Grain & Soybean Date: March 28, 2008

Soybeans

Local Elevators:
(Mar) EAST AR:  1187 to 1210
(NC) Summ. 1040 to 1079
River Elevators:
(Mar) MISS: 1170 to 1233 ; AR & White 1198 to 1204
(NC) Summ. 1056 to 1085
Ark. Processor Bids: (Mar) 1200 to 1204  (NC) 1077 to - - -
Memphis:  (Mar) 1232 1/4 to 1237 1/4 (NC)  1079 1/2 to 1089 1/2
Riceland Foods:  (Mar) Stuttgart 1204 ; Pendleton 1244 ; West Memphis 1233

Chicago Futures: May down 60 at  1267 1/4
  Jul  down  57 1/2  at  1285
  Aug down 61  at  1267
  Nov down 49  at  1159 1/2
  Nov '09 down 41 1/2  at  1109 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed sharply lower as early trading took several contracts near the new expanded trading limit of 70 cents. Early consensus about Monday’s planting intentions report indicate 71.5 million acres or more for ’08. This combined with rumors the farmer strike in Argentina may near an end to pressure the market ahead of the report. November tested support at $11.50 and isn’t far away from last week’s low of $11.34. Corn rallied to close higher at the close. This reflects growing concern about planting expectations. December resistance is $5.90 to $6.00.

Wheat
Cash bid for new crop at Memphis  828 to 831;
Bids to farmers at Local Elevators 796-821;
River Elevators 793-829;

Chicago Futures: May down  25  at  989 
  Jul down 21 1/2  at  996 
  Sep down  28  at  1000 
  Dec down  23  at  1020 
  Jul '09 down  20  at  970 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  951 to 974;
Bids to farmers at River Elevators 866-929;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   553 1/2 to 555 1/2;
  new crop at Memphis   526 1/4 to 531 1/4;
Bids to farmers at River Elevators  531 to 549

Chicago Futures: May up  5 1/2  at  561 
  Jul up  6 1/4  at  573 1/2 
  Sep up  at  576 
  Dec up  7 1/2  at  576 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures are now trending lower. It is still a strong possibility that this market has put in a major top. Recent weather woes in soft red winter wheat territory have not turned the market around. The trade is expecting to see total wheat seedings of 63.625 million acres in Monday’s report.



Cotton & Rice  Date: March 28, 2008


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 122 at  6468
  Greenwood down  122 at 6468

New York Futures: May down  113  at  7177 
  Jul down  92  at  7527 
 Dec down  116  at  8183 
 Mar '09 down  144  at  8406 
 May '09 down  160  at  8475 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton futures were trimmed again as the market closed lower of the 3rd day in a row. However, gains on Monday and Tuesday left the market higher for the week. Support is last week’s low of 76.34 cents, resistance is 85.5 and then 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.

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

Chicago Futures: May down  37  at  1967 1/2 
 Jul down  45  at  2000 
 Sep down  29  at  1769 
 Nov down  23  at  1769 
 n/a down  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures gapped sharply higher at the open and held substantial gains at the close. Old crop continued to gain relative to new crop July moving above $20. Going into Monday’s planting intentions report it is clear the very tight world stocks situation is still driving this market. Sales in Vietnam, Thailand and India are at a virtual standstill as “nominal quotes” are approaching $800 per metric tonne. U.S. quotes remain in the $700-$725 range.



Cattle & Hogs  Date: March 28, 2008

Cattle
As reported by Federal-State Market News, receipts were 16,165 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $2-4 lower, instances $7 lower. Feeder heifers sold unevenly, mostly $3-5 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 113 to 123
  500 to 550 lbs. 106 to 116
  600 to 700 lbs. 96 to 106
 Medium & Large Frame 2   400 to 450 lbs. 104 to 114

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 102 to 112
 Medium & Large Frame 2   400 to 450 lbs. 91 to 101

Slaughter Cows, Boners 46   to   52
Light Weight 35 to 40
Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   65, high dressing 66-70
Midwest Steers   were $1 higher to $.50 lower   at   88   to   - - -
Panhandle Steers   remained   at   87   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 down 97 at 8765
  Jun down 72 at 8787
Feeders: May down 35 at 10227
  Aug down 20 at 10667

Cattle Comment
Cattle posted across-the-board losses again today. 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 $1     higher   at   28.5   to   29

Chicago Futures: Apr up 12 at 5810
  Jun steady at 7037

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

Hogs Comment
Hog futures were mostly lower. June set a new low before closing unchanged. Huge slaughter totals are being recorded, and frozen stocks are already burdensome.



Poultry  Date: March 28, 2008

Eggs
New York:  Ex. Lg. 153-157; Lg. 151-155; Med. 127-131;
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 mostly about steady. Demand was mostly fair at best and trading usually limited to regular commitments; however, hopes for improvement are evident as first of the month approaches. Supplies of all sizes were more than sufficient to easily handle trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.