01/23/2008 Farm Bureau Market Report

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Grain & Soybean Date: January 23, 2008 Soybeans Local Elevators: (Jan) EAST AR:  1122 to 1145 (NC) Summ. 1078 to 1110 River Elevators: (Jan) MISS: 1130 to 1167 ; AR & White 1134 to - - - (NC) Summ. 1088 to 1113 Ark. Processor Bids: (Jan) 1116 to 1138  (NC) 1101 to 1103 Memphis:  (Jan) 1174 1/2 to 1178 1/2 (NC)  1112 1/2 to - - - Riceland Foods:  (NC) Stuttgart 1138 ; Pendleton 1144 ; West Memphis 1167 Chicago Futures: Mar down 50 at  1189 1/2   May  down  50  at  1207   Jul down 50  at  1220 3/4   Nov '08 down 50  at  1167 1/2   Nov '09 down 50  at  1153   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were locked down the limit today amid heightened recession concerns. The market has been hit hard despite the Federal Reserve’s ¾% in the interest rate. This could be a signal that a mid-winter high has been charted. There was some positive demand news. It was reported that China bought 9 cargoes of soybean, about half from the U.S., signaling that current prices aren’t enough to keep buyers out of the market. November has key support at $1 intervals starting at $12. Wheat Cash bid for new crop at Memphis  760 3/4 to 765 3/4; Bids to farmers at Local Elevators 741-763; River Elevators 751-766; Chicago Futures: Mar down  29  at  905    May down 29 1/2  at  919 1/2    Jul '08 down  30  at  860 3/4    Sep down  28  at  849    Jul '09 down  24  at  832    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  874 to - - -; Bids to farmers at River Elevators 775; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   459 1/4 to 464 1/4;   new crop at Memphis   444 3/4 to 448 3/4; Bids to farmers at River Elevators  449 to - - - Chicago Futures: Mar down  19 3/4  at  469 1/4    May down  19 3/4  at  481 1/4    Jul down  20  at  490    Dec '08 down  20  at  484    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were sharply lower as well, with new crop July down the limit. This market has been trying to ignore the rest of the world and focus on the positive fundamentals of strong demand and a short crop, but today succumbed to the pressure of down markets. Cotton & Rice  Date: January 23, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 300 at  6208   Greenwood down  300 at 6208 New York Futures: Mar down  300  at  6683    May down  300  at  6861    Jul down  300  at  7043    Dec down  300  at  7485    Mar '09 down  300  at  7715  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was down the limit, also due to recession concerns. Cotton may be impacted more than other commodities since it is a fiber and linked more strongly to discretionary spending. Technically, December gapped below trendline support. This left a 5 day island reversal which can be a strong topping signal. Cotton will be taking cues from other commodities and the stock market. Today’s move brings the retracement objective of 74.4 cents into play. Longer term, higher price levels will be needed if corn and soybeans maintain their current status. Otherwise acreage will continue to move away from cotton. Rice Long Grain Cash Bid for  Jan/Feb 1228  to  1242/cwt   Mar 1228/cwt  to  - - - Chicago Futures: Mar down  9  at  1403    May down  10  at  1434    Jul down  11  at  1461    Sep down  15  at  1422    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was also lower today. But, while the market penetrated trendline support it held above last week’s low and remained in a consolidation pattern. Rice, like wheat is a major food grain and may be less affected by recessionary fears. A fall below last week’s low of $13.95 would bring retracement objectives of $13.79, $13.53 and $13.26 into play. Longer term rice will need to be competitive with soybeans and grains or lose acreage. World and U.S. stocks are tight and that should keep international markets firm. Cattle & Hogs  Date: January 23, 2008 Cattle As reported by Federal-State Market News, receipts were 936 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 115   500 to 550 lbs. 96 to 105   600 to 650 lbs. 90 to 98  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 90 to 97  Medium & Large Frame 2   400 to 450 lbs. 81 to 91 Slaughter Cows, Boners 43   to   48 Light Weight 30 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   61, high dressing untested Midwest Steers   $1 higher to $2.50 lower   at   88   to   89 Panhandle Steers   were $1-$2.75 lower   at   88   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 113 to 122   600 to 650 lbs. 105 to 109 Heifers 500 to 550 lbs. 97 to 103.85   600 to 650 lbs. 92.50 to 98.50 Chicago Futures: Live Cattle: Feb down 57 at 9045   Jun down 27 at 9255 Feeders: Jan up 30 at 9835   Mar up 67 at 10302 Cattle Comment Cattle futures were lower. Concerns about the U.S. economy have traders worried about meat demand. Last week’s low of $89.13 becomes initial support for February live futures, with resistance beginning at $91. Hogs Peoria: were $2     higher   at   27.5   to   28 Chicago Futures: Feb down 2 at 5525   Jun down 95 at 7350 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were also lower. Indications that cash prices have bottomed for now were supportive. The market is concerned that a weakening U.S. economy will hurt meat demand. April has resistance between $63 and $64. Poultry  Date: January 23, 2008 Eggs New York:  Ex. Lg. 156-160; Lg. 154-158; Med. 138-142; Chicago:  Ex. Lg. 146-154; Lg. 144-152; 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 steady to about steady. Supplies of all sizes were more than sufficient to handle 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