Memphis:  (Mar) 1355 3/4 to 1367 3/4 (NC)  1235 1/4 to 1245 1/4
Riceland Foods:  (Mar) Stuttgart 1332 ; Pendleton 1338 ; West Memphis 1361

Chicago Futures: May up 1 1/4 at  1407 3/4
  Jul  up  at  1423 1/2
  Aug unchanged   at  1409
  Nov up 15 1/4  at  1315 1/4
  Nov '09 up 28  at  1280
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Today’s USDA report came in at the low end of trade estimates and projects ending stocks at 140 million bushels for roughly 3 weeks of supply. This added some fresh fundamental news to the market leading to higher soybean prices across almost the whole board. While many feel the market has more than factored in today’s reduction, large amounts of fund money continues to add support to prices.

Wheat
Cash bid for March at Memphis  1043 to 1168;
Bids to farmers at Local Elevators 994-1036;
River Elevators 104-1030;

Chicago Futures: May up  60  at  1223 
  Jul up 58 1/4  at  1181 3/4 
  Sep up  51 1/2  at  1190 
  Dec up  57  at  1197 
  Jul '09 up  54  at  1089 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for new crop at Memphis  912 to 938;
Bids to farmers at River Elevators 893-955;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   552 1/2 to 557 1/2;
  new crop at Memphis   536 1/2 to 541 1/2;
Bids to farmers at River Elevators  535 to 550

Chicago Futures: May up  6 3/4  at  572 1/2 
  Jul up  6 1/4  at  584 1/2 
  Sep up  7 1/2  at  586 3/4 
  Dec up  6 1/2  at  585 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Along with soybeans, the USDA also reduced current year wheat ending stocks, as exports and domestic consumption were increased some 20 and 5 million bushels, respectively. Wheat prices experienced strong increases today as fund money reacted to today’s USDA report. The March contract was up over a dollar, while other contracts were up the limit or near the limit today. As for corn, the USDA made no changes to the corn balance sheet; however prices were up across the board as corn continues to fight for acreage ahead of the planting intentions report.



Cotton & Rice  Date: March 11, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 400 at  7428
  Greenwood up  400 at 7428

New York Futures: May up  400  at  8128 
  Jul up  400  at  8311 
 Dec up  400  at  8824 
 Mar '09 up  400  at  9065 
 May '09 up  369  at  9137 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Despite a bearish USDA report which slashed exports and increased ending stocks, cotton prices regained most or all of yesterday’s declines. As with other commodity markets the fundamentals have taken a backseat to the funds, so we’ll have to see which way the volatility swings tomorrow.

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

Chicago Futures: May up  75  at  1850 
 Jul up  50  at  1883 
 Sep up  30  at  1740 
 Nov up  30  at  1750 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
The USDA reduced US rice stocks by 1 million cwt; however due to increases primarily in India rice production global stocks were increased this month. The tightening U.S. supplies led to higher rice prices across the board. While global stocks increased, the stocks are still well below what the market would like.



Cattle & Hogs  Date: March 11, 2008

Cattle
As reported by Federal-State Market News, receipts were 866 head at sales in Marshall & Fort Smith.  Compared with last week, feeder steers sold mostly weak to $2 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 119 to 129
  500 to 550 lbs. 111 to 121
  600 to 700 lbs. 102 to 110
 Medium & Large Frame 2   400 to 450 lbs. 102 to 112

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 105 to 115
 Medium & Large Frame 2   400 to 450 lbs. 94 to 99.50

Slaughter Cows, Boners 50   to   55
Light Weight n/a to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   65   to   70.50, high dressing 71-76
Midwest Steers   were $1-2.50 lower   at   88   to   - - -
Panhandle Steers   were $1-3 lower   at   88   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 up 15 at 8990
  Jun up 20 at 9170
Feeders: May down 45 at 10570
  Aug down 55 at 10980

Cattle Comment
Despite reports of lower cash prices, beef cattle futures posted another day of modest gains. Gains today are largely the result of speculative short coverings.

Hogs
Peoria: were     steady   at   31.5   to   32

Chicago Futures: Apr up 57 at 5830
  Jun up 85 at 7475

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

Hogs Comment
Lean hogs showed modest gains today, as traders bid up prices as the market is showing signs of being oversold. While the futures market appears poised to strengthen the cash market remains weak.



Poultry  Date: March 11, 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. 80-83
Toms: 16-24 lbs. 80-83
 

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