01/03/2008 Farm Bureau Market Report

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Grain & Soybean Date: January 03, 2008 Soybeans Local Elevators: (Jan) EAST AR:  1198 to 1218 (NC) Summ. 1087 to 1112 River Elevators: (Jan) MISS: 1223 to 1242 ; AR & White 1206 to 1212 (NC) Summ. 1084 to 1117 Ark. Processor Bids: (Jan) 1214 to 1216  (NC) 1108 to 1112 Memphis:  (Jan) 1239 1/2 to 1242 1/2 (NC)  1116 1/2 to - - - Riceland Foods:  (NC) Stuttgart 1214 ; Pendleton 1218 ; West Memphis 1212 Chicago Futures: Jan up 19 at  1251 1/2   Mar  up  18 3/4  at  1267 1/2   May up 20  at  1284 1/2   Nov '08 up 13 1/2  at  1161 1/2   Nov '09 up 15  at  1085   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded in a narrow, but positive range for much of the day. Late buying pushed the market to new highs. Fundamentals remain unchanged with a weak dollar, strong demand and a push for ’08 plantings contributing to higher values. Some technical indications suggest the market is heavily overbought and due a correction. At this point the funds seem reluctant to pare their positions. Add incremental sales of expected ’08 production as the market moves higher. November futures have support at Monday’s low of $11.01. Wheat Cash bid for new crop at Memphis  717 to 724; Bids to farmers at Local Elevators 702-714; River Elevators 699-717; Chicago Futures: Mar up  30  at  945    May up 30  at  952 1/2    Jul '08 up  21 1/4  at  812    Sep up  18  at  815    Jul '09 up  15 1/2  at  773 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  884 to 886; Bids to farmers at River Elevators 741-804; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   454 to 459;   new crop at Memphis   456 to - - -; Bids to farmers at River Elevators  443 to 458 Chicago Futures: Mar up  3 1/2  at  466    May up  3 1/4  at  476 3/4    Jul up  3 1/2  at  486 1/2    Dec '08 up  5 1/2  at  485 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat made strong gains for a second day in a row. Tight stocks, strong demand and potential U.S. crop problems contributed to the upturn. July has strong support at the recent low of $7.63, with resistance at the $8.30 contract high. Cotton & Rice  Date: January 03, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 17 at  6346   Greenwood down  17 at 6346 New York Futures: Mar down  17  at  6871    May down  19  at  7040    Jul down  16  at  7219    Dec down  21  at  7646    Mar '09 down  26  at  7890  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed slightly lower today. Cotton remains on the bottom of the totem pole for the time being. While old crop March is making a run at resistance between 70 and 71.45 cents; new crop December made a new contract high and could be headed higher in attempt to hold acreage. Early estimates suggest anywhere from 9.2 to 10 million acres. The National Cotton Council will release their survey in early February. Right now, the higher bean, wheat, and corn values are chewing into last year’s 11 million planted acres. With soybeans at $11 plus for the ’08 crop; cotton has to move higher or lose acreage. Rice Long Grain Cash Bid for  Jan/Feb/Mar 1252/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan down  1  at  1395    Mar down  2 1/2  at  1427    May down  3  at  1450    Sep down  5  at  1402    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was reluctant to add to recent big gains and the result was a slight downturn in most contracts. Overall market fundamentals remain strong with tight U.S. and world stocks keeping the international market firm. Vietnam has snuck back in the mix and covered a tender from the Philippines. However, most of their new crop rice won’t be in a deliverable position until March. India has raised their minimum export price for white rice from $450 to $500 effectively maintaining a ban on exports. Many U.S. customers appear to have needs covered into spring, however they must be concerned about the size of U.S. plantings in ’08. Wheat, corn and soybeans values may pull acreage from rice, unless the market shows further improvement. March futures have support from $13.50 to $13.85. Cattle & Hogs  Date: January 03, 2008 Cattle As reported by Federal-State Market News, receipts were 1,146 head at sales in Charlotte & Green Forsest.  Compared with last week, feeder steers were mixed from $2 higher to $2 lower, but generally steady. Feeder heifers under 550 lbs mixed, mostly steady, over 550 lbs mostly $2-$6 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109 to 110   500 to 550 lbs. 109 to 119   600 to 700 lbs. n/a to - - -  Medium & Large Frame 2   400 to 450 lbs. 109 to 119 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 96 to 106  Medium & Large Frame 2   400 to 450 lbs. 89 to 99 Slaughter Cows, Boners 42   to   48 Light Weight n/a to - - - Bulls, Yield Grade   1-2   1000   to   2100 lbs.   52.50   to   60 Midwest Steers   were $1-2.50 higher   at   93   to   94.50 Panhandle Steers   were steady to $1.50 higher   at   92   to   94.50 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 down 147 at 9477   Jun down 115 at 9407 Feeders: Jan down 262 at 10180   Mar down 257 at 10392 Cattle Comment Cattle futures were mostly lower as packers and feedlot operators remain several dollars apart on their bids and offers. Tighter consumer demand and higher corn prices were factors in the decline. Feedlot placements are strong as producers are reluctant to place them on dry wheat pastures. Hogs Peoria: were     steady   at   27   to   29 Chicago Futures: Feb down 70 at 5647   Jun down 55 at 7270 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mostly lower with new some new contract lows. Large hog supplies and weak wholesale prices for pork indicate further declines are likely. Futures could drop back to the November lows just above $50. Poultry  Date: January 03, 2008 Eggs New York:  Ex. Lg. 163-167; Lg. 161-165; Med. 144-148; Chicago:  Ex. Lg. 152-160; Lg. 150-158; Med. 141-149; Eastern Region Turkeys Hens: 8-16 lbs. 73-75 Toms: 16-24 lbs. 73-75   Delmarva Broilers U.S. Grade A Trade sentiment was fully steady to firm. Supplies of all sizes were in balance to short of full 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