01/16/2008 Farm Bureau Market Report

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Grain & Soybean Date: January 16, 2008 Soybeans Local Elevators: (Jan) EAST AR:  1190 to 1212 (NC) Summ. 1184 to 1216 River Elevators: (Jan) MISS: 1202 to 1235 ; AR & White 1202 to 1208 (NC) Summ. 1187 to 1219 Ark. Processor Bids: (Jan) 1203 to 1206  (NC) 1207 to 1209 Memphis:  (Jan) 1232 to 1240 (NC)  1214 to - - - Riceland Foods:  (NC) Stuttgart 1206 ; Pendleton 1212 ; West Memphis 1235 Chicago Futures: Mar down 24 1/2 at  1277   May  down  23 1/4  at  1296 1/2   Jul down 23  at  1314 1/4   Nov '08 down 11  at  1274   Nov '09 down 5  at  1250   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gave back a part of the recent gains. However, declines weren’t as sharp as would be expected and price levels actually firmed some. New crop losses were less than old crop and we actually saw the spread narrow to almost nothing. There was no decisive indication that a top has been made. Selling was attributed to profit taking, strength in the dollar, and margin call pressure on commercial firms. Wheat Cash bid for January at Memphis  796 1/2 to 881 1/2; Bids to farmers at Local Elevators 732-754; River Elevators 733-757; Chicago Futures: Mar down  7  at  925    May down 4  at  941    Jul '08 up  1 1/4  at  851 1/2    Sep unchanged    at  857    Jul '09 unchanged    at  832    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  842 to - - -; Bids to farmers at River Elevators 814-877; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   490 1/2 to 492 1/2;   new crop at Memphis   482 to 485; Bids to farmers at River Elevators  466 to 481 Chicago Futures: Mar down  6 1/2  at  502 1/2    May down  6 3/4  at  514 3/4    Jul down  7 1/4  at  525 1/4    Dec '08 down  7 3/4  at  521 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat reversed early losses and ended the session mixed. This strongly suggests new crop wheat has additional upside potential, based on tight U.S. and world supplies, a smaller than expected U.S. plantings and potential weather related crop problems. Cotton & Rice  Date: January 16, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 38 at  6656   Greenwood down  38 at 6656 New York Futures: Mar down  38  at  7131    May down  47  at  7303    Jul down  39  at  7488    Dec down  45  at  7943    Mar '09 down  34  at  8175  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton trimmed early declines but still ended the day lower. Monday’s gap remains open and as such is a potential measuring gap or signal for additional gains. A close below 77.5 cents by the December contract would negate upside objectives. Below that last week’s low of 74.5 cents should provide good support. While there are ample stocks available for the 07-08 market year, it appears world production in ’08 will fall well below utilization. With the U.S. acreage expected to decline again this year it could mean a big reduction in stocks. No doubt cotton will have to compete for acreage in ’09. Between now and then we should see an overall positive situation develop. While price will have down periods the trend should be higher. Rice Long Grain Cash Bid for  Jan/Feb/Mar 1240/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  27  at  1413    May down  22  at  1447    Jul down  23  at  1475    Sep down  12  at  1433    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures moved in concert with corn and beans and ended the day lower. Nearby March briefly penetrated trendline support but managed to close above that level. Today’s low of $13.95 represents potential near term support. A close below that level will open the market to downside retracement objectives of $13.79, $13.53 and $13.26. Overall fundamentals remain supportive. Tighter U.S. and world stocks won’t improve although the Vietnam harvest will provide another export source. Any decline in beans and corn will provide relief for rice, however U.S. acreage could drop again this year. Cattle & Hogs  Date: January 16, 2008 Cattle As reported by Federal-State Market News, receipts were 1,197 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold weak to $4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 104 to 114   500 to 550 lbs. 95 to 105   600 to 700 lbs. 86 to 93  Medium & Large Frame 2   400 to 450 lbs. 98 to 105 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 87 to 97  Medium & Large Frame 2   400 to 450 lbs. 78 to 87 Slaughter Cows, Boners 43   to   47 Light Weight 25 to 31 Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   60.50, high dressing untested Midwest Steers   were quoted   at   88   to   89 Panhandle Steers   were quoted   at   88   to   89 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 75 at 9005   Jun down 55 at 9350 Feeders: Jan down 82 at 9697   Mar down 12 at 10097 Cattle Comment Cattle didn’t find much good news in the corn and bean declines as the overall fundamental situation remains negative. Slow product movement and concern about potential heavy cattle sales added pressure to an already oversold situation. Hogs Peoria: were     steady   at   25.5   to   26 Chicago Futures: Feb down 15 at 5445   Jun down 125 at 7335 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were lower again as the overall supply of pork remains heavy. Good exports are helping absorb the big supplies but high costs are pushing marketings ahead as well as contributing to herd liquidations. Poultry  Date: January 16, 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 steady at best. Supplies of all sizes were more than 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