12/14/2007 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: December 14, 2007 Soybeans Local Elevators: (Dec) EAST AR:  1110 to 1138 (NC) Summ. 1118 to - - - River Elevators: (Dec) MISS: 1106 to 1147 ; AR & White 1106 to 1112 (NC) Summ. 1120 to 1158 Ark. Processor Bids: (Dec) 1115 to 1128  (NC) 1134 to 1158 Memphis:  (Dec) 1141 to 1142 (NC)  1011 1/4 to - - - Riceland Foods:  (Dec) Stuttgart 1128 ; Pendleton 1138 ; West Memphis 1147 Chicago Futures: Jan up 11 at  1157   Mar  up  9  at  1175   May up 9 1/4  at  1188 3/4   Nov '08 down 3 1/4  at  1051 1/4   Nov '09 down 7  at  973   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans needed the week mixed with demand driving old crop higher. New crop lost ground, but declines were really insignificant. Informa projected ’08 soybean plantings at 70.1 million acres, and corn at 87.4 million acres. This was more soybeans and less corn than they projected in November. This suggests beans have been buying acreage. January futures made new contract highs and remain in an uptrend. Wheat Cash bid for new crop at Memphis  698 to 703; Bids to farmers at Local Elevators 673-688; River Elevators 675-693; Chicago Futures: Mar up  26  at  979 1/2    May up 19  at  974 1/2    Jul '08 down  19 1/2  at  788    Sep down  17  at  794    Jul '09 down  12 1/2  at  745    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  836 to - - -; Bids to farmers at River Elevators 689-752; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   428 1/4 to 431 1/4;   new crop at Memphis   422 1/2 to 427 1/2; Bids to farmers at River Elevators  403 to 424 Chicago Futures: Mar up  3 1/4  at  438 1/4    May up  3 1/4  at  449 1/4    Jul up  3 1/2  at  456 1/2    Dec '08 down  1/4  at  450 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended mixed, but with new crop futures down sharply today. Profit taking ahead of the weekend and the holidays caused today’s volatility. The dollar was sharply higher again today, also adding to the negative undertone for new crop wheat. Cotton & Rice  Date: December 14, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 94 at  6060   Greenwood up  94 at 6060 New York Futures: Mar up  94  at  6585    May up  86  at  6722    Jul up  97  at  6890    Dec '08 up  93  at  7343    Mar '09 up  102  at  7705  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed higher with old crop March pushing back above the old uptrend that was broken about three weeks ago. This suggests another move toward recent resistance around 69 cents, but doesn’t rule out a move toward support at 61 cents. Tuesday’s report found another 130,000 bales of cotton putting ’07 production just a little under 19 million bales, and leaving projected ending stocks at 7.7 million bales. This likely means less acreage in ’08 – probably below 10 million acres. Texas acreage may be fairly stable, but look for cuts every where else. The biggest cuts may come in the mid-South where producers have a lot of flexibility and can plant corn, grain sorghum, rice or soybeans and/or even double crop soybeans with wheat. Higher corn, beans and wheat price levels mean less cotton in ’08. Rice Long Grain Cash Bid for  Jan 1187/cwt  to  - - -   Feb 1187  to  1254/cwt Chicago Futures: Jan down  6  at  1312 1/2    Mar down  5  at  1345    May down  4  at  1369    Sep down  7  at  1327    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures lost a little more ground today as market continues to chip away at the recent high. Overall fundamentals suggest a further tightening of U.S. and world stocks. Tuesday’s report increased exports and reduced ending stocks by 2 million cwt. Not a lot but with U.S. stocks now projected to be just 25.1 million cwt. Next year’s planting become even more important. On the international side, Thailand remains the only Asian provider and the market is quite strong with new crop just days away. Technically, futures remain in an uptrend despite weakness developing over the last several days. Support at $12.80 appears good. Resistance is the Monday high of $13.46. Long term charts are out of the picture, as we have exceeded old highs. Cattle & Hogs  Date: December 14, 2007 Cattle As reported by Federal-State Market News, receipts were 6,290 head at sales in Arkansas this week.  Compared with last week, feeder steers sold weak to $4 lower, heifers sold steady to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113 to 123   500 to 550 lbs. 100 to 118   600 to 700 lbs. 98 to 108  Medium & Large Frame 2   400 to 450 lbs. 105 to 114 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 99 to 109  Medium & Large Frame 2   400 to 450 lbs. 94 to 104 Slaughter Cows, Boners 43   to   46.50 Light Weight 29 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57, high dressing untested Midwest Steers   were $1 lower   at   92   to   - - - Panhandle Steers   were steady to $1 higher   at   92   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 111 to 124   600 to 650 lbs. 104 to 111 Heifers 500 to 550 lbs. 97 to 110   600 to 650 lbs. 92 to 101.25 Chicago Futures: Live Cattle: Feb up 30 at 9547   Jun up 42 at 9365 Feeders: Jan steady at 1038   Mar up 42 at 10617 Cattle Comment Cattle futures ended the day a bit higher. Profit taking and improvements in beef prices were supportive. February has support in the $95 area. Hogs Peoria: were     steady   at   33   to   33.5 Chicago Futures: Feb down 125 at 6017   Jun down 60 at 7532 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were lower and the February chart is looking bearish as it becomes the lead month. The market has broken out of the short term up-trend, and could be headed for a retest of the contract low of $58.15. Poultry  Date: December 14, 2007 Eggs New York:  Ex. Lg. 159-163; Lg. 157-161; Med. 149-15; Chicago:  Ex. Lg. 151-159; Lg. 149-157; Med. ; Eastern Region Turkeys Hens: 8-16 lbs. 80-88 Toms: 16-24 lbs. 80-88   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Supplies were in fair balance but still sufficient to satisfy trade needs. In production areas, live supplies were moderate at mostly desirable weights. There was some reports of light weight birds being reported. ---------------------------------------- HOW TO UNSUBSCRIBE You are receiving this newsletter because you requested that your e-mail address be added to the Arkansas Farm Bureau Market Report. To unsubscribe or change your subscription information, go to http://www.arfb.com/commodity_marketing/email/ ---------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at mktrpt@arfb.com Arkansas Farm Bureau 10720 Kanis Road Little Rock, AR 72211 501-224-4400 Copyright 2007 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use