01/31/2008 Farm Bureau Market Report

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Grain & Soybean Date: January 31, 2008 Soybeans Local Elevators: (Jan) EAST AR:  1229 to 1251 (NC) Summ. 1156 to 1188 River Elevators: (Jan) MISS: 1215 to 1279 ; AR & White 1241 to 1251 (NC) Summ. 1158 to 1191 Ark. Processor Bids: (Jan) 1235 to 1245  (NC) 1179 to 1181 Memphis:  (Jan) 1270 1/2 to 1274 1/2 (NC)  1190 1/2 to - - - Riceland Foods:  (NC) Stuttgart 1245 ; Pendleton 1251 ; West Memphis 1274 Chicago Futures: Mar up 1 1/4 at  1274 1/2   May  up  1 1/2  at  1292 1/2   Jul unchanged   at  1307 1/4   Nov '08 up 16 1/4  at  1245 1/2   Nov '09 up 17 1/2  at  1201 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Nearby soybean prices declined slightly as new crop soybean prices increased. Weakening in crude oil prices and optimism about the South American crop weakened the nearby prices today; however, there is still a lot concern about next year's supply. With the planting intentions report right around the corner soybeans cannot afford to give up much, especially with many Midwest crop plans showing a corn-to-soybeans ratio of 2.7. Soybeans will need to see an acreage number close to 70 million acres in order to meet demand in 2008/09. Wheat Cash bid for new crop at Memphis  773 1/2 to 778 1/2; Bids to farmers at Local Elevators 754-776; River Elevators 756-779; Chicago Futures: Mar up  7  at  929 1/2    May up 6 1/2  at  945 1/2    Jul up  7 1/4  at  873 1/2    Sep up  4 1/2  at  877 1/2    Jul '09 up  10  at  852    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  922 to 929; Bids to farmers at River Elevators 832-841; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   499 1/4 to - - -;   new crop at Memphis   484 1/4 to 487 1/4; Bids to farmers at River Elevators  477 to 492 Chicago Futures: Mar up  2 3/4  at  501 1/4    May up  3  at  513 1/4    Sep up  5  at  519 1/4    Dec up  5 3/4  at  515 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment After declining most of the day, wheat prices managed to close the day up recouping most of yesterday’s losses. Wheat export sales remained supportive as sales continue to come in at a pace above the USDA marketing year forecast. Corn prices also experience gains today as export sales continue to exceed the USDA forecast. Corn prices continue the acreage fight with soybeans and must remain competitive with soybeans as some are forecasting next years corn production at 13.5 billion bushels. For comparison, we produced 13 billion bushels this year. Cotton & Rice  Date: January 31, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 77 at  6304   Greenwood down  77 at 6304 New York Futures: Mar down  68  at  6788    May down  66  at  6977    Jul down  71  at  7155    Dec down  56  at  7647    Mar '09 down  79  at  7847  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton prices opened the day lower and continued to fall, however, prices managed to rebound late and close the day with only a marginal decline. Cotton prices remain well above key support levels, but are having a hard time finding anything to spring them out of their sideways trading. The large carryover stocks in cotton are pressuring prices and to a large extent they are preventing cotton from being a major consideration in the acreage battle that is occurring in the other commodities. Rice Long Grain Cash Bid for  Feb/Mar 1242  to  1307/cwt   - - - - - -  to  - - - Chicago Futures: Mar up  22  at  1484    May up  20  at  1515    Sep up  10  at  1474    Nov up  10  at  1490    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice prices set a new contract high for the second day in a row. Strong world demand and tight stocks continue to support rice prices. Despite recent increases in prices, it is probable that rice plantings may decline as producers opt to move some land into soybeans or corn. Cattle & Hogs  Date: January 31, 2008 Cattle As reported by Federal-State Market News, receipts were 1,888 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly $2-6 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113 to 123   500 to 550 lbs. 106 to 116   600 to 700 lbs. 97 to 107  Medium & Large Frame 2   400 to 450 lbs. 100 to 110 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95 to 105  Medium & Large Frame 2   400 to 450 lbs. 90 to 100 Slaughter Cows, Boners 46   to   48 Light Weight 32 to 37 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   54   to   59.50, high dressing $62.50-67 Midwest Steers   were steady   at   88   to   - - - Panhandle Steers   were steady   at   88   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 117 to 126   600 to 650 lbs. 105 to 110.50 Heifers 500 to 550 lbs. 99 to 112   600 to 650 lbs. 94.75 to 96.25 Chicago Futures: Live Cattle: Feb down 45 at 9090   Jun steady at 9352 Feeders: Mar up 15 at 10525   Apr up 7 at 10905 Cattle Comment Cattle prices closed the day mixed. Early declines in the stock market seemed to pressure prices lower; however as the market rebounded live cattle contracts stalled. Combine the current market situation with negative packer margins and you can see why live cattle prices are having a hard time finding any support. Hogs Peoria: were     steady   at   31.5   to   32 Chicago Futures: Apr up 35 at 6645   Jun down 45 at 7817 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog prices closed the day mixed. Many hog prices continue to inch higher above the recent contract lows. As cash hog prices continue to strengthen, so will the futures price. As slaughters continue to run ahead of year ago levels, February hog prices are approaching resistance at $58.80. Poultry  Date: January 31, 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. 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