12/17/2007 Farm Bureau Market Report

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Grain & Soybean Date: December 17, 2007 Soybeans Local Elevators: (Dec) EAST AR:  1110 to 1138 (NC) Summ. 1118 to - - - River Elevators: (Dec) MISS: 1122 to 1147 ; AR & White 1106 to 1111 (NC) Summ. 1118 to 1152 Ark. Processor Bids: (Dec) 1115 to 1128  (NC) 1134 to 1150 Memphis:  (Dec) 1141 3/4 to 1144 3/4 (NC)  1007 1/4 to - - - Riceland Foods:  (Dec) Stuttgart 1128 ; Pendleton 1138 ; West Memphis 1147 Chicago Futures: Jan down 1/4 at  1156 3/4   Mar  up  1  at  1176   May up 3/4  at  1189 1/2   Nov '08 down 4  at  1047 1/4   Nov '09 down 3  at  970   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were mixed today. New crop lost ground, but declines were really insignificant. USDA reported 35.6 million bushels were inspected for export last week. News of business from China was also positive. Wheat Cash bid for new crop at Memphis  680 1/2 to 685 1/2; Bids to farmers at Local Elevators 656-671; River Elevators 657-676; Chicago Futures: Mar down  14 1/2  at  965    May down 13 1/2  at  961    Jul '08 down  17 1/2  at  770 1/2    Sep down  20  at  774    Jul '09 down  19  at  726    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  828 to 837; Bids to farmers at River Elevators 691-754; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   428 3/4 to 431 3/4;   new crop at Memphis   422 1/2 to 427 1/2; Bids to farmers at River Elevators  405 to 425 Chicago Futures: Mar up  1/2  at  438 3/4    May up  1/2  at  449 3/4    Jul up  3/4  at  457 1/4    Dec '08 unchanged    at  450 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were sharply lower across the board. Old crop March topped $10 today, and then profit taking took over. Global stocks are tight, and the word today is that Russia will ban all wheat exports in January. Cotton & Rice  Date: December 17, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 20 at  6040   Greenwood down  20 at 6040 New York Futures: Mar down  20  at  6565    May down  10  at  6712    Jul down  11  at  6879    Dec down  13  at  7330    Mar '09 down  20  at  7575  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton ended a bit lower. The market has resistance around 69 cents and 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 1197/cwt  to  - - -   Feb/Mar 1197  to  1256/cwt Chicago Futures: Jan up  9 1/2  at  1322    Mar up  9  at  1354    May up  9  at  1378    Sep up  13  at  1340    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures posted sharp gains, but after trading within a penny of the high, January failed at resistance at $13.45. 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. Long term charts are out of the picture, as we have exceeded old highs. Cattle & Hogs  Date: December 17, 2007 Cattle As reported by Federal-State Market News, receipts were 1,920 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold mostly $1-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118 to 128   500 to 550 lbs. 106 to 116   600 to 700 lbs. 95 to 100  Medium & Large Frame 2   400 to 450 lbs. 110 to 120 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to 108  Medium & Large Frame 2   350 to 400 lbs. 91 to 101 Slaughter Cows, Boners 40   to   47 Light Weight 31 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   54.50   to   58, high dressing 59.50-61.50 Midwest Steers   were $2 lower to $1.50 higher   at   90   to   93.50 Panhandle Steers   were steady to $1.50 higher   at   92   to   93.50 Oklahoma City Feeders Steers 500 to 550 lbs. 115 to 120.50   600 to 650 lbs. 106 to 111 Heifers 500 to 550 lbs. 97 to 105   600 to 650 lbs. 90.50 to 97 Chicago Futures: Live Cattle: Feb up 15 at 9562   Jun up 30 at 9395 Feeders: Jan down 12 at 10367   Mar up 15 at 10632 Cattle Comment Cattle futures ended the day mostly higher. Improvements in beef prices were supportive. However, gains were limited by expectations for soft cash prices this week. February has support in the $95 area. Hogs Peoria: were     steady   at   33   to   33.5 Chicago Futures: Feb down 92 at 5925   Jun down 85 at 7447 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 17, 2007 Eggs New York:  Ex. Lg. 159-163; Lg. 157-161; Med. 149-153; Chicago:  Ex. Lg. 151-159; Lg. 149-157; Med. 141-149; Eastern Region Turkeys Hens: 8-16 lbs. 80-85 Toms: 16-24 lbs. 80-85   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Retail demand was light to fair with limited features. Supplies of all sizes were usually sufficient to well balanced for trade needs. In production areas, live supplies were moderate at mostly desirable weights. ---------------------------------------- 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