01/02/2008 Farm Bureau Market Report

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Grain & Soybean Date: January 02, 2008 Soybeans Local Elevators: (Jan) EAST AR:  947 to 970 (NC) Summ. 874 to - - - River Elevators: (Jan) MISS: 977 to 995 ; AR & White 957 to 972 (NC) Summ. 913 to 938 Ark. Processor Bids: (Jan) 940 to 970  (NC) 924 to - - - Memphis:  (Jan) 1001 to - - - (NC)  943 1/2 to - - - Riceland Foods:  (Jan) Stuttgart 970 ; Pendleton 970 ; West Memphis 995 Chicago Futures: Jan '09 down 2 1/4 at  970   Mar '09  down  3  at  977   May '09 down 3  at  988 1/2   Jul '09 down 2 3/4  at  1000   Nov '09 down 3 1/4  at  1003 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded up and down in today’s session, with a reversal in oil giving the market a boost at mid day. January has yet to push above resistance around $9.80 to $10.00. Should the market penetrate that resistance, further gains would be anticipated. Corn was also up and down in the first session of ’09, but the market made a strong improvement in December, rallying more than a $1. Further gains are possible if the market decides more acreage is needed in ’09. Wheat Cash bid for January at Memphis  501 to 506; Bids to farmers at Local Elevators 505-520; River Elevators 516-555; Chicago Futures: Mar '09 up  1/4  at  611    May '09 up 1/4  at  623 3/4    Jul '09 up  1/2  at  634 1/2    Sep '09 up  1  at  654 1/2    Dec '09 up  1 1/2  at  674 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  584 to - - -; Bids to farmers at River Elevators 450-530; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   407 1/4 to - - -;   new crop at Memphis   403 to - - -; Bids to farmers at River Elevators  450 to 530 Chicago Futures: Mar '09 up  5 1/4  at  412 1/4    May '09 up  5  at  422 3/4    Sep '09 up  5  at  443    Dec '09 up  4 3/4  at  456 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was lower as today’s export report was seen as negative. Plentiful global supplies make it a competitive marketing situation and limits overall upside potential. Cotton & Rice  Date: January 02, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 11 at  4591   Greenwood down  11 at 4591 New York Futures: Mar '09 down  11  at  4891    May '09 down  24  at  4907    Jul '09 down  19  at  5042    Dec '09 down  24  at  5468    - - -   - - -  at  - - -  This week's LDP rate for cotton is  14.36 cents   The estimate for next week is  13.09 cents Cotton Comment Cotton resumed the year on a negative note, but the market did rally to erase much of the early decline. March futures held above key resistance at 48 cents, while new crop December moved above 55 cents. The potential for another big decline in U.S. plantings could key a further rebound in new crop contracts. Old crop contracts will continue to lag behind as economic conditions pare overall demand. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan '09 down  4 1/2  at  1529 1/2    Mar '09 down  13  at  1512    May '09 down  9 1/2  at  1536    Jul '09 down  3 1/2  at  1559 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were generally mixed in a light trade. U.S. milled rice exports remain almost non existent as current price levels leave little opportunity to compete. Vietnam continues to garner much of the export market, although it appears Thailand may be ready to get competitive. A recent sale of old intervention stocks was completed at a price below $450 per tonne. U.S. quotes remain around $650 per tonne. Cattle & Hogs  Date: January 02, 2008 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were   at   83   to   - - - Panhandle Steers   were   at   83   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Feb '09 up 105 at 8710   Apr '09 up 165 at 9075 Feeders: Jan '09 up 155 at 9560   May '09 up 225 at 9785 Cattle Comment Cattle were sharply higher as the market responded to strength in crude oil. February futures have overhead resistance near $90. If that is penetrated, the market might move toward retracement objectives at $92.50 and $95.25. Increased showlists could temper upside potential. Hogs Peoria: were $1     lower   at   29   to   31 Chicago Futures: Feb '09 up 297 at 6385   Apr '09 up 257 at 7127 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs continued the big turnaround that began on Wednesday with a gap higher move. Concern about tightening supplies and improvement in pork cutout values provided underlying support. February futures could test resistance near $67. Poultry  Date: January 02, 2008 Eggs New York:  Ex. Lg. 130-134; Lg. 128-132; Med. 92-96; Chicago:  Ex. Lg. 119-127; Lg. 117-125; Med. 84-92; Eastern Region Turkeys Hens: 8-16 lbs. 69-75 Toms: 16-24 lbs. 69-74   Delmarva Broilers U.S. Grade A Trade sentiment was fully steady. Post holiday demand entering the weekend was light to moderate, best where features and first of the month business was active. Supplies of all sizes were sufficient to closely cleared with some plants running Saturday shifts. 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