01/18/2008 Farm Bureau Market Report

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Grain & Soybean Date: January 18, 2008 There will be no market report on Monday, January 21, in observance of the holiday. The next report will be on Tuesday, January 22, 2008. Soybeans Local Elevators: (Jan) EAST AR:  1187 to 1209 (NC) Summ. 1165 to 1197 River Elevators: (Jan) MISS: 1189 to 1233 ; AR & White 1199 to 1205 (NC) Summ. 1170 to 1200 Ark. Processor Bids: (Jan) 1190 to 1203  (NC) 1188 to 1190 Memphis:  (Jan) 1232 to - - - (NC)  1195 1/4 to 1200 1/4 Riceland Foods:  (NC) Stuttgart 1203 ; Pendleton 1209 ; West Memphis 1232 Chicago Futures: Mar down 7 at  1264   May  down  7 3/4  at  1283 1/4   Jul down 8  at  1297 1/2   Nov '08 down 14 3/4  at  1255 1/4   Nov '09 down 11  at  1235   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans edged lower again today as the market continues to retrace recent gains. Soybeans remain in a consolidation pattern, but did close Monday’s gap. There has been no definitive topping signal. It will take a close below $11.94 to suggest a market top. Corn has been a little more resilient and therefore beans can’t drop so far. Informa updated their projected ’08 plantings putting corn at 90.05 million acres, and beans at 68.98 million acres. That compares with ’07 figures of 93.6 for corn and 63.6 for beans. Wheat Cash bid for new crop at Memphis  778 1/2 to 783 1/2; Bids to farmers at Local Elevators 759-781; River Elevators 760-784; Chicago Futures: Mar up  22  at  962 1/2    May up 21  at  977 1/2    Jul '08 up  14 1/2  at  878 1/2    Sep up  14 1/4  at  887    Jul '09 down  5 1/2  at  529 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  925 to - - -; Bids to farmers at River Elevators 807-870; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   486 1/4 to 488 1/4;   new crop at Memphis   475 1/4 to - - -; Bids to farmers at River Elevators  468 to 483 Chicago Futures: Mar down  3 3/4  at  498 1/4    May down  4 1/4  at  510 1/2    Jul down  5 3/4  at  519 1/2    Dec down  3 1/2  at  499 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted double digit gains after trading lower in early dealings. Spring wheat was the upside leader today, with Chicago following late in the session. Fundamentals are driving the market higher. Strong demand, a smaller than expected U.S. plantings estimate and potential weather related crop problems are all supportive factors. Cotton & Rice  Date: January 18, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 119 at  6598   Greenwood up  119 at 6598 New York Futures: Mar down  119  at  7073    May down  113  at  7252    Jul down  116  at  7433    Dec down  123  at  7876    Mar '09 down  109  at  8115  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton followed corn and beans lower and has made a somewhat erratic looking consolidation pattern this week. December has made two moves that stopped at 80.56 cents. 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 1252/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar up  13  at  1427    May up  12  at  1459    Jul up  12  at  1487    Sep up  7  at  1445    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment March rice briefly traded below trendline support as grains and soybeans opened weaker. However, in the end, rice found a friend in wheat and closed on a firm note. This week’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 18, 2008 Cattle As reported by Federal-State Market News, receipts were 9,695 head at sales in Arkansas this week.  Compared with last week, feeder steers sold steady to $2 lower, heifers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108 to 118   500 to 550 lbs. 99 to 109   600 to 650 lbs. 87 to 97  Medium & Large Frame 2   400 to 450 lbs. 90 to 100 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94 to 104  Medium & Large Frame 2   400 to 450 lbs. 81 to 91 Slaughter Cows, Boners 40   to   46 Light Weight 30 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   59, high dressing 59-63 Midwest Steers   were steady   at   88   to   89.50 Panhandle Steers   were steady   at   88   to   89.50 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 up 10 at 9100   Jun down 17 at 9327 Feeders: Mar up 100 at 10230   Apr up 137 at 10592 Cattle Comment Cattle futures ended mostly higher on indications the market is oversold. Yesterday’s low of $89.13 becomes initial support for February live futures. The market continues to be under pressure from slow product movement and concern about potentially heavy cattle sales. Hogs Peoria: were     steady   at   25.5   to   26 Chicago Futures: Feb down 10 at 5510   Jun down 25 at 7550 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended mixed. Indications that cash prices have bottomed for now were supportive. Weather has slowed marketings in some areas, but not enough to cause concern about a backlog just yet. Strong pork demand is a plus. February is still under pressure from its premium to cash prices. Poultry  Date: January 18, 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. 72-75 Toms: 16-24 lbs. 72-75   Delmarva Broilers U.S. Grade A Trade sentiment was about steady to weak. Supplies of all sizes were at least sufficient 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