01/15/2008 Farm Bureau Market Report

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Grain & Soybean Date: January 15, 2008 Soybeans Local Elevators: (Jan) EAST AR:  1215 to 1247 (NC) Summ. 1195 to 1213 River Elevators: (Jan) MISS: 1227 to 1260 ; AR & White 1225 to 1231 (NC) Summ. 1198 to 1230 Ark. Processor Bids: (Jan) 1228 to 1231  (NC) 1218 to 1220 Memphis:  (Jan) 1239 1/2 to 1253 1/2 (NC)  1225 to - - - Riceland Foods:  (NC) Stuttgart 1231 ; Pendleton 1237 ; West Memphis 1260 Chicago Futures: Mar up 5 at  1301 1/2   May  up  5 1/2  at  1319 3/4   Jul up 5 1/4  at  1337 1/4   Nov '08 up 22  at  1285   Nov '09 up 40  at  1255   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans once again saw bigger gains in new crop contracts as the market continued to even the price between crops. November pushed to within 3 cents of $13 as the fight for ’08 acres continues. Up and up the market goes, and how high it goes, nobody knows. The market is overbought and due a downward correction, but there has been no indication when or from what level this will occur. Each push down is not by renewed buying. The November crush figure indicates high price levels have yet to ration supplies. Wheat Cash bid for new crop at Memphis  745 1/4 to 750 1/4; Bids to farmers at Local Elevators 735-740; River Elevators 737-755; Chicago Futures: Mar up  15  at  932    May up 11  at  945    Jul '08 up  14 1/4  at  850 1/4    Sep up  12 1/2  at  857    Jul '09 up  9  at  833    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  936 to 945; Bids to farmers at River Elevators 827-889; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   479 to 495;   new crop at Memphis   488 1/4 to 491 1/4; Bids to farmers at River Elevators  470 to 485 Chicago Futures: Mar down  3  at  509    May down  2 3/4  at  521 1/2    Jul down  2 1/4  at  532 1/2    Dec '08 down  1 3/4  at  528 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat led today’s upturn with new crop contracts making limit gains briefly. While the market traded off the limit, there is again no indication of a top. Smaller plantings than anticipated and potential crop problems keep the trend higher. $9 could be the next upside target for July. Cotton & Rice  Date: January 15, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 49 at  6694   Greenwood up  49 at 6694 New York Futures: Mar up  49  at  7169    May up  46  at  7350    Jul up  44  at  7527    Dec up  79  at  7988    Mar '09 up  59  at  8209  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was higher again today as new crop December again moved above 80 cents. While the market sees ample supplies available for the remainder of the 07-08 marketing year there is growing concern about the following year. Plantings could slip to 9 to 9.5 million acres, if so it would be one of the 4 smallest since 1872. Production would be in the 14 to 16 million bale range. Falling world stocks would give U.S. exports a boost and that would reduce U.S. stocks. Cotton will have to move higher or lose more acreage to beans or corn. This market could get wild also. Rice Long Grain Cash Bid for  Jan/Feb/Mar 1325/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  15  at  1440    May down  16  at  1469    Sep down  5  at  1445    Nov unchanged    at  1437    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice lost ground today as old crop March continued in a consolidation pattern. While there appears to be additional upside potential it may be a while before it happens. Rice supplies are tightening which suggest the need for more acreage. However, long term rice will need to move higher if the gains in corn and beans hold. Otherwise acreage will move from rice. USDA pared 400,000 cwt off the ’07 production and 500,000 cwt off ending stocks. That all came from long grain. Projected ending stocks for all rice is now set at 24.6 million cwt, with long grain down to 11.7 million cwt. Cattle & Hogs  Date: January 15, 2008 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 109 to 118.25   600 to 650 lbs. 100.60 to 110 Heifers 500 to 550 lbs. 97 to 99.50   600 to 650 lbs. 92 to 96.50 Chicago Futures: Live Cattle: Feb down 10 at 9080   Jun down 45 at 9405 Feeders: Jan down 62 at 9780   Mar down 35 at 10110 Cattle Comment Cattle futures dipped again as growing concerns of an economic recession provided downward impetus. Soft packer margins and big showlists added to the negative undertone. Futures are at the lowest level in 14 months. Hogs Peoria: were     steady   at   25.5   to   26 Chicago Futures: Feb up 55 at 5465   Jun down 100 at 7460 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were lower except for the nearby February contract. A slight drop in corn aided hogs, but the overall trend may continue down in the near term. Heavy supplies of hogs are being worked through as export demand continues strong. However, high grain price levels may force more hogs to market early. Poultry  Date: January 15, 2008 Eggs New York:  Ex. Lg. 156-160; Lg. 154-158; Med. 138-142; Chicago:  Ex. Lg. 145-153; Lg. 143-151; Med. 128-136; Eastern Region Turkeys Hens: 8-16 lbs. 71-75 Toms: 16-24 lbs. 71-75   Delmarva Broilers U.S. Grade A Trade sentiment was mixed, but mostly steady. Supplies of all sizes were at least 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