01/24/2008 Farm Bureau Market Report

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Grain & Soybean Date: January 24, 2008 Soybeans Local Elevators: (Jan) EAST AR:  1171 to 1193 (NC) Summ. 1125 to 1157 River Elevators: (Jan) MISS: 1171 to 1231 ; AR & White 1183 to 1191 (NC) Summ. 1127 to 1160 Ark. Processor Bids: (Jan) 1157 to 1187  (NC) 1148 to 1150 Memphis:  (Jan) 1215 1/2 to 1218 1/2 (NC)  1160 to - - - Riceland Foods:  (NC) Stuttgart 1187 ; Pendleton 1203 ; West Memphis 1216 Chicago Futures: Mar up 41 at  1230 1/2   May  up  42  at  1249   Jul up 43  at  1263 3/4   Nov '08 up 47 1/2  at  1215   Nov '09 up 33  at  1186   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans and other grains took yesterday’s late stock market recovery as a good sing. Trading opened sharply higher, lost a little ground at mid-morning before moving to limit gains in most of the deferred contracts. It will take a new contract high to put the market back in an upmode. That may not happen in the near term and may need planting or weather problems. Expect the market to remain very volatile and use rallies like today to increase pricing of expected ’08 production. Wheat Cash bid for new crop at Memphis  759 1/2 to 764 1/2; Bids to farmers at Local Elevators 740-762; River Elevators 741-765; Chicago Futures: Mar up  4  at  909    May up 4  at  923 1/2    Jul '08 down  1 1/4  at  859 1/2    Sep up  13  at  862    Jul '09 up  10 1/2  at  842 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  900 to 908; Bids to farmers at River Elevators 820; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   481 1/4 to - - -;   new crop at Memphis   469 3/4 to - - -; Bids to farmers at River Elevators  469 to - - - Chicago Futures: Mar up  20  at  489 1/4    May up  20  at  501 1/4    Jul up  20  at  510    Dec up  18 1/2  at  502 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended mixed, refusing to follow corn and soybeans higher. Some new crop contracts were higher, supported by talk of winter kill in parts of hard red winter wheat territory. Cotton & Rice  Date: January 24, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 156 at  6364   Greenwood up  156 at 6364 New York Futures: Mar up  147  at  6830    May up  139  at  7000    Jul up  147  at  7190    Dec up  145  at  7630    Mar '09 up  300  at  7715  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton made good advances today, but couldn’t muster limit gains to offset yesterday’s. On the other hand it stands to reason that cotton could be most impacted by recessionary fears, since clothing is really discretionary spending. Big U.S. stocks will also weigh on near term values, while long term will eventually be boosted by this year’s anticipated smaller plantings. December futures will encounter resistance around 78 cents and if not there, certainly at the contract of 80.56 cents. Yesterday’s low just below 75 cents should offer good support. Rice Long Grain Cash Bid for  Jan/Feb 1242  to  1254/cwt   Mar 1254/cwt  to  - - - Chicago Futures: Mar up  26  at  1429    May up  24  at  1461    Sep up  11  at  1433    Nov up  9  at  1424    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were sharply higher as overall market fundamentals remain firm. On the international side, both Thailand and Vietnam have seen significant demand. Price levels have firmed and could move higher as overall supplies remain tight. This bodes well for U.S. rice which is also limited. Potential loss of planted acreage in ’08 remains real as producers may opt to plant beans or corn on weaker rice ground. Current support for March rice starts around $14, with resistance at the contract high of $14.63. A close outside this range would suggest additional movement in the direction of a breakout. Cattle & Hogs  Date: January 24, 2008 Cattle As reported by Federal-State Market News, receipts were 1,318 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers under 550 lbs. sold weak to $5 lower, weights over 550 lbs. steady to $1 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109 to 119   500 to 550 lbs. 96 to 106   600 to 700 lbs. 93 to 103  Medium & Large Frame 2   400 to 450 lbs. 100 to 110 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 91 to 101  Medium & Large Frame 2   400 to 450 lbs. 84 to 94 Slaughter Cows, Boners 42   to   46 Light Weight n/a to - - - Bulls, Yield Grade   1-2   1000   to   2100 lbs.   51   to   57, high dressing 61 Midwest Steers   were steady   at   88   to   89 Panhandle Steers   were steady to $1 higher   at   88   to   89 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 67 at 9112   Jun up 45 at 9300 Feeders: Jan up 45 at 9880   Mar down 32 at 10270 Cattle Comment Cattle futures were mixed. Positive news out of Washington gave the market a break. Congress and the Administration have agreed on an economic stimulus package, and that is easing fears that we are headed into a recession. Today’s close above $91 for February is positive, but today’s high of $92.10 becomes the first level of resistance. Hogs Peoria: were $2     higher   at   29.5   to   30 Chicago Futures: Feb up 75 at 5600   Jun up 77 at 7427 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mostly higher. Indications that cash prices have bottomed for now were supportive. April has resistance between $63 and $64. Poultry  Date: January 24, 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. 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 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