Grain & Soybean Date: March 25, 2008

Soybeans

Local Elevators:
(Mar) EAST AR:  1220 to 1242
(NC) Summ. 1119 to 1158
River Elevators:
(Mar) MISS: 1210 to 1267 ; AR & White 1232 to 1244
(NC) Summ. 1135 to 1166
Ark. Processor Bids: (Mar) 1232 to 1236  (NC) 1151 to 1156
Memphis:  (Mar) 1272 to 1277 (NC)  1159 to 1164
Riceland Foods:  (Mar/Apr) Stuttgart 1236 ; Pendleton 1242 ; West Memphis 1265

Chicago Futures: May up 50 at  1307
  Jul  up  50  at  1322
  Aug up 50  at  1316
  Nov up 50  at  1239
  Nov '09 up 50  at  1175
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
For the second day in a row soybeans were up the limit of 50 cents across the board. Index funds appear to be repurchasing contracts that were dumped during last week’s big slide. Fundamentals are unchanged with tightening U.S. stocks, an expected increase in ’08 plantings and harvesting of a huge South American crop. Argentina is maintaining a hold on soybean exports despite protests of farmers. This pushed a big Chinese purchase to the U.S. Corn also moved limit higher in most contracts amid concerns about this year’s plantings and potential for acreage to move to soybeans as a result of recent flooding. November soybeans have resistance around $13, if not before. December corn may not find resistance until the contract high of $5.90.

Wheat
Cash bid for new crop at Memphis  900 1/2 to 903 1/2;
Bids to farmers at Local Elevators 869-886;
River Elevators 866-898;

Chicago Futures: May up  47 1/2  at  1067 1/2 
  Jul up 50  at  1068 1/2 
  Sep up  53 1/2  at  1082 1/2 
  Dec up  51  at  1090 1/2 
  Jul '09 up  38 1/2  at  1028 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  942 to 946;
Bids to farmers at River Elevators 838-900;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   536 3/4 to 539 3/4;
  new crop at Memphis   510 to 515;
Bids to farmers at River Elevators  514 to 529

Chicago Futures: May up  20  at  544 3/4 
  Jul up  20  at  557 
  Sep up  20  at  560 
  Dec up  20  at  559 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted solid gains but closed well off the day’ high. The tight supply situation continues to be the driving force behind this market. Demand has held up surprisingly well in the face of historically high prices. However, the 2008 crop should replenish global supplies. It is still a strong possibility that this market has put in a major top. Key support remains $10 for the July contract.



Cotton & Rice  Date: March 25, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 108 at  6713
  Greenwood up  108 at 6713

New York Futures: May up  135  at  7440 
  Jul up  132  at  7755 
 Dec up  270  at  8485 
 Mar '09 up  255  at  8729 
 May '09 up  236  at  8799 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton made strong gains again today as the market tended to follow the grain complex higher. December hit resistance at 85 cents and backed off slightly. The next retracement objective and potential resistance is 87.4 cents. While the big move in cotton earlier this month was overdone, it appears there is solid support around the break out point. Look for this support to continue although it is obvious that export demand is declining. A smaller ’08 acreage will help bring the supply side of the market into better balance. Weather factors may alter planting intentions which are to be released a week from today. Flooding in Arkansas, Missouri and parts of the delta could push corn to beans or cotton. While dry conditions in Texas could bring cotton back into the mix. For now look for December futures to have support just above 76 cents. Initial resistance is around 85 cents.

Rice
Long Grain Cash Bid for  Mar 1575/cwt  to  - - -
  Apr/May 1600/cwt  to  - - -

Chicago Futures: May up  50  at  1903 1/2 
 Jul up  50  at  1930 
 Sep up  50  at  1765 
 Nov up  50  at  1770 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice quickly moved to limit up, closing there for the second day in a row. Overall fundamentals remain positive with tight U.S. and world supplies limiting availability. India is maintaining a minimum Export Price which moves higher as the market gets close. Vietnam sales are limited by available supply and Thailand is awaiting further market developments. Improvement of available supplies is expected to be limited and overall market outlook remain firm to higher. Old crop May futures have resistance at the week before last high of $19.55. New crop November is testing resistance at the contract high of $17.71 and we will likely see a higher level tomorrow.



Cattle & Hogs  Date: March 25, 2008

Cattle
As reported by Federal-State Market News, receipts were 1,097 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold unevenly, mostly steady to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 104 to 114
  500 to 550 lbs. 107 to 117
  600 to 650 lbs. 98 to 108
 Medium & Large Frame 2   400 to 450 lbs. 110 to 115

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 104 to 114
 Medium & Large Frame 2   400 to 450 lbs. 93 to 103

Slaughter Cows, Boners 46   to   50
Light Weight 32 to 37
Bulls, Yield Grade   1   1000   to   2100 lbs.   61   to   65, high dressing 65-69
Midwest Steers   n/a   at   - - -   to   - - -
Panhandle Steers   n/a   at   - - -   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 72 at 9115
  Jun steady at 9085
Feeders: May down 25 at 10612
  Aug down 27 at 11035

Cattle Comment
Cattle futures were mixed with feeders under pressure from limit gains in corn. The market was expecting demand to pick up after Easter, but so far that hasn’t materialized. Wholesale movement has been slow, apparently buyers are worried that economic woes will impact consumer choices. Frozen stocks were down 9% in last week’s report, however.

Hogs
Peoria: were     steady   at   27.5   to   28

Chicago Futures: Apr up 160 at 5790
  Jun up 110 at 7260

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

Hogs Comment
Hog futures were mostly higher. Nearby contracts posted solid gains, mostly on expectations for seasonal improvement in cash prices. Huge slaughter totals are being recorded, however, and that could limit the upside. Friday’s quarterly pig crop report should shed more light on the situation.



Poultry  Date: March 25, 2008

Eggs
New York:  Ex. Lg. 163-167; Lg. 161-165; Med. 138-142;
Chicago:  Ex. Lg. 154-162; Lg. 152-160; Med. 131-139;

Eastern Region Turkeys
Hens: 8-16 lbs. 82-84
Toms: 16-24 lbs. 82-84
 

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