02/04/2008 Farm Bureau Market Report

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Grain & Soybean Date: February 04, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1280 to 1302 (NC) Summ. 1205 to 1237 River Elevators: (Feb) MISS: 1286 to 1325 ; AR & White 1282 to 1292 (NC) Summ. 1206 to 1240 Ark. Processor Bids: (Feb) 1286 to 1296  (NC) 1228 to 1230 Memphis:  (Feb) 1311 to - - - (NC)  1239 1/2 to - - - Riceland Foods:  (NC) Stuttgart 1296 ; Pendleton 1302 ; West Memphis 1325 Chicago Futures: Mar up 38 3/4 at  1326   May  up  38 1/2  at  1344 3/4   Jul up 38 1/2  at  1358 1/2   Nov up 40 1/2  at  1294 1/2   Nov '09 up 31 1/2  at  1241   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans raced higher from the opening bell closing at or near the high for the day. November pushed within a nickel of $13, and closed just a dime below the contract high of $13.04 ½ registered on January 17. While there is still uncertainty about ’08 plantings, there appears to be strong support coming from the index funds. For the time being, they continue to pave the way to higher price levels. A close above the above mentioned contract high would suggest another leg up in the market. This may be heightened by growing concern about sufficient supplies of quality soybean seed. Support remains the recent low of $11.67 ½. Wheat Cash bid for new crop at Memphis  804 1/2 to 809 1/2; Bids to farmers at Local Elevators 785-807; River Elevators 795-810; Chicago Futures: Mar up  30  at  973    May up 29 1/4  at  989 3/4    Jul up  30  at  904 1/2    Sep up  30  at  911    Jul '09 up  20 1/2  at  880 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  921 to 937; Bids to farmers at River Elevators 862; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   503 1/2 to 509 1/2;   new crop at Memphis   498 to 501; Bids to farmers at River Elevators  483 to 501 Chicago Futures: Mar up  10  at  510 1/2    May up  9 1/2  at  522 3/4    Sep up  13  at  533    Dec up  13 3/4  at  532 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted limit gains in most contracts. News that Iraq will be an active buyer was supportive, but today’s strength had little to do with fundamental factors. The Index Funds were active buyers today as strong gains in crude oil prices supported grain markets as well. Cotton & Rice  Date: February 04, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 71 at  6412   Greenwood up  71 at 6412 New York Futures: Mar up  59  at  6875    May up  58  at  7066    Jul up  65  at  7253    Dec up  61  at  7730    Mar up  72  at  7981  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton firmed today with new crop December moving out of a very narrow consolidation range that has persisted for much of the past two weeks. The market continues to show concern about the overall economic situation and a slow export situation. USDA projects 07/08 exports at 16 million bales. However at the half way point shipments are only 6.1 million bales. Movement and sales will need to increase steadily, or end of year stocks could be near 9 million bales instead of the current projections of 7.9. This will keep a cap on upside potential for tightening U.S. and world stocks in 08/09, as ’08 plantings decline – should provide a boost at some point for ’09. Rice Long Grain Cash Bid for  Feb 1320/cwt  to  - - -   Mar/Apr 1320  to  1366/cwt Chicago Futures: Mar down  7  at  1510    May down  10  at  1540    Jul unchanged    at  1569    Sep down  4  at  1502    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed mixed with new crop moving higher and old crop trimming gap higher gains from Friday. Limit gains in wheat boosted new crop rice and could provide the impetus for another leg up as futures are currently above $15. World and U.S. rice stocks are tight and that simply adds fuel to the fire that is burning in the grains and soybeans. Producers are completing their plans for ’08 and while then tendency may be to plant more soybeans and perhaps less rice. The availability of quality soybean seed may keep rice at the top of the mix. Cattle & Hogs  Date: February 04, 2008 Cattle As reported by Federal-State Market News, receipts were 347 head at sales in Ola & Springdale.  Compared with last week, feeder steers poorly tested, limited offerings sold firm to $4.90 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 130   500 to 550 lbs. 113.50 to 120   600 to 700 lbs. 97 to 107  Medium & Large Frame 2   400 to 450 lbs. 115 to 119 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 106 to 112  Medium & Large Frame 2   350 to 400 lbs. 91 to 101 Slaughter Cows, Boners 48   to   52.50 Light Weight 46 to 50.50 Bulls, Yield Grade   1   1000   to   2100 lbs.   58.50   to   61.50, high dressing untested Midwest Steers   were $.50-4.50 higher   at   88.50   to   90.50 Panhandle Steers   were $2 lower to $3 higher   at   86   to   91 Oklahoma City Feeders Steers 500 to 550 lbs. 118 to 122.50   600 to 650 lbs. 108 to 114.50 Heifers 500 to 550 lbs. 97 to 105   650 to 700 lbs. 95 to 99 Chicago Futures: Live Cattle: Apr down 12 at 9392   Jun up 35 at 9430 Feeders: Mar down 70 at 10475   Aug down 47 at 11205 Cattle Comment Cattle prices were mixed. Friday’s inventory report was bullish for front-end contracts, as it confirmed some herd liquidation. With lackluster packer demand and negative packer margins prices could retest recent contract lows. Hogs Peoria: were $1     higher   at   32.5   to   33 Chicago Futures: Apr up 52 at 6720   Jun up 125 at 8105 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Lean hogs were mostly higher. 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 04, 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 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 2008 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use