12/18/2007 Farm Bureau Market Report

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Grain & Soybean Date: December 18, 2007 Soybeans Local Elevators: (Dec) EAST AR:  1103 to 1131 (NC) Summ. 1115 to 1131 River Elevators: (Dec) MISS: 1115 to 1140 ; AR & White 1103 to 1115 (NC) Summ. 1113 to 1145 Ark. Processor Bids: (Dec) 1108 to 1121  (NC) 1127 to 1143 Memphis:  (Dec) 1139 3/4 to 1149 3/4 (NC)  1013 to - - - Riceland Foods:  (Dec) Stuttgart 1121 ; Pendleton 1131 ; West Memphis 1140 Chicago Futures: Jan down 7 at  1149 3/4   Mar  down  7 1/2  at  1168 1/2   May down 6  at  1183 1/2   Nov '08 down 5 3/4  at  1053   Nov '09 down 5  at  975   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed yesterday’s move closing mixed again today. However, today new crop contracts were higher and old crop lower. Those gains were seen despite further improvement in the dollar and better crop conditions in Argentina where substantial rain fell in recent days. New crop November has developed support around $10.40. Resistance is the $10.67 ½ contract high. Wheat Cash bid for new crop at Memphis  679 1/2 to 684 1/2; Bids to farmers at Local Elevators 655-670; River Elevators 656-675; Chicago Futures: Mar down  14  at  952    May down 15 1/4  at  946    Jul down  1  at  769 1/2    Sep down  1/2  at  773 1/2    Jul '09 down  5  at  731    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  816 to 825; Bids to farmers at River Elevators 680-743; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   422 to 423;   new crop at Memphis   423 1/2 to - - -; Bids to farmers at River Elevators  399 to 418 Chicago Futures: Mar down  6 3/4  at  432    May down  7  at  442 3/4    Jul down  7  at  450 1/4    Dec '08 down  2 1/4  at  448 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat continued yesterday’s downturn, but show much smaller losses in new crop contracts. That is probably the result of the unwinding of bull spreads. Original positions would have bought old crop and sold new crop. Unwinding would be the opposite selling old crop and buying new crop. Little fresh fundamental news has been seen and all the old positive news has been accounted for. Cotton & Rice  Date: December 18, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 7 at  6047   Greenwood up  7 at 6047 New York Futures: Mar up  7  at  6572    May up  6  at  6718    Jul up  3  at  6882    Dec down  5  at  7325    Mar '09 unchanged    at  7575  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was mixed with little change noted. The market continues to labor under a substantially larger than anticipated U.S. crop. USDA moved production to just under 19 million bales which would leave stocks of 7.7 million bales. That’s a lot when domestic use is a mere 4.6 million bales. So, a big carryover will dominate the market for the time being. Old crop contracts are likely to trade in the 63 to 69 cents range for the near term. Looking ahead early prospects suggest a 10 million acre or less crop in ’08. One nationally known firm suggests the crop may be nearer 9 million acres. Production would be 15 to 16 million bales, down substantially, but still a lot to move when domestic use is as low as it is. However, that acreage would likely send ’08 prices toward the upper 70’s. Rice Long Grain Cash Bid for  Jan 1198/cwt  to  - - -   Feb/Mar 1198  to  1256/cwt Chicago Futures: Jan unchanged    at  1322    Mar up  2  at  1356    May up  6  at  1384    Sep up  1  at  1341    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures backtracked and filled the rest of yesterday’s gap and then ended the day on the positive side, although the gains were small. Overall fundamentals are unchanged as the market continues to look at tightening U.S. and world stocks. A big question is what U.S. plantings will be in ’08. Exceptionally strong corn, wheat and soybean price levels may have producers thinking about what to plant next year. Weaker producing land that requires more water and fertilizer could move from rice. General feeling is nice acreage may not change substantially. Cattle & Hogs  Date: December 18, 2007 Cattle As reported by Federal-State Market News, receipts were 758 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold near steady on light pre-holiday test . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to 124   500 to 550 lbs. 109 to 115   600 to 700 lbs. 96 to 106  Medium & Large Frame 2   400 to 450 lbs. 100 to 110 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to 108  Medium & Large Frame 2   400 to 450 lbs. 85 to 91 Slaughter Cows, Boners 43   to   47.50 Light Weight 32 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   60, high dressing 61-62.50 Midwest Steers   were steady to $3.50 lower   at   90   to   - - - Panhandle Steers   were $2-3.50 lower   at   90   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 113.75 to 120.50   600 to 650 lbs. 106 to 111 Heifers 500 to 550 lbs. 99.10 to 105   600 to 650 lbs. 100 to 100.50 Chicago Futures: Live Cattle: Feb up 105 at 9667   Jun up 50 at 9445 Feeders: Jan up 147 at 10515   Mar up 175 at 10807 Cattle Comment Cattle were in a positive mode today as packer operating margins improved. A light slaughter on Monday was the result of unexpected closing of two Texas plants. February live cattle have good support just above $95. Trendline resistance will come into play around $97.50. Hogs Peoria: were     steady   at   33   to   33.50 Chicago Futures: Feb up 57 at 5982   Jun up 45 at 7492 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were higher following a firmer undertone for pork. A record weekly slaughter was expected and this may weigh on price the rest of the week. Poultry  Date: December 18, 2007 Eggs New York:  Ex. Lg. 161-165; Lg. 159-163; Med. 151-155; Chicago:  Ex. Lg. 151-159; Lg. 149-157; Med. 141-149; Eastern Region Turkeys Hens: 8-16 lbs. 78-82 Toms: 16-24 lbs. 78-82   Delmarva Broilers U.S. Grade A Trade sentiment was mixed, but overall at least steady. Supplies of all sizes were adequate to short of full trade needs. In production areas, live supplies were moderate at mixed, but 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