Grain & Soybean Date: March 27, 2008
Soybeans
Local Elevators:
(Mar) EAST AR: 1247 to 1270
(NC) Summ. 1089 to 1128
River Elevators:
(Mar) MISS: 1230 to 1293 ; AR & White 1260
to 1267
(NC) Summ. 1105 to 1136
Ark. Processor Bids: (Mar) 1252 to 1264
(NC) 1121 to 1126
Memphis:
(Mar) 1292 1/4 to 1297 1/4 (NC)
1128 1/2 to 1133 1/2
Riceland Foods:
(Mar) Stuttgart 1264 ; Pendleton
1270 ; West Memphis 1293
| Chicago Futures: |
May |
down |
24 3/4 |
at |
1327 1/4 |
| |
Jul |
down |
23 |
at |
1342 1/2 |
| |
Aug |
down |
28 |
at |
1328 |
| |
Nov |
down |
36 |
at |
1208 1/2 |
| |
Nov '09 |
down |
24 |
at |
1151 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans were pushed lower throughout today’s trading session. A big Brazilian crop and prospects of 71.5 million acres or more, being planted in ’08 in the U.S. contributed to the negative undertone. This could also be profit taking after big early week gains as the trade looks ahead to Monday’s planting intentions report. November resistance is $12.66 to $13, with support in the $11.90 to $11.50 range. Corn continued to show greater strength than beans or wheat with modest gains in old crop. December resistance is the $5.90 contract high.
Wheat
Cash bid for new crop at Memphis 849 1/2 to 852 1/2;
| Bids to farmers at Local Elevators |
818-843; |
| River Elevators |
815-851; |
| Chicago Futures: |
May |
down |
19 |
at |
1014 |
| |
Jul |
down |
16 1/2 |
at |
1016 |
| |
Sep |
down |
23 |
at |
1028 |
| |
Dec |
down |
11 |
at |
1043 |
| |
Jul '09 |
down |
5 |
at |
990 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for March at Memphis 942 to 965;
| Bids to farmers at River Elevators |
855-918; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
March at Memphis
548 1/2 to 550 1/2; |
| |
new crop at Memphis
519 to 524; |
| Bids to farmers at River Elevators |
526 to 543 |
| Chicago Futures: |
May |
up |
3 1/4 |
at |
555 1/2 |
| |
Jul |
up |
2 1/4 |
at |
567 1/4 |
| |
Sep |
up |
1 |
at |
569 |
| |
Dec |
unchanged |
|
at |
568 1/2 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat futures were lower again today. It is still a strong possibility that this market has put in a major top. So far, July is holding at support at $10. The recent ups and downs have been mostly fund driven, and not really the result of any fundamental factors.
Cotton & Rice Date: March 27, 2008
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 89 at
6590 |
| |
Greenwood down
89 at 6590 |
| New York Futures: |
May |
down |
93 |
at |
7286 |
| |
Jul |
down |
105 |
at |
7615 |
| | Dec |
down |
119 |
at |
8294 |
| | Mar '09 |
down |
112 |
at |
8547 |
| | May '09 |
down |
65 |
at |
8734 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton ran into resistance near 85 cents in early trading and ended the session lower. 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 |
1264/cwt |
to |
- - - |
| |
Apr/May |
1555/cwt |
to |
- - - |
| Chicago Futures: |
May |
up |
8 1/2 |
at |
1930 1/2 |
| | Jul |
up |
5 |
at |
1955 |
| | Sep |
unchanged |
|
at |
1740 |
| | Nov |
down |
4 |
at |
1746 |
| | - - - |
|
- - - |
at |
- - - |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice futures followed yesterday’s pattern and closed mixed with small gains in old crop contracts. May resistance at $19.55 is being tested daily. 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 27, 2008
Cattle
As reported by Federal-State Market News, receipts were 2,910 head
at sales in Charlotte, Ratcliff & Green Forest.
Compared with last week, feeder steers sold $2-5 instances $10 higher .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
116 |
to |
126 |
|
| |
500 |
to |
550 lbs. |
106 |
to |
116 |
|
| |
600 |
to |
700 lbs. |
93 |
to |
103 |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
107 |
to |
117 |
Heifers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
100 |
to |
110 |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
91 |
to |
101 |
Slaughter Cows, Boners 44.50 to 50
Light Weight 34 to 40
Bulls, Yield Grade 1
1000 to 2100 lbs. 55
to 64.50, high dressing 65-68
Midwest Steers were steady to $.50 higher at 87
to 88.50
Panhandle Steers were steady to $1 lower at 87
to - - -
Oklahoma City Feeders
|
| Steers |
500 |
to |
550 lbs. |
125 |
to |
131.50 |
| |
600 |
to |
650 lbs. |
108 |
to |
119 |
| Heifers |
n/a |
to |
- - - lbs. |
- - - |
to |
- - - |
| |
n/a |
to |
- - - lbs. |
- - - |
to |
- - - |
Chicago Futures:
| Live Cattle: |
Apr |
down |
152 |
at |
8862 |
| |
Jun |
down |
145 |
at |
8860 |
| Feeders: |
May |
down |
192 |
at |
10262 |
| |
Aug |
down |
217 |
at |
10687 |
Cattle Comment
Cattle were lower across the board, with the nearby April and June live contracts leading the way. Fund selling was the driving factor, but uncertainty about the strength of beef demand this spring is also a factor. Wholesale movement has been slow, apparently buyers are worried that economic woes will impact consumer choices. Feeders were lower on strength in corn and carryover weakness from the live pit.
Hogs
Peoria: were steady
at 27.5 to 28
| Chicago Futures: |
Apr |
up |
55 |
at |
5797 |
| |
Jun |
down |
57 |
at |
7037 |
Sheep
St. Paul sheep shorn slaughter lambs at n/a
to - - -
Hogs Comment
Hog futures were mostly lower. June could retest the contract low of $70.10. Huge slaughter totals are being recorded, and frozen stocks are already burdensome.
Poultry Date: March 27, 2008
Eggs
| New York: |
Ex. Lg. 158-162; Lg. 156-160; Med. 132-136; |
| 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 to weak. Supplies of all sizes were at least adequate to readily available for trade needs. In production areas, live supplies were moderate at desirable to heavy weights.