Grain & Soybean Date: March 17, 2008

Soybeans

Local Elevators:
(March) EAST AR:  n/a to - -
(NC) Summ. - - to -- - -
River Elevators:
(March) MISS: - - - to - - - ; AR & White - - - to - --
(NC) Summ. - - - to - - -
Ark. Processor Bids: (March) - - - to - --  (NC) - - - to - - -
Memphis:  (March) 1242 3/4 to 1252 3/4 (NC)  1149 to 1159
Riceland Foods:  (March) Stuttgart 1226 ; Pendleton 1232 ; West Memphis 1255

Chicago Futures: May down 50 at  1302 3/4
  July  down  49 3/4  at  1318 3/4
  Aug down 50  at  1311
  Nov down 50  at  1229
  Nov '09 down 50  at  1187
  Today's Arkansas LDP rate for soybeans is: 0¢

Soybean Comment
Soybeans locked limit down early in the session. November gapped lower on the open pressure by reduced Chinese interest and reports that the Brazilian crop will be extremely large. In addition, private forecasts are continuing to suggest a substantial increase in U.S. ’08 plantings. Given today’s big decline, the next support is the late January low of $11.67 ½, or another limit decline. Be aware the CBOT has requested a new daily trading limit of 70 cents for soybeans to start on March 28.

Wheat
Cash bid for new crop at Memphis  922 to 947;
Bids to farmers at Local Elevators - - -;
River Elevators - - -;

Chicago Futures: May down  60  at  1131 1/2 
  July down 60  at  1102 
  Sept down  60  at  1125 
  Dec down  60  at  1124 1/2 
  July '09 down    at   
  Today's Arkansas LDP rate for wheat is: 0¢

Grain Sorghum
Cash bid for March at Memphis  927 to - - -;
Bids to farmers at River Elevators - - -;
Today's Arkansas LDP rate for sorghum is: 0¢

Corn
Cash bid for March at Memphis   517 1/4 to 519 1/4;
  New crop at Memphis   498 1/2 to 508 1/4;
Bids to farmers at River Elevators  - - - to - - -

Chicago Futures: May down  20  at  539 1/4 
  July down  20  at  551 1/4 
  Sept down  20  at  553 1/4 
  Dec down  20  at  555 
  Today's Arkansas LDP rate for corn is: 0¢

Grain Comment
July wheat posted sharp losses after charting a potential double top at $12.70 last week. Underlying support is coming from the tight supply situation, but that has been well known for some time. Carryover weakness from soybeans was a factor today.


Cotton & Rice  Date: March 17, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 400 at  6830
  Greenwood down  400 at 6830

New York Futures: May down  400  at  7530 
  July down  400  at  7790 
 Dec down  400  at  8319 
 March '09 down  400  at  8586 
 May '09 down  400  at  8656 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton futures declined the limit as the market appears to be reacting more to actual fundamentals. Obviously, the projected ending stocks of 9.4 million bales and the apparent reduced interest in China are pressuring a market that was pushed sharply higher by outside interests. Eventually, supply and demand have to come back into focus and that is what is happening in the cotton market. Initial support for December is just under 81 cents, but that may give way to support at 78 or even 74 cents.

Rice
Long Grain Cash Bid for  March 1535/cwt  to  - - -
  April/May 1555/cwt  to  - - -

Chicago Futures: May down  50  at  1793 
 July down  48  at  1822 
 Sept down  42  at  1630 
 Nov down  42  at  1640 
 - - - unchanged  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is  0¢
medium grain rice is  0¢
Rice Comment
Rice also declined today but was not down the limit like most others. Rice stocks remain a major factor, although last week’s USDA report did indicate ’08 production exceeding usage for the first time in 7 or 8 years. World production of 422.9 mmt was up 2.31 mmt from the February report, with India up 2 mmt. The first major support for September futures is the 38% retracement objective of $15.49. However, their market may have fundamental justification to hold above that level.


Cattle & Hogs  Date: March 17, 2008

Cattle
As reported by Federal-State Market News, receipts were 3777 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers sold mostly $2 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 120 to 130
  500 to 550 lbs. 107 to 117
  600 to 700 lbs. 95 to 105
 Medium & Large Frame 2   400 to 450 lbs. 110 to 120

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 93 to 103
 Medium & Large Frame 2   400 to 450 lbs. 94 to 104

Slaughter Cows, Boners 48   to   53
Light Weight 35 to 40
Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   65
Midwest Steers   remained steady   at   90   to   - - -
Panhandle Steers   remained steady   at   90   to   - - -

Oklahoma City Feeders
Steers n/a to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
Heifers - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -

Chicago Futures:
Live Cattle: April down 127 at 8922
  June down 97 at 8997
Feeders: May down 130 at 10382
  Aug down 120 at 10795

Cattle Comment
Cattle futures ended lower, with deferred contracts under pressure from their premium to cash. April found resistance at last week’s high of $90.75, and came within a penny of the contract low of $89.10.

Hogs
Peoria: were $1.50 to $2.50     lower   at   28.5   to   29

Chicago Futures: April up 90 at 5592
  June up 102 at 7115

Sheep
St. Paul n/a   at   - - -   to   - - -

Hogs Comment
Hog futures recovered some of Friday’s big losses, mostly because of profit taking. Supply side concerns continue to weigh on the market. Weekly kills have been well ahead of last year’s pace and where we should be based on USDA’s quarterly inventory report.


Poultry  Date: March 17, 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. 82-84
Toms: 16-24 lbs. 82-84
 

Delmarva Broilers
U.S. Grade A
Movement of ready-to-cook whole birds continued light to fair at best entering Holy Week. Offerings were usually more than adequate for current trade needs. Live supplies were moderate; weights varied, but ranged mostly desirable to heavy. Processor schedules were moderate to moderately heavy. Less than trucklot asking prices were unchanged at 79 to 89 cents. Trade sentiment was about steady.