02/01/2008 Farm Bureau Market Report

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Grain & Soybean Date: February 01, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1241 to 1263 (NC) Summ. 1164 to 1196 River Elevators: (Feb) MISS: 1227 to 1290 ; AR & White 1253 to 1262 (NC) Summ. 1170 to 1199 Ark. Processor Bids: (Feb) 1247 to 1259  (NC) 1187 to 1189 Memphis:  (Feb) 1272 1/4 to 1277 1/4 (NC)  1199 to - - - Riceland Foods:  (NC) Stuttgart 1257 ; Pendleton 1263 ; West Memphis 1286 Chicago Futures: Mar up 12 3/4 at  1287 1/4   May  up  13 3/4  at  1306 1/4   Jul up 12 3/4  at  1320   Nov '08 up 8 1/2  at  1254   Nov '09 up 8  at  1209 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment After leading the way yesterday, new crop gains are trailing near by prices today. Despite declines in gold and crude oil soybean prices forged higher as continued strong global demand for meal and oil supported product prices. After some initial sell offs soybean prices have found strong support at pre-January report levels. Wheat Cash bid for new crop at Memphis  774 1/2 to 779 1/2; Bids to farmers at Local Elevators 765-777; River Elevators 757-780; Chicago Futures: Mar up  13 1/2  at  943    May up 15  at  960 1/2    Jul '08 up  1  at  874 1/2    Sep up  3 1/2  at  881    Jul '09 up  8  at  860    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  903 to 919; Bids to farmers at River Elevators 820-882; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   496 1/2 to 499 1/2;   new crop at Memphis   485 to 488; Bids to farmers at River Elevators  477 to 492 Chicago Futures: Mar down  3/4  at  500 1/2    May unchanged    at  513 1/4    Jul unchanged    at  522 1/4    Dec up  3 1/4  at  519    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat prices continued to climb today, however, prices are still well below contract highs of $10.09. As of late strong increases in spring wheat, two limit up days, have helped boost winter wheat prices. Corn prices saw little movement today as prices closed mixed. New crop prices continue to lead the way in corn, as the market continues to look for a price that will ratchet down usage. However, besides some slow down in ethanol plan construction and slight reduction in feed use, there has been little slow down in demand. Cotton & Rice  Date: February 01, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 38 at  6341   Greenwood up  38 at 6341 New York Futures: Mar up  2  at  6781    May down  80  at  6890    Jul down  276  at  6875    Dec up  260  at  7900    Mar '09 up  59  at  7919  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment December cotton futures regained part of yesterday’s losses today. Cotton prices like the rest of the commodities appear to have found strong support at the pre-January report levels. Gains experienced after that report seemed to loose their steam just as quickly as they gained it. It is going to take some fresh news to get the market out of its sideways pattern. Perhaps some Chinese cotton will disappear in the next USDA report. Rice Long Grain Cash Bid for  Feb/Mar 1242  to  1342/cwt   - - - - - -  to  - - - Chicago Futures: Mar up  35  at  1517    May up  35  at  1550    Sep up  22  at  1498    Nov up  24  at  1518    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice prices gapped higher for the second time this week; nearby prices also gapped higher today. Prices continue to strengthen as the fundamentals for rice remain strong and strong prices in other commodities have put the pressure on rice to compete for acres this year. Cattle & Hogs  Date: February 01, 2008 Cattle As reported by Federal-State Market News, receipts were 5,905 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly $2-5 higher in a light test due to inclement weather conditions . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to 126   500 to 550 lbs. 105 to 115   600 to 700 lbs. 98 to 108  Medium & Large Frame 2   400 to 450 lbs. 109 to 119 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 101 to 111  Medium & Large Frame 2   400 to 450 lbs. 94 to 104 Slaughter Cows, Boners 48   to   43 Light Weight 36 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   58.50   to   65, high dresing 65-68.50 Midwest Steers   were steady   at   88   to   - - - Panhandle Steers   were steady   at   88   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 107.60 to 126   600 to 650 lbs. 101.50 to 116 Heifers 500 to 550 lbs. 97.50 to 113.50   600 to 650 lbs. 92.50 to 106 Chicago Futures: Live Cattle: Apr down 22 at 9407   Jun up 42 at 9395 Feeders: Mar up 20 at 10545   Apr up 32 at 10937 Cattle Comment Cattle prices weakened today as the market anticipates the cattle inventory report. The report was released after trading and showed cattle inventory down slightly. With lackluster packer demand and negative packer margins prices could retest recent contract lows. Hogs Peoria: were     steady   at   34.5   to   32 Chicago Futures: Apr up 140 at 5987   Jun up 162 at 7980 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Lean hogs were up again today. From a technical standpoint prices are beginning to look a little overbought. The contract has been supported as of late by fund and speculative buying, so a retracement may be in the near future as there will be opportunities to take profits. However, all indications are the market has hit its winter bottom, and prices should trend higher. Poultry  Date: February 01, 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. Demand into all channels was light to moderate with optimism noted for first of the month and weekend movement. 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 2008 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use