01/01/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: January 08, 2008 Soybeans Local Elevators: (Jan) EAST AR:  1197 to 1217 (NC) Summ. 1106 to 1131 River Elevators: (Jan) MISS: 1212 to 1241 ; AR & White 1204 to 1210 (NC) Summ. 1104 to 1136 Ark. Processor Bids: (Jan) 1212 to 1213  (NC) 1127 to 1131 Memphis:  (Jan) 1227 to 1232 (NC)  1134 to 1136 Riceland Foods:  (NC) Stuttgart 1213 ; Pendleton 1217 ; West Memphis 1241 Chicago Futures: Jan up 20 1/2 at  1256 1/2   Mar  up  17 1/4  at  1267   May up 17 1/2  at  1128 3/4   Nov '08 up 13 1/2  at  1181   Nov '09 up 14  at  1124   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed the session with strong gains, but well below the daily highs. “Beans in the teens” was a fact again today as the July contract hit $13.05. New crop November rose to $11.94 before losing steam. Strong buying from Asia and more index fund purchasing provided the push for today’s “gap” higher move. The November contract fulfilled the fall measuring gap objective of $11.70. Today’s gap higher move could be an exhausting gap or the signal for another leg up. Producers need to stay close to this market and have a plan in place to make additional ’08 crop sales. The market is due a downside retracement. Wheat Cash bid for new crop at Memphis  714 to 716; Bids to farmers at Local Elevators 699-711; River Elevators 696-714; Chicago Futures: Mar up  4 1/2  at  907 1/2    May up 4/4  at  9201/2    Jul up  5  at  809    Sep up  6 1/4  at  816    Jul '09 up  12 1/2  at  782    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  908 to - - -; Bids to farmers at River Elevators 773-836; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   468 3/4 to 472 3/4;   new crop at Memphis   466 3/4 to 468 3/4; Bids to farmers at River Elevators  454 to 469 Chicago Futures: Mar up  12 1/2  at  478 3/4    May up  12 1/2  at  490    Jul up  12 1/2  at  499 1/2    Dec '08 up  10 1/4  at  496    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures recovered a portion of yesterday’s big losses. Carryover from corn and soybeans was the driving force behind the market today. The USDA will release its first winter wheat seeding estimate Friday, and the trade is anticipating a 6% increase in acres over the last year. July has strong support at the recent low of $7.63, and is building resistance at the recent high of $8.19. Cotton & Rice  Date: January 08, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 98 at  6468   Greenwood up  98 at 6468 New York Futures: Mar up  48  at  6943    May up  44  at  7107    Jul up  55  at  7285    Dec up  70  at  7716    Mar '09 up  51  at  7971  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton pushed to a new contract high for December ’08 while old crop contracts also improved. Export movement remains near expectations, while end of year stocks for the U.S. are large. That would seem to put a cap on upside potential. However, the market must be anticipatory and expectations are for ’08 plantings to be substantially lower than in ’07. Projections put plantings in the 9.25 to 10 million acre range. This compares to 15.3 million acres in ’06 and 10.9 million acres in ’07. Unless price moves higher, another substantial cut will be seen in ’08. Rice Long Grain Cash Bid for  Jan 1260  to  1273/cwt   Feb/Mar 1273/cwt  to  - - - Chicago Futures: Jan up  36  at  1430    Mar up  23  at  1448    May up  25  at  1475    Sep up  25  at  1425    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures advances to new contract highs, which were also new all time CBOT highs. Prompted by across the board gains in wheat, corn and beans; rice is simply trying to remain part of the crop mix. International markets are firm. Vietnam is still awaiting new crop supplies but has already grabbed a big tender from the Philippines. Overall U.S. and world supplies are tight and there is certainly questions about how much rice the U.S. will plant in ’08. For now the trend remains higher. Cattle & Hogs  Date: January 08, 2008 Cattle As reported by Federal-State Market News, receipts were 2,350 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold $1-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113 to 123   500 to 550 lbs. 102 to 112   600 to 700 lbs. 95 to 105  Medium & Large Frame 2   400 to 450 lbs. 102 to 112 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 92 to 102  Medium & Large Frame 2   400 to 450 lbs. 80 to 90 Slaughter Cows, Boners 44   to   50 Light Weight 32 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   62.50, high dressing $62.50-66.50 Midwest Steers   were $2 lower to $1.50 higher   at   92   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 115 to 125.50   600 to 650 lbs. 100.75 to 112.50 Heifers 500 to 550 lbs. 98 to 109   600 to 650 lbs. 94.50 to 97.50 Chicago Futures: Live Cattle: Feb down 52 at 9407   Jun down 20 at 9442 Feeders: Jan down 20 at 10022   Mar down 57 at 10312 Cattle Comment Cattle futures were under pressure today. Weak beef demand and negative packer margins are limiting the upside. Feeders were lower on renewed strength in corn. April has support at $96.55, the bottom of the trading channel that has held the market since November. Hogs Peoria: were     steady   at   26.5   to   27 Chicago Futures: Feb up 17 at 5587   Jun up 37 at 7230 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs continue to set new lows on an almost daily basis. Large hog supplies and weak wholesale prices for pork indicate further declines are likely. Futures are oversold, but are still trading at a steep premium to cash prices so further declines are likely. Futures could drop back to the November lows just above $50. Poultry  Date: January 08, 2008 Eggs New York:  Ex. Lg. 158-162; Lg. 156-160; Med. 139-143; Chicago:  Ex. Lg. 152-160; Lg. 150-158; Med. 134-142; Eastern Region Turkeys Hens: 8-16 lbs. 73-74 Toms: 16-24 lbs. 73-74   Delmarva Broilers U.S. Grade A Trade sentiment was mixed, but mostly steady. Supplies of all sizes were usually sufficient to satisfy trade needs. 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