01/28/2008 Farm Bureau Market Report

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Grain & Soybean Date: January 28, 2008 Soybeans Local Elevators: (Jan) EAST AR:  1194 to 1216 (NC) Summ. 1139 to 1171 River Elevators: (Jan) MISS: 1194 to 1246 ; AR & White 1206 to 1218 (NC) Summ. 1141 to 1174 Ark. Processor Bids: (Jan) 1207 to 1210  (NC) 1162 to 1164 Memphis:  (Jan) 1241 3/4 to 1243 3/4 (NC)  1173 3/4 to - - - Riceland Foods:  (NC) Stuttgart 1210 ; Pendleton 1216 ; West Memphis 1239 Chicago Futures: Mar up 10 3/4 at  1253 3/4   May  up  10 3/4  at  1272 1/4   Jul up 11 3/4  at  1287   Nov '08 down 2 1/2  at  1229 1/2   Nov '09 up 19  at  1185   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Early losses in soybeans were pared based on strength in wheat. Soybeans closed mixed with old crop moving to the positive side. The market remains skittish as Asian stocks took another beating and this raised concerns about continued strong demand. The market will continue very volatile in the near term with corn and soybeans tending to work in concert - at least until ’08 planted acreage is confirmed. Current support and resistance for November futures is last week’s low of $11.67 ½ and the contract high of $13.04 ½. For December corn its $4.84 and $5.40. Wheat Cash bid for new crop at Memphis  808 to 813; Bids to farmers at Local Elevators 788-810; River Elevators 790-813; Chicago Futures: Mar up  10 3/4  at  1253 3/4    May up 10 3/4  at  1272 1/4    Jul up  11 3/4  at  1287    Sep up  30  at  910 3/4    Jul '09 up  20 1/2  at  881    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  924 to 931; Bids to farmers at River Elevators 814-877; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   494 1/4 to 497 1/4;   new crop at Memphis   480 3/4 to - - -; Bids to farmers at River Elevators  478 to 493 Chicago Futures: Mar up  3 3/4  at  502    May up  3 1/2  at  514 1/4    Sep up  3 1/4  at  515 3/4    Dec '08 up  3/4  at  510 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was up the limit in most contracts today. Strong demand for U.S. wheat, particularly from Asia was the driving force behind the market today. Cold, dry weather in the Plains have traders worried about winter kill there. July set a new contract high today. Cotton & Rice  Date: January 28, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 9 at  6355   Greenwood down  9 at 6355 New York Futures: Mar up  42  at  6831    May up  44  at  7014    Jul up  57  at  7194    Dec up  72  at  7660    Mar '09 up  67  at  7912  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton reversed Friday’s declines and the day higher despite a weak open. There remains major concern for cotton amidst talk of a possible recession, since clothing is more of a discretionary expense. Big stocks of cotton will cap upside potential for the time being, but a much smaller U.S. crop in ’08 and possible tightening of world stocks should give the market stronger potential later in the year and certainly in ’09. Last week’s low just below 75 cents is now support while the contract high of 80.56 cents will be resistance. Rice Long Grain Cash Bid for  Feb/Mar 1242  to  1282/cwt   - - - - - -  to  - - - Chicago Futures: Mar up  2  at  1457    May up  5  at  1489    Jul unchanged    at  1515    Sep up  4  at  1459    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures firmed to end the day on a positive note, after wheat moved to limit gains. 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 28, 2008 Cattle As reported by Federal-State Market News, receipts were 1,716 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers sold mostly firm to $5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to 124   500 to 550 lbs. 107 to 117   600 to 700 lbs. 94 to 104  Medium & Large Frame 2   400 to 450 lbs. 100 to 110 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 99 to 109  Medium & Large Frame 2   350 to 400 lbs. 87 to 97 Slaughter Cows, Boners 43   to   49 Light Weight 32.50 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   55.50   to   59.50, high dressing 64.50-66.50 Midwest Steers   were $1-$2.50 higher   at   89   to   91.50 Panhandle Steers   were $1-$3.50 higher   at   89   to   91.50 Oklahoma City Feeders Steers 500 to 550 lbs. 115 to 120   600 to 650 lbs. 107 to 111 Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Feb down 65 at 9075   Jun down 42 at 9257 Feeders: Mar up 57 at 10267   Apr up 55 at 10660 Cattle Comment Cattle futures ended mixed. Deferred contracts found support in the monthly Cattle on Feed report, which showed lower December placements. Feeders were supported by stronger cash markets. Hogs Peoria: were $1     higher   at   30.5   to   31 Chicago Futures: Feb up 105 at 5725   Jun up 105 at 7597 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. Talks of sales to China were also supportive. April has resistance between $63 and $64. Poultry  Date: January 28, 2008 Eggs New York:  Ex. Lg. 156-160; Lg. 154-158; Med. 138-142; Chicago:  Ex. Lg. 146-154; Lg. 144-152; Med. 130-138; 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