01/04/2008 Farm Bureau Market Report

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Grain & Soybean Date: January 04, 2008 Soybeans Local Elevators: (Jan) EAST AR:  1193 to 1213 (NC) Summ. 1086 to 1111 River Elevators: (Jan) MISS: 1218 to 1237 ; AR & White 1204 to 1210 (NC) Summ. 1084 to 1113 Ark. Processor Bids: (Jan) 1208 to 1209  (NC) 1107 to 1111 Memphis:  (Jan) 1232 1/2 to 1237 1/2 (NC)  1113 3/4 to 1115 3/4 Riceland Foods:  (NC) Stuttgart 1209 ; Pendleton 1213 ; West Memphis 1237 Chicago Futures: Jan down 2 1/2 at  1249   Mar  down  5  at  1262 1/2   May down 5  at  1279 1/2   Nov '08 down 3/4  at  1160 3/4   Nov '09 up 5  at  1090   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed the session slightly lower as the market made a fairly strong retracement move in the early going. That followed an overnight session that saw “beans in the teens”, albeit briefly. Late buying helped beans recoup most of the early losses and left the market ready to move either direction on Monday. Current numbers suggest corn still holds the advantage in the Midwest from a gross returns aspect. If that’s the case, beans may not have bought enough acres. Weekly sales reports were down and provided some pressure. The question to answer is whether that is the beginning of a trend. Wheat Cash bid for new crop at Memphis  722 1/4 to 729 1/4; Bids to farmers at Local Elevators 707-719; River Elevators 704-722; Chicago Futures: Mar down  13 1/2  at  931 1/2    May down 8  at  944 1/2    Jul up  5 1/4  at  817 1/4    Sep up  6  at  821    Jul '09 up  3 1/2  at  777    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  885 to 887; Bids to farmers at River Elevators 743-805; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   454 3/4 to 459 3/4;   new crop at Memphis   458 1/4 to - - -; Bids to farmers at River Elevators  444 to 459 Chicago Futures: Mar up  3/4  at  466 3/4    May up  1 1/4  at  478    Jul up  1 1/4  at  487 3/4    Dec up  1  at  486 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures turned mixed with old crop contracts sharply lower on profit taking after sharp gains two days in a row. The March contract high of $10.19 looks like it will be tough to break. July has strong support at the recent low of $7.63, with resistance at the $8.30 contract high. Cotton & Rice  Date: January 04, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 2 at  6344   Greenwood down  2 at 6344 New York Futures: Mar down  2  at  6869    May down  4  at  7036    Jul down  15  at  7204    Dec down  19  at  7627    Mar '09 up  12  at  7902  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton, like other commodities started the day under pressure, but recovered a portion of the losses to close the day slightly lower. Cotton remains the “ugly sister” in the current market, but has made good strides over the last several weeks. However, the market is struggling 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 1257/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan up  5 1/2  at  1400 1/2    Mar up  5  at  1432    May up  5  at  1455    Sep unchanged    at  1402    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice reversed early declines to close on the positive side. There was little fresh news to give the market direct, as 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 04, 2008 Cattle As reported by Federal-State Market News, receipts were 1,316 head at sales in Glenwood, Ozark & Fayetteville.  Compared with last week, feeder steers sold mostly $5-$7 lower on a light post-holiday test . Steers:  Medium & Large Frame 1   400 to 450 lbs. 106 to 116   500 to 550 lbs. 100 to 110   600 to 650 lbs. 94 to 99  Medium & Large Frame 2   400 to 450 lbs. 110 to 111 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 96 to 106  Medium & Large Frame 2   400 to 450 lbs. 83 to 93 Slaughter Cows, Boners 45   to   50 Light Weight 27.50 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   53.50   to   59, high dressing 59-65.50 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 down 22 at 9455   Jun down 2 at 9405 Feeders: Jan down 147 at 10032   Mar down 57 at 10335 Cattle Comment Cattle futures were mostly lower as packers and feedlot operators remain several dollars apart on their bids and offers. Feeders were under continued pressure from higher corn prices. Hogs Peoria: were     steady   at   27   to   29 Chicago Futures: Feb down 7 at 5640   Jun down 30 at 7240 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs set new lows in some contracts again today. 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 04, 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 remains fully steady to mostly firm. Supplies of all sizes were close balanced to short of full trade needs with some plants running weekend schedules. 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