01/30/2008 Farm Bureau Market Report

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Grain & Soybean Date: January 30, 2008 Soybeans Local Elevators: (Jan) EAST AR:  1223 to 1245 (NC) Summ. 1139 to 1171 River Elevators: (Jan) MISS: 1216 to 1279 ; AR & White 1235 to 1251 (NC) Summ. 1141 to 1174 Ark. Processor Bids: (Jan) 1236 to 1239  (NC) 1262 to 1264 Memphis:  (Jan) 1271 3/4 to 1275 3/4 (NC)  1174 1/4 to - - - Riceland Foods:  (NC) Stuttgart 1239 ; Pendleton 1245 ; West Memphis 1268 Chicago Futures: Mar up 9 at  1275 3/4   May  up  8 1/2  at  1294   Jul up 10 1/4  at  1307 1/4   Nov '08 up 6 1/2  at  1229 1/4   Nov '09 up 5 1/2  at  1184   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reclaimed early losses and ended the session on a positive note. Recent projections putting ’08 soybean plantings over 70 million acres pressured early dealings. However, the market started correcting before midday and was helped by the Federal Reserve’s announcement of lowering the interest rate another half point. Technically, the market is in a consolidation mode with key support at last week’s low of $11.67 ½ and resistance at the $13.04 ½ contract high. Wheat Cash bid for new crop at Memphis  766 1/4 to 771 1/4; Bids to farmers at Local Elevators 746-768; River Elevators 748-771; Chicago Futures: Mar down  21 1/2  at  922 1/2    May down 23  at  939    Jul '08 down  17 1/4  at  866 1/4    Sep down  19  at  873    Jul '09 down  18 1/2  at  842    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  917 to 924; Bids to farmers at River Elevators 816-879; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   496 1/2 to - - -;   new crop at Memphis   479 1/4 to 482 1/4; Bids to farmers at River Elevators  475 to 490 Chicago Futures: Mar down  2 1/2  at  498 1/2    May down  2 1/2  at  510 1/4    Sep down  1 1/2  at  514 1/4    Dec down  3/4  at  510    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat lost ground again today as the market showed followthrough on yesterday’s key reversal. However, the market did bounce off their lows, showing some resiliency. Long term support remains around $8.30. Cotton & Rice  Date: January 30, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 39 at  6381   Greenwood up  39 at 6381 New York Futures: Mar up  48  at  6872    May up  53  at  7059    Jul up  59  at  7239    Dec up  54  at  7705    Mar '09 up  129  at  7760  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton firmed in late trading to close higher in most contracts. For now, the focus is on big available supplies, not on an anticipated smaller ’08 crop. With U.S. ending stocks of almost 8 million bales projected for this year there doesn’t seem to be any push on foreign buying. The market lost steam with the market upturn in late December and early January. Futures have made a 62% retracement of that move and have good trendline support. However, a March close below 66.75 cents would be negative, as would a December close below 74.5 cents. Rice Long Grain Cash Bid for  Feb/Mar 1242  to  1287/cwt   - - - - - -  to  - - - Chicago Futures: Mar up  3  at  1462    May up  3  at  1495    Sep down  1  at  1464    Nov up  5  at  1480    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice followed the recent pattern of early weakness with a late push to the upside with March again registering a new contract high. Rice continues to have strong underlying support in the world market. Price levels in Thailand and Vietnam continue to firm, a reflection of overall tight supplies. This situation isn’t likely to correct any time soon, as utilization has been greater than production for the last 7 or 8 years. In the U.S. rice plantings may decline despite current price levels, as producers may opt to move land into soybeans or corn. Weaker, sandier soils are expected to move to beans or corn because of water and fertilizer requirements. Support starts at the recent low of $13.95 and resistance at today’s contract high of $14.69. Cattle & Hogs  Date: January 30, 2008 Cattle As reported by Federal-State Market News, receipts were 858 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers under 600 lbs. suitable for grazing $5-10 higher, over 600 lbs. $1-3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112 to 122   500 to 550 lbs. 103 to 112   600 to 650 lbs. 91 to 101  Medium & Large Frame 2   400 to 450 lbs. 105 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. 86 to 94 Slaughter Cows, Boners 44.50   to   51.50 Light Weight 30 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   64, high dressing 68 Midwest Steers   were quoted   at   88   to   - - - Panhandle Steers   were quoted   at   88   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 115 to 125   600 to 650 lbs. 107 to 111 Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Feb up 25 at 9140   Apr down 22 at 9452 Feeders: Mar up 85 at 10510   May up 67 at 11105 Cattle Comment Live cattle futures were barely higher, while feeders registered better gains. The market is finding support in expectations of a slightly smaller herd being reported in Friday’s inventory report. Today’s lower federal reserve rate could be positive for cattle but in the short term the February contract has strong resistance just above $92. It will likely take additional strength in beef to push February toward the next resistance around $93.50. Hogs Peoria: were $1     higher   at   31.5   to   32 Chicago Futures: Feb up 45 at 5845   Jun up 2 at 7772 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were steady to slightly higher based on improving carcass values. Slow hog movement, as result of severe weather, added support. Poultry  Date: January 30, 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. 74-77 Toms: 16-24 lbs. 74-77   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Supplies of all sizes were usually sufficient to handle trade needs. In production areas, live supplies were moderate at 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 2008 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use