01/07/2008 Farm Bureau Market Report

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Grain & Soybean Date: January 07, 2008 Soybeans Local Elevators: (Jan) EAST AR:  1180 to 1200 (NC) Summ. 1093 to 1118 River Elevators: (Jan) MISS: 1200 to 1224 ; AR & White 1191 to 1197 (NC) Summ. 1090 to 1123 Ark. Processor Bids: (Jan) 1195 to 1196  (NC) 1114 to 1118 Memphis:  (Jan) 1214 3/4 to 1222 3/4 (NC)  1120 1/2 to 1122 1/2 Riceland Foods:  (NC) Stuttgart 1196 ; Pendleton 1200 ; West Memphis 1224 Chicago Futures: Jan down 13 at  1236   Mar  down  12 3/4  at  1249 3/4   May down 11  at  1268 1/2   Nov '08 down 6 3/4  at  1167 1/2   Nov '09 up 20  at  1110   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed after spending most of the session lower. New crop contracts ended the day higher which suggests there is still ongoing competition for acreage in ’08. Old crop contracts closed lower suggesting there is a more competitive export situation just around the corner as the South American harvest gets underway. A big break in crude oil also added downside pressure, as did fund liquidation. Wheat Cash bid for new crop at Memphis  709 to 716; Bids to farmers at Local Elevators 694-706; River Elevators 691-709; Chicago Futures: Mar down  28 1/2  at  903    May down 28 3/4  at  915 3/4    Jul '08 down  13 1/4  at  804    Sep down  11 1/4  at  809 3/4    Jul '09 down  7 1/2  at  769 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  886 to - - -; Bids to farmers at River Elevators 741-804; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   457 1/4 to 458 1/4;   new crop at Memphis   457 3/4 to - - -; Bids to farmers at River Elevators  443 to 458 Chicago Futures: Mar down  1/2  at  466 1/4    May down  1/2  at  477 1/2    Jul down  3/4  at  487    Dec '08 down  1  at  485 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures got slammed today, with old crop contracts trading near limit-down. 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, with resistance at the $8.30 contract high. Cotton & Rice  Date: January 07, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 26 at  6370   Greenwood up  26 at 6370 New York Futures: Mar up  26  at  6895    May up  27  at  7063    Jul up  26  at  7230    Dec up  19  at  7646    Mar '09 up  18  at  7920  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was lower in early trading but closed higher as the overall daily trading range remained fairly narrow. The market is struggling to hold acreage in the light of very strong soybean and corn price levels. It appears the market will need to move significantly higher to hold ’08 plantings. Early quesstimates place ’08 plantings at 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 1250  to  1260/cwt   Feb/Mar 1250/cwt  to  - - - Chicago Futures: Jan down  6 1/2  at  1394    Mar down  7  at  1425    May down  5  at  1450    Sep down  2  at  1400    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice again started the session lower and today it ended that way. Losses were trimmed by the end of the day. 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 07, 2008 Cattle As reported by Federal-State Market News, receipts were 2,063 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers generally weak to $5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113 to 123   500 to 550 lbs. 106 to 116   600 to 700 lbs. 90 to 98  Medium & Large Frame 2   400 to 450 lbs. 99 to 109 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to 108  Medium & Large Frame 2   350 to 400 lbs. 90 to 100 Slaughter Cows, Boners 43   to   50 Light Weight 32 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   62, high dressing 62-66 Midwest Steers   were quoted   at   89   to   93.50 Panhandle Steers   were quoted   at   91   to   95.50 Oklahoma City Feeders Steers 550 to 600 lbs. 104.25 to 116.60   600 to 650 lbs. 100.75 to 106.50 Heifers 500 to 550 lbs. 95 to 98.50   550 to 600 lbs. 93 to 98.50 Chicago Futures: Live Cattle: Feb up 5 at 9460   Jun up 57 at 9462 Feeders: Jan up 10 at 10042   Mar up 35 at 10370 Cattle Comment Cattle futures ended a bit higher. Weak beef demand and negative packer margins are limiting the upside. Stressful weather in the plains is expected to limit the supply of market ready cattle. April has support at $96.55, the bottom of the trading channel that has held the market since November. Hogs Peoria: were $2     lower   at   26.5   to   27 Chicago Futures: Feb down 70 at 5570   Jun down 47 at 7192 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 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 07, 2008 Eggs New York:  Ex. Lg. 163-167; Lg. 161-165; Med. 144-148; 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 at least steady to firm. Supplies of all sizes were usually sufficient 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