Grain & Soybean Date: March 26, 2008

Soybeans

Local Elevators:
(Mar) EAST AR:  1272 to 1295
(NC) Summ. 1125 to 1164
River Elevators:
(Mar) MISS: 1255 to 1318 ; AR & White 1285 to 1292
(NC) Summ. 1141 to 1172
Ark. Processor Bids: (Mar) 1277 to 1289  (NC) 1157 to 1162
Memphis:  (Mar) 1322 to - - - (NC)  1164 1/2 to 1169 1/2
Riceland Foods:  (Mar) Stuttgart 1289 ; Pendleton 1295 ; West Memphis 1318

Chicago Futures: May up 45 at  1352
  Jul  up  43 1/2  at  1365 1/2
  Aug up 40  at  1356
  Nov up 5 1/2  at  1244 1/2
  Nov '09 unchanged   at  1175
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed higher again today. However, after two days of limit gains the market was a little more two-sided. Greatest strength was seen in old crop contracts which are impacted most by tightening U.S. stocks and the continued farmer strike in Argentina. New crop December traded up and down the scale suggesting a possible balance developing. Index funds remain a major factor but it does appear fundamentals are having at least a little influence. November will have resistance at today’s high of $12.66, and then around $13.00. Support ranges from $11.90 to $11.50. Corn tended to follow soybeans but the overall situation, both fundamentally and technically, appears stronger for corn. December resistance starts at the $5.90 contract high.

Wheat
Cash bid for new crop at Memphis  864 1/2 to 867 1/2;
Bids to farmers at Local Elevators 833-858;
River Elevators 830-866;

Chicago Futures: May down  35 1/2  at  1033 
  Jul down 36  at  1032 1/2 
  Sep down  39 1/2  at  1043 
  Dec down  36 1/2  at  1054 
  Jul '09 down  33  at  995 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  956 to 959;
Bids to farmers at River Elevators 850-913;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   544 1/4 to 547 1/4;
  new crop at Memphis   518 to 523;
Bids to farmers at River Elevators  522 to 540

Chicago Futures: May up  7 1/2  at  552 1/4 
  Jul up  at  565 
  Sep up  at  568 
  Dec up  8 3/4  at  568 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures had a down day, driven mainly by the funds. Turkey cancelled a 25,000 metric ton tender for U.S. wheat, also adding to the negative undertone. 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 26, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 34 at  6679
  Greenwood down  34 at 6679

New York Futures: May down  23  at  7390 
  Jul down  46  at  7710 
 Dec down  57  at  8417 
 Mar '09 down  91  at  8638 
 May '09 down  59  at  8740 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was lower most of the session and ended down slightly. December tested resistance early but failed to hold above the 85 cents level. 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.

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

Chicago Futures: May up  17 1/2  at  1922 
 Jul up  20  at  1950 
 Sep down  25  at  1740 
 Nov down  20  at  1750 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice closed mixed with old crop stronger and new crop slightly lower. May futures are in position to test the contract high of $19.55, but November failed to move to a new high before declining. 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.



Cattle & Hogs  Date: March 26, 2008

Cattle
As reported by Federal-State Market News, receipts were 1,577 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $2-5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 117 to 127
  500 to 550 lbs. 105 to 115
  600 to 650 lbs. 94 to 100
 Medium & Large Frame 2   400 to 450 lbs. 98 to 108

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 97 to 107
 Medium & Large Frame 2   400 to 450 lbs. 85 to 95

Slaughter Cows, Boners 46   to   52
Light Weight 30 to 35
Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   64, high dressing 64.50-65
Midwest Steers   were quoted   at   87   to   88
Panhandle Steers   were quoted   at   87   to   88

Oklahoma City Feeders
Steers 550 to 600 lbs. 115 to 127.50
  650 to 700 lbs. 107.25 to 112.50
Heifers 550 to 600 lbs. 102 to 109
  600 to 650 lbs. 96.50 to 100.25

Chicago Futures:
Live Cattle: Apr down 100 at 9015
  Jun down 80 at 9005
Feeders: May down 157 at 10455
  Aug down 130 at 10905

Cattle Comment
Cattle futures were lower across the board. Wholesale movement has been slow, apparently buyers are worried that economic woes will impact consumer choices. June is attempting to build support in the $90 area.

Hogs
Peoria: were     steady   at   27.5   to   28

Chicago Futures: Apr down 47 at 5742
  Jun down 165 at 7095

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

Hogs Comment
Hog futures were sharply lower, and June charted a bearish reversal. A retest of the contract low of $70.10 is certainly a possibility. Huge slaughter totals are being recorded, and frozen stocks are already burdensome.



Poultry  Date: March 26, 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 about steady with caution noted. Demand was slow to moderate at best with regular commitments usually sufficient to fulfill needs. Supplies of all sizes were at least adequate to readily available. In production areas, live supplies were moderate at mixed, but mostly desirable weights.