01/09/2008 Farm Bureau Market Report

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Grain & Soybean Date: January 9, 2008 Soybeans Local Elevators: (Jan) EAST AR:  1193 to 1213 (NC) Summ. 1109 to 1134 River Elevators: (Jan) MISS: 1208 to 1237 ; AR & White 1196 to 1205 (NC) Summ. 1107 to 1139 Ark. Processor Bids: (Jan) 1208 to 1209  (NC) 1130 to 1134 Memphis:  (Jan) 1220 1/2 to 1226 1/2 (NC)  1134 to 1138 Riceland Foods:  (NC) Stuttgart 1209 ; Pendleton 1213 ; West Memphis 1237 Chicago Futures: Jan down 7 1/2 at  1249   Mar  down  4 1/2  at  1262 1/2   May down 6  at  1280   Nov '08 down 3  at  1184   Nov '09 down 7 1/2  at  1131 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed as market action was very similar to that of Monday. Across the board losses gave way to higher values in the new crop contracts. This again appears to reflect concern about potential ’08 plantings. While many southern producers are expected to reduce corn for beans, that is not the obvious case in the Midwest. While some acreage may move for agronomic reasons, the bottom line still seems to favor corn. This Friday’s report is expected to reduce corn ending stocks – a combination of increased exports and lower production numbers. Soybeans also will likely decline, but the adjustment is expected to be small. Wheat Cash bid for new crop at Memphis  696 to 701; Bids to farmers at Local Elevators 681-693; River Elevators 678-696; Chicago Futures: Mar down  18  at  889 1/2    May down 18  at  902 1/2    Jul down  18  at  791    Sep down  18  at  798    Jul '09 down  9 1/2  at  772 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  906 to - - -; Bids to farmers at River Elevators 770-832; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   464 1/4 to 465 1/4;   new crop at Memphis   468 to - - -; Bids to farmers at River Elevators  450 to 465 Chicago Futures: Mar down  1 1/2  at  477 1/4    May down  1  at  489    Jul down  3/4  at  498 3/4    Dec '08 down  1  at  495    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were sharply lower as the funds continue to sell their wheat interests in favor of corn. 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 9, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 41 at  6427   Greenwood down  41 at 6427 New York Futures: Mar down  38  at  6905    May down  42  at  7065    Jul down  25  at  7260    Dec up  4  at  7720    Mar '09 up  9  at  7980  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed mixed with new contracts closing slightly higher. Average estimates going into Friday’s report indicates a modest increase in projected ending stocks is anticipated. 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  1296/cwt   Feb/Mar 1296/cwt  to  - - - Chicago Futures: Jan down  10  at  1420    Mar up  2  at  1450    May up  2  at  1477    Sep unchanged    at  1425    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice - ending the day a little higher, except for the expiring January contract. No major adjustments are anticipated in Friday’s report, but there is continued concern about tightening world and U.S. stocks. Vietnam’s export ban remains in effect officially. In fact, however, their move to fill a recent tender by the Philippines was a signal they are ready to do business even though harvest is 6 to 8 weeks away. International are steady to firm with Thai sales activity slow as they fill prior purchases. Domestically, producers and buyers aren’t together on bids and offers or on delivery dates. Most mills and exporters covered into late winter and producers are anxious to move rice in the near future. Overall the market undertone remains firm. Cattle & Hogs  Date: January 9, 2008 Cattle As reported by Federal-State Market News, receipts were 1,080 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $5-$9 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108 to 118   500 to 550 lbs. 92 to 102   600 to 700 lbs. 92.50 to 98  Medium & Large Frame 2   400 to 450 lbs. untested to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 90 to 99  Medium & Large Frame 2   400 to 450 lbs. 80 to 89 Slaughter Cows, Boners 43.50   to   48.50 Light Weight 30 to 33 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   62.50, high dressing 64-64.50 Midwest Steers   were steady   at   92   to   - - - Panhandle Steers   were quoted   at   92   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 80 at 9327   Jun down 47 at 9395 Feeders: Jan down 7 at 10015   Mar up 27 at 10340 Cattle Comment Cattle futures were mixed today. Weak beef demand and negative packer margins are limiting the upside. The April live contract fell out the bottom of the trading channel that had held the market since November, suggesting additional weakness is likely. Hogs Peoria: were     steady   at   26.5   to   27 Chicago Futures: Feb up 65 at 5652   Jun up 180 at 7410 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures turned higher, with deferreds posting gains between $1.50 and $2.00. Nearby contracts were limited by their premium to cash prices. Improving product values were supportive, but the rally was mostly technical in nature. Futures had become very oversold and were due a corrective rebound. Poultry  Date: January 9, 2008 Eggs New York:  Ex. Lg. 156-160; Lg. 154-158; Med. 138-142; Chicago:  Ex. Lg. 152-160; Lg. 150-158; Med. 134-142; Eastern Region Turkeys Hens: 8-16 lbs. 73-75 Toms: 16-24 lbs. 73-75   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Supplies of all sizes were usually sufficient to at times more available for 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