Friday, December 21, 2007

12/21/2007 Farm Bureau Market Report

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Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: December 21, 2007

The Farm Bureau Center will be closed on Monday, December 24 & Tuesday, December 25 in observance of the Christmas holiday. The next market report will be available on Wednesday, December 26. We hope you all have a safe and Merry Christmas.

Soybeans

Local Elevators:
(Dec) EAST AR:  1126 to 1154
(NC) Summ. 1139 to - - -
River Elevators:
(Dec) MISS: 1143 to 1163 ; AR & White 1133 to 1138
(NC) Summ. 1154 to 1173
Ark. Processor Bids: (Dec) 1136 to 1144  (NC) 1155 to 1171
Memphis:  (Dec) 1176 to 1178 1/2 (NC)  1054 1/4 to - - -
Riceland Foods:  (Dec) Stuttgart 1144 ; Pendleton 1154 ; West Memphis 1163

Chicago Futures: Jan up 16 3/4 at  1177 1/2
  Mar  up  16 1/4  at  1196
  May up 16 1/4  at  1212
  Nov '08 up 16 1/4  at  1094 1/4
  Nov '09 up 21  at  1022
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans and corn continued to move higher with no apparent end in sight. There is little fresh fundamental news to drive the market. So, it appears to be the battle for ’08 acreage and continued support from funds. While there is no obvious end in sight, several old crop contracts are now above $12.00 and new crop November approached $11. Looking at the charts, a tiny gap at $10 may prove to be a measuring gap – if so, the objective would be $11.70. Keep in mind that when the market does top, there could be a big downward retracement.

Wheat
Cash bid for new crop at Memphis  699 1/2 to 704 1/2;

Bids to farmers at Local Elevators 679-692;
River Elevators 677-695;

Chicago Futures: Mar down  at  949 
  May down 6 1/2  at  949 
  Jul up  10  at  789 1/2 
  Sep up  9 1/2  at  794 
  Jul '09 up  at  748 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for December at Memphis  844 to 846;

Bids to farmers at River Elevators 701-764;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for December at Memphis   433 1/2 to 434 1/2;
  new crop at Memphis   436 3/4 to - - -;
Bids to farmers at River Elevators  411 to 430

Chicago Futures: Mar up  at  443 1/2 
  May up  5 3/4  at  453 3/4 
  Jul up  6 1/2  at  461 3/4 
  Dec '08 up  at  462 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was mixed with support coming from strength in corn and soybeans. Yesterday’s export report showed more cancellations than sales, indicating that we have priced ourselves out of the market for the time being. July futures have support near $7.64.



Cotton & Rice  Date: December 21, 2007


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 41 at  6133
  Greenwood up  41 at 6133

New York Futures: Mar up  38  at  6655 
  May up  42  at  6795 
 Jul up  57  at  6970 
 Dec up  40  at  7420 
 Mar '09 up  25  at  7655 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton ended the pre-holiday period slightly higher and in a positive technical position going into the end of the year. 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 1242/cwt  to  - - -
  Feb/Mar 1242  to  1256/cwt

Chicago Futures: Jan up  15  at  1355 
 Mar up  16 1/2  at  1387 1/2 
 May up  17  at  1412 
 Sep up  at  1357 
 n/a up  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice gapped higher and moved above the recent consolidation area to close at new contract highs. There are no obvious upside chart points to aim at but there will be support on any retracement starting at $13.10. 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 21, 2007

Cattle
As reported by Federal-State Market News, receipts were 7,845 head at sales in Arkansas this week.  Compared with last week, feeder steers sold near steady on a light pre-holiday test. .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 113 to 123
  500 to 550 lbs. 106 to 112
  600 to 650 lbs. 99 to 105
 Medium & Large Frame 2   400 to 450 lbs. 104 to 114

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 102 to 110
 Medium & Large Frame 2   400 to 450 lbs. 90 to 100

Slaughter Cows, Boners 44   to   46
Light Weight 32 to 36
Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   57, high dressing untested
Midwest Steers   were $1.-$.50 lower   at   91   to   91.50
Panhandle Steers   n/a   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 113.75 to 123.50
  600 to 650 lbs. 104.25 to 11350
Heifers 500 to 550 lbs. 93.50 to 107.50
  600 to 650 lbs. 90.50 to 104.50

Chicago Futures:
Live Cattle: Feb down 17 at 9552
  Jun down 15 at 9437
Feeders: Jan down 12 at 10382
  Mar down 67 at 10627

Cattle Comment
Cattle futures were mostly lower ahead of this afternoon’s Cattle on Feed report. The market is anticipating an on-feed inventory close to last year’s number thanks to active placements and slower marketings. Weaker product values were also a factor.

Hogs
Peoria: were $1.5     lower   at   30   to   30.5

Chicago Futures: Feb down 17 at 5972
  Jun down 7 at 7455

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

Hogs Comment
Hog futures were mixed in slow trading ahead of the Holidays. 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 21, 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. 75-76
Toms: 16-24 lbs. 75-76
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was mostly steady to fully steady. Supplies of all sizes were in balance to closely cleared for trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.

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