12/31/2007 Farm Bureau Market Report

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Grain & Soybean Date: December 31, 2007 In observance of the holiday, the Farm Bureau Center will be closed Tuesday, January 1, 2008. The next report will be available on Wednesday, January 2, 2008. We wish you all a safe and Happy New Year. Soybeans Local Elevators: (Dec) EAST AR:  1147 to 1175 (NC) Summ. 1159 to - - - River Elevators: (Dec) MISS: 1159 to 1184 ; AR & White 1151 to 1159 (NC) Summ. 1159 to 1194 Ark. Processor Bids: (Dec) 1157 to 1165  (NC) 1169 to 1191 Memphis:  (Dec) 1189 1/4 to 1192 (NC)  1075 1/2 to - - - Riceland Foods:  (Dec/Jan) Stuttgart 1165 ; Pendleton 1175 ; West Memphis 1184 Chicago Futures: Jan down 8 3/4 at  1199   March  down  8 3/4  at  1214 1/4   May down 10 3/4  at  1229 3/4   Nov '08 unchanged 0  at  1120 1/2   Nov '09 down 5  at  1037   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were hit by an early round of profit taking in a thinly traded end of the year session. The market dipped as much as 25 cents in the first 15 minutes of trading, but rallied to recoup a portion of that decline in a shortened trading session. A key reversal on Friday would typically signal a market top, but this market does not appear to be through. With corn still working higher, any retracement is likely to be shortlived. Wheat Cash bid for new crop at Memphis  680 1/2 to 687 1/2; Bids to farmers at Local Elevators 666-678; River Elevators 662-681; Chicago Futures: March unchanged  0  at  885    May unchanged 0  at  893    July down  2 1/2  at  775 1/2    Sept down  7 1/4  at  775    July '09 down  1  at  742    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  865 to 867; Bids to farmers at River Elevators 721-784; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   443 1/2 to 451 1/2;   New crop at Memphis   446 1/4 to - - -; Bids to farmers at River Elevators  422 to 442 Chicago Futures: March up  3 1/2  at  455 1/2    May up  3 1/2  at  466 3/4    July up  3 1/2  at  476 1/2    Dec '08 up  1/2  at  473 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was all over the board before ending steady to lower. Wheat gives all appearances of having topped, but tight supplies should limit downside. Both Russia and China have raised export tariffs to slow outbound movement. July futures have initial support around $7.64. Cotton & Rice  Date: December 31, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 12 at  6276   Greenwood up  12 at 6276 New York Futures: March up  12  at  6801    May up  19  at  6957    July up  17  at  7121    Dec '08 up  1  at  7521    March '09 unchanged  0  at  7770  This week's LDP rate for cotton is  n/a cents   The estimate for next week is  n/a cents Cotton Comment Cotton was mixed in a limited trade. There remains a growing concern 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 1215/cwt  to  - - -   March 1215/cwt  to  - - - Chicago Futures: Jan down  10  at  1355    March down  10 1/2  at  1386 1/2    May down  7  at  1415    Sept up  5  at  1380    - - -   - - -  at  - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice followed the lead of beans and wheat and retreated from Friday’s contract highs. Limited trading pared Friday’s gains, but there is no indication of topping action in this market. Things will be back to normal after the New Year’s holiday and the overall fundamental situation remains positive. Upside potential may be limited, or it may be significant. Both U.S. and world stocks are limited and U.S. rice production could decline in 2008 unless price is competitive with the corn and bean market. High fuel and fertilizer costs could move weaker land from rice to beans. Cattle & Hogs  Date: December 31, 2007 Cattle As reported by Federal-State Market News, receipts were - - - head at sales in - - -.  Compared with last week, feeder steers - - - . Steers:  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners - - -   to   - - - Light Weight - - - to - - - Bulls, Yield Grade   - - -   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were   at   89   to   93.50 Panhandle Steers   were   at   91   to   93.50 Oklahoma City Feeders Steers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Heifers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Feb up 12 at 9617   June up 25 at 9502 Feeders: Jan up 92 at 10510   March up 75 at 10710 Cattle Comment Cattle futures were higher across the board with feeders leading the way. Generally, there is a feeling that cattle have bottomed, but any upside recovery will be limited unless cutout values improve significantly. February live cattle need to close above trendline resistance around $97 to suggest a bottom has been made. Support remains the recent low of $94.50. Hogs Peoria: were     steady   at   28   to   30 Chicago Futures: Feb up 57 at 5787   June up 32 at 7325 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were mostly higher as the market made a late partial recovery of Friday’s big losses. A larger than expected inventory will pressure prices for the near term. Resistance is located between $58 and $59 for February futures. Support at $57 appears weak. Poultry  Date: December 31, 2007 Eggs New York:  Ex. Lg. 163-167; Lg. 161-165; Med. 146-150; Chicago:  Ex. Lg. 152-160; Lg. 150-158; Med. 141-149; Eastern Region Turkeys Hens: 8-16 lbs. 75 Toms: 16-24lbs. 75   Delmarva Broilers U.S. Grade A Movement of ready-to-cook whole birds was moderate to good approaching the New Year's holiday. Offerings were in good balance to well cleared for immediate trade requirements. Live supplies were moderate; weights were mixed, but noted as mostly desirable. Processing schedules were light with many plants closed due to the holiday. Less than trucklot asking prices were unchanged at 71 to 85 cents. The market tone ranged fully steady to firm. ---------------------------------------- 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? 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