12/20/2007 Farm Bureau Market Report

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Grain & Soybean Date: December 20, 2007 Soybeans Local Elevators: (Dec) EAST AR:  1109 to 1137 (NC) Summ. 1122 to - - - River Elevators: (Dec) MISS: 1126 to 1146 ; AR & White 1115 to 1121 (NC) Summ. 1125 to 1156 Ark. Processor Bids: (Dec) 1119 to 1127  (NC) 1138 to 1151 Memphis:  (Dec) 1155 3/4 to 1161 3/4 (NC)  1038 to - - - Riceland Foods:  (Dec) Stuttgart 1127 ; Pendleton 1137 ; West Memphis 1146 Chicago Futures: Jan up 1 3/4 at  1160 3/4   Mar  up  2  at  1179 3/4   May up 3  at  1195 3/4   Nov '08 up 7 1/2  at  1078   Nov '09 up 15  at  1001   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans and corn both benefited from excellent export reports, which exceeded expectations. Soybeans hit new contract highs with new crop again leading the way. The crop again leading the way. The census report also put the November soybean crush at about a million bushels above expectations. The market is also receiving underlying support from the new energy bill. Look for corn and soybeans to continue battling for ’08 acreage, but don’t let profitable price levels evaporate without selling some of next year’s expected production. Wheat Cash bid for new crop at Memphis  689 1/2 to 694 1/2; Bids to farmers at Local Elevators 670-680; River Elevators 666-685; Chicago Futures: Mar down  19 1/2  at  954    May down 13 1/2  at  955 1/2    Jul down  5 1/4  at  779 1/2    Sep down  5 1/2  at  784 1/2    Jul '09 down  7 1/2  at  740    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  826 to 833; Bids to farmers at River Elevators 689-751; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   427 1/2 to - - -;   new crop at Memphis   428 3/4 to - - -; Bids to farmers at River Elevators  404 to 424 Chicago Futures: Mar up  2 3/4  at  437 1/2    May up  2 3/4  at  448    Jul up  3 1/4  at  456    Dec '08 up  2 1/2  at  454 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat declined as export numbers were below trade estimates. This may be a sign high price levels are beginning to ration use. July futures are hovering above support near $7.64. Cotton & Rice  Date: December 20, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 100 at  6092   Greenwood down  100 at 6092 New York Futures: Mar down  7  at  6620    May down  2  at  6760    Jul down  2  at  6925    Dec down  2  at  7378    Mar '09 down  30  at  7660  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed slightly mixed with the market beginning to experience light holiday and end of year trading. 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 1226/cwt  to  - - -   Feb/Mar 1226  to  1256/cwt Chicago Futures: Jan up  6  at  1340    Mar up  3  at  1371    May up  3  at  1395    Sep up  2  at  1350    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice reversed early declines to end the day on a positive. Gains carried January futures to $13.40, just six cents away from the contract high of two weeks ago. That resistance is $13.46, support starts at $13.10, and then $12.78. 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 20, 2007 Cattle As reported by Federal-State Market News, receipts were 3,368 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold firm to $3 higher, heifers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117 to 127   500 to 550 lbs. 105 to 115   600 to 700 lbs. 97 to 107  Medium & Large Frame 2   400 to 450 lbs. 110 to 120 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 97 to 107  Medium & Large Frame 2   400 to 450 lbs. 91 to 101 Slaughter Cows, Boners 44   to   47 Light Weight 30 to 38 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   52   to   57, high dressing 59-61 Midwest Steers   were $2 higher   at   92   to   - - - Panhandle Steers   were $2-2.50 higher   at   92, few 92.50   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 113 to 120   600 to 650 lbs. 103.50 to 108.50 Heifers 500 to 550 lbs. 103.50 to 106   550 to 600 lbs. 98 to 104 Chicago Futures: Live Cattle: Feb down 50 at 9577   Jun down 22 at 9422 Feeders: Jan down 25 at 10395   Mar down 40 at 10695 Cattle Comment Cattle futures were mostly lower as reports indicated some cash sales at $92. Lower beef cutout values are expected to convince others to take bids in this area. Little improvement is expected until after the holidays. Hogs Peoria: were $1     lower   at   31.5   to   32 Chicago Futures: Feb down 20 at 5990   Jun down 52 at 7462 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were moderately lower as pork carcass values drop from 50 cents to $1.50. Hog runs are expected to be sharply lower during Christmas week with producers pushing marketings forward. Like cattle, little improvement is seen until after the holidays. Poultry  Date: December 20, 2007 Eggs New York:  Ex. Lg. 163-167; Lg. 161-165; Med. 151-155; Chicago:  Ex. Lg. 151-159; Lg. 149-157; Med. 141-149; Eastern Region Turkeys Hens: 8-16 lbs. 76-78 Toms: 16-24 lbs. 76-78   Delmarva Broilers U.S. Grade A Trade sentiment was at least steady. Demand into retail channels was mostly light to instances moderate. 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