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: | 0¢ |
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 | 5 | 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 | 8 | at | 748 |
| Today's Arkansas LDP rate for wheat is: | 0¢ |
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: | 0¢ |
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 | 6 | 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 | 8 | at | 462 1/2 |
| Today's Arkansas LDP rate for corn is: | 0¢ |
Grain Comment
Wheat was mixed with support coming from strength in corn and soybeans. Yesterdays 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. Thats 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 70s.
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 | 7 | at | 1357 |
| n/a | up | - - - | at | - - - |
Today's Arkansas LDP rate for long grain rice is | 0¢ |
medium grain rice is | 0¢ |
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 afternoons Cattle on Feed report. The market is anticipating an on-feed inventory close to last years 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 ATrade 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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