12/27/2007 Farm Bureau Market Report

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Grain & Soybean Date: December 27, 2007 Soybeans Local Elevators: (Dec) EAST AR:  1161 to 1189 (NC) Summ. 1169 to - - - River Elevators: (Dec) MISS: 1178 to 1198 ; AR & White 1167 to 1173 (NC) Summ. 1175 to 1208 Ark. Processor Bids: (Dec) 1171 to 1179  (NC) 1183 to 1205 Memphis:  (Dec) 1202 1/2 to 1209 1/2 (NC)  1077 1/4 to 1082 1/4 Riceland Foods:  (Dec) Stuttgart 1179 ; Pendleton 1189 ; West Memphis 1198 Chicago Futures: Jan down 8 1/4 at  1212 1/2   Mar  down  8  at  1231 1/2   May down 8 1/4  at  1248   Nov '08 down 4 1/4  at  1122 1/4   Nov '09 down 7  at  1040   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gave back a portion of yesterday’s gains but remains in a solid uptrend. Record vegetable oil prices in China and other Asian countries are fueling the recent upturn. While that situation remains a factor, traders took profit and eased up on positions heading into the end of the year. November futures have upside gap objective of $11.70, while old crop futures appear to be heading to the all time high of $12.90. Wheat Cash bid for new crop at Memphis  697 to 704; Bids to farmers at Local Elevators 682-694; River Elevators 679-697; Chicago Futures: Mar down  26 1/4  at  915    May down 24 1/2  at  919    Jul '08 down  14 1/2  at  792    Sep down  12  at  797    Jul '09 down  10  at  754    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  864 to 866; Bids to farmers at River Elevators 721-784; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   442 3/4 to 447 3/4;   new crop at Memphis   446 1/4 to 449 1/4; Bids to farmers at River Elevators  423 to 441 Chicago Futures: Mar up  2 1/2  at  454 3/4    May up  3 1/4  at  466    Jul up  2 3/4  at  475    Dec '08 up  4 1/2  at  474 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat appears to have priced itself out of the international market with Egypt having cancelled a number of purchases. March futures gave further signs of a possible market top as trading pushed futures below recent support. Retracement objectives are $8.94, $8.69 and $8.44. Cotton & Rice  Date: December 27, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 66 at  6253   Greenwood up  66 at 6253 New York Futures: Jan up  5  at  1351    Mar up  5  at  1383    May up  4  at  1408    Sep up  3  at  1365    n/a up  - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton extended recent gains as the market is showing growing concerns about further cuts in ’08 planted acreage. While there are ample stocks available for the current market year, plantings in the 9 to 10 million acre range would substantially reduce stocks in 08/09. Production would likely be in the 14 to 16 million bale range. While that is well above domestic needs, China and several other countries will need substantial imports to feed their rapidly expanding mill sector. Old crop March may test support at 70 cents, while December may need to move above 80 cents to keep acreage from moving to soybeans, corn and wheat. Rice Long Grain Cash Bid for  Jan/Feb/Mar 1238/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan down  5  at  1351    Mar down  5  at  1383    May down  4  at  1408    Sep down  3  at  1365    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was a little lower today in a thinly traded holiday market. Overall fundamentals remain positive with U.S. and world stocks continuing to tighten. The market got a positive boost from the recent European Common market announcement that they would no longer test for biogenetic materials. In order to hold acreage rice will likely need to move higher in order to compete with soybeans and grains. Cattle & Hogs  Date: December 27, 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 - - - to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   were quoted   at   93   to   93.50 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 117 at 9617   Jun up 85 at 9472 Feeders: Jan up 87 at 10437   Mar up 130 at 10632 Cattle Comment Cattle futures rallied on weather concerns as forecast indicates snow across the plains. Packers and feedlot bids and offers remain several dollars apart and cutout values continue to decline. Tighter cattle supplies are expected by late February or early March. February futures have resistance around $97. Hogs Peoria: were weak to     steady   at   28   to   30 Chicago Futures: Feb down 62 at 5935   Jun down 55 at 7392 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs remain under pressure as the market anticipates further expansion in today’s pig crop report. Big hog runs and limited demand pushed futures back to the bottom of a narrow consolidation. If support at $59.25 fails to hold, futures will retest support at the contract low of $59.15. Poultry  Date: December 27, 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 fully steady to firm. Demand into retail channels was mostly light to fair with optimism for next week’s first of the month. Supplies of all sizes were adequate to short of full trade needs due to reduced holiday schedules with many plants down next week for New Year’s Day. In production areas, live supplies were moderate at desirable to heavy, 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