02/06/2008 Farm Bureau Market Report

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Grain & Soybean Date: February 06, 2008 Soybeans Local Elevators: (Feb) EAST AR:  1266 to 1288 (NC) Summ. 1190 to 1222 River Elevators: (Feb) MISS: 1259 to 1311 ; AR & White 1270 to 1278 (NC) Summ. 1190 to 1225 Ark. Processor Bids: (Feb) 1279 to 1282  (NC) 1213 to 1215 Memphis:  (Feb) 1303 1/2 to 1308 1/2 (NC)  1224 1/2 to - - - Riceland Foods:  (NC) Stuttgart 1282 ; Pendleton 1288 ; West Memphis 1311 Chicago Futures: Mar down 4 1/2 at  1318 1/2   May  down  3  at  1339   Jul down 3 1/4  at  1351 3/4   Nov down 10 1/2  at  1279 1/2   Nov '09 down 17 1/2  at  1222 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Boosted by the runaway wheat market, soybeans and corn made new record contract highs early in the session. However, a late turnaround perished both lower at the close, leaving a potential topping signal. December corn and November soybeans registered key reversals which suggest, if not a top at least a near term downturn. November beans may test support around $12 and then the recent low at $11.67 ½. December corn has trendline support around $5.00 and then the recent low of $4.84. Wheat Cash bid for new crop at Memphis  856 to 861; Bids to farmers at Local Elevators 836-858; River Elevators 838-861; Chicago Futures: Mar up  30  at  1033    May up 30  at  1049 3/4    Jul up  21 1/2  at  956    Sep up  22  at  963    Jul '09 up  5  at  900    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  896 to 931; Bids to farmers at River Elevators 802-864; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   493 1/2 to 501 1/2;   new crop at Memphis   491 1/2 to - - -; Bids to farmers at River Elevators  466 to 492 Chicago Futures: Mar down  7 3/4  at  501 1/2    May down  7 1/2  at  514 1/4    Sep down  7 3/4  at  524 1/2    Dec down  6 3/4  at  525 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat registered big gains with July closing just off the limit of 30 cents. Spring wheat continues to lead the pack with another limit gain. Tight world stocks and strong demand are major keys. The value of wheat as a food grain means there is demand no matter the price. Cotton & Rice  Date: February 06, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 57 at  6392   Greenwood up  57 at 6392 New York Futures: Mar up  50  at  6860    May up  50  at  7043    Jul up  47  at  7225    Dec up  47  at  7705    Mar '09 up  127  at  8018  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton rallied and followed grains higher and then followed them lower. However, cotton remained on the positive side at the close. There has been no significant change in fundamentals, and upside potential remains limited. The big carryover projection may get bigger in Friday’s report, since at mid year exports are less than 40% of the annual projection. Prospects of reduced plantings again this year will help the market, but that probably won’t happen until much later in the year. Rice Long Grain Cash Bid for  Feb 1352/cwt  to  - - -   Mar 1352  to  1366/cwt Chicago Futures: Mar up  35 1/2  at  1542    May up  34  at  1573    Jul up  29  at  1597    Sep up  24  at  1522    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice made and held big gains as all contracts registered new highs. Rice, like wheat, is a food grain and it is difficult to gauge how much higher the market can go when stocks get tight. On the international market rice values have zoomed higher with recent sales by Vietnam and Thailand are moving at $450 or above per tonne. Vietnam now has a minimal export price of $425 per tonne for 5% broken and prospects of the market moving higher are strong. New crop futures have gapped higher twice in the last week and have shown no signs of a top as rice attempts to compete for acreage in ’08. Cattle & Hogs  Date: February 06, 2008 Cattle As reported by Federal-State Market News, receipts were 733 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113 to 123   500 to 550 lbs. 105 to 115   600 to 650 lbs. 99 to 102.50  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. 92 to 102 Slaughter Cows, Boners 47   to   52 Light Weight 34 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   65, high dressing 68-70.50 Midwest Steers   were quoted   at   88   to   - - - Panhandle Steers   were quoted   at   88   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 116 to 125   600 to 650 lbs. 108 to 115 Heifers 500 to 550 lbs. 97 to 110   600 to 650 lbs. 94 to 98.75 Chicago Futures: Live Cattle: Apr down 15 at 9447   Jun down 65 at 9387 Feeders: Mar down 57 at 10492   Aug down 25 at 11260 Cattle Comment Cattle futures closed lower despite the increased beef cutout value. Negative packer margins have narrowed and could move to the positive side. However, the question is whether recent gains will reduce demand as it has recently. Feeder values were pressured by early gains in corn and soybeans. Hogs Peoria: were $1     higher   at   33.5   to   34 Chicago Futures: Apr down 70 at 6545   Jun down 112 at 7870 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were lower again today pressured by lower wholesale pork values. Snow is destroying the market, but most packers are covered into the weekend. Movement is expected to increase later in the week, adding more pressure. Poultry  Date: February 06, 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 fully steady to firm. Supplies of all sizes were sufficient to well cleared for 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