12/26/2007 Farm Bureau Market Report

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Grain & Soybean Date: December 26, 2007 Soybeans Local Elevators: (Dec) EAST AR:  1169 to 1197 (NC) Summ. 1177 to - - - River Elevators: (Dec) MISS: 1186 to 1206 ; AR & White 1176 to 1181 (NC) Summ. 1184 to 1216 Ark. Processor Bids: (Dec) 1179 to 1187  (NC) 1191 to 1213 Memphis:  (Dec) 1220 1/2 to 1220 3/4 (NC)  1076 1/2 to 1086 1/2 Riceland Foods:  (Dec) Stuttgart 1187 ; Pendleton 1197 ; West Memphis 1206 Chicago Futures: Jan up 39 3/4 at  1220 3/4   Mar  up  40 1/4  at  1239 1/2   May up 40 3/4  at  1256 1/4   Nov '08 up 26  at  1126 1/2   Nov '09 up 22  at  1047   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans led the grains higher with big moves in foreign soy oil driving the market. The gains in soybeans carried over into corn and to some respect, wheat. Beans gapped to new levels with some old contracts, exceeding $12.50 and new crop November reaching $11.31. A gap at $10 on the November suggests an upside objective of $11.70. However, the market is extremely overbought with RSI moving above 85. So, look for a possible downward retracement at any time. Continue to use gains to add to ’08 crop pricing for both soybeans and corn. Wheat Cash bid for new crop at Memphis  716 1/2 to 721 1/2; Bids to farmers at Local Elevators 697-709; River Elevators 698-712; Chicago Futures: Mar up  6  at  941 1/4    May up 7 1/4  at  943 1/2    Jul up  14 1/2  at  806 1/2    Sep up  10 3/4  at  809    Jul '09 up  14  at  764    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  859 to 861; Bids to farmers at River Elevators 716-779; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   442 1/4 to 443 1/4;   new crop at Memphis   445 to - - -; Bids to farmers at River Elevators  419 to 438 Chicago Futures: Mar up  8 1/4  at  452 1/4    May up  8  at  462 3/4    Jul up  8 3/4  at  472 1/4    Dec '08 up  7 1/2  at  470    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat followed beans and corn higher, but with less enthusiasm. Further cancellation of prior sales limited upside movement and suggests a top is likely in place. So look for July to honor the resistance at the contract high of $8.30. Cotton & Rice  Date: December 26, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis  55 at  6187   Greenwood up  55 at 6187 New York Futures: Mar up  56  at  6714    May up  55  at  6850    Jul up  36  at  7005    Dec '08 up  38  at  7460    Mar '09 up  53  at  7683  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton made modest gains and continued to move above previous resistance. March futures may test old resistance near 70 cents. This is the upper end of an established trading range that starts from resistance at 63 cents. The market continues to work under a big stocks burden. Ending stocks are projected to be 7.7 million bales. This will likely be offset by another substantial cut in plantings in ’08. Acreage is expected to drop to 10 million acres or less, with Informa suggesting a crop of about 9.1 million acres. Rice Long Grain Cash Bid for  Jan/Feb 1243/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan up  8  at  1356    Mar up  5  at  1388    May up  5  at  1412    Sep up  7  at  1362    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice received a boost last week from news that European Common market will no longer test U.S. rice for biogenetic materials. That should increase overall export demand. The market continues to move higher and has exceeded long term chart points. The market continues to focus on tight U.S. and world stocks and the potential for further cuts in U.S. plantings in ’08. The rice market will have to bid the market up to compete with corn, soybeans and wheat. Cattle & Hogs  Date: December 26, 2007 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Feb up 42 at 9500   Jun up 42 at 9387 Feeders: Jan down 7 at 10350   Mar down 45 at 10502 Cattle Comment Live cattle futures were mostly higher, but the overall trend in the market remains down. Packers and feedlots are generally $2 to $3 apart on bids and offers. Another holiday shortened slaughter week means packers need fewer cattle. Lighter supplies of beef should boost cutout values. Hogs Peoria: were     steady   at   29.5   to   30 Chicago Futures: Feb up 17 at 5997   Jun up 15 at 7447 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures improved slightly but large hog runs are limiting packer bids. The trade estimates a 3.4% gain in the current hog herd over a year ago and this is likely to push cash bids lower into January. Poultry  Date: December 26, 2007 Eggs New York:  Ex. Lg. 163-167; Lg. 161-165; Med. 151-155; Chicago:  Ex. Lg. 152-160; Lg. 150-158; 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 mixed, but at least steady. Demand was mixed with trade mostly refilling needs and monitoring further market developments. Supplies of all sizes were adequate to well cleared, at times short due to reduced plant schedules for the holiday. 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