Grain & Soybean Date: January 10, 2008
Soybeans
Local Elevators:
(Jan) EAST AR: 1190 to 1210
(NC) Summ. 1120 to 1145
River Elevators:
(Jan) MISS: 1202 to 1234 ; AR & White 1191
to 1202
(NC) Summ. 1118 to 1150
Ark. Processor Bids: (Jan) 1202 to 1206
(NC) 1138 to 1145
Memphis:
(Jan) 1218 1/4 to 1225 1/4 (NC)
1145 to 1149
Riceland Foods:
(NC) Stuttgart 1206 ; Pendleton
1210 ; West Memphis 1234
| Chicago Futures: |
Jan |
down |
5 |
at |
1244 |
| |
Mar |
down |
2 1/4 |
at |
1260 1/4 |
| |
May |
down |
2 1/2 |
at |
1277 1/2 |
| |
Nov '08 |
up |
11 |
at |
1195 |
| |
Nov '09 |
up |
13 1/2 |
at |
1145 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans followed much the same pattern as yesterday and Monday when early weakness gave way to strong buying. In the end, new crop firmed while old crop closed lower. Most early reports suggest some further tightening of ending stocks, but it is expected to be minor since carryover is currently projected to be 195 million bushels. November futures hit $11.98 and continue to give producers excellent pricing opportunities.
Wheat
Cash bid for new crop at Memphis 782 1/2 to 847 1/2;
| Bids to farmers at Local Elevators |
666-678; |
| River Elevators |
663-681; |
| Chicago Futures: |
Mar |
down |
7 |
at |
882 1/2 |
| |
May |
down |
10 |
at |
892 1/2 |
| |
Jul |
down |
15 |
at |
776 |
| |
Sep |
down |
13 1/2 |
at |
784 1/2 |
| |
Jul '09 |
down |
4 1/2 |
at |
768 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for January at Memphis 900 to 902;
| Bids to farmers at River Elevators |
766-829; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
January at Memphis
463 to 466; |
| |
new crop at Memphis
466 to - - -; |
| Bids to farmers at River Elevators |
444 to 459 |
| Chicago Futures: |
Mar |
down |
7 |
at |
882 1/2 |
| |
May |
down |
10 |
at |
892 1/2 |
| |
Jul |
down |
15 |
at |
776 |
| |
Dec |
down |
11 |
at |
798 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat futures were sharply lower again today as traders establish positions ahead of tomorrow’s release of the January crop report. The USDA will release its first winter wheat seeding estimate, and the trade is now anticipating an 8% increase in acres over the last year. Further weakness came from news that Pakistan has cancelled a tender, citing high prices as the reason. July has strong support at the recent low of $7.63, and is building resistance at the recent high of $8.19.
Cotton & Rice Date: January 10, 2008
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 206 at
6221 |
| |
Greenwood down
206 at 6221 |
| New York Futures: |
Mar |
down |
222 |
at |
6680 |
| |
May |
down |
221 |
at |
6850 |
| | Jul |
down |
170 |
at |
7080 |
| | Dec |
down |
231 |
at |
7455 |
| | Mar '09 |
down |
45 |
at |
7926 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton was hit hard ahead of tomorrow’s report. A poor export report added fuel to the fire, as general expectations are for an increase in projected ending stocks. So, just more of the same increased production, and reduced utilization. That remains the outlook for the near term and that continues to put a cap on upside potential. Today’s move broke trendline support and leaves the market vulnerable to further declines. However, the market must be anticipatory and expectations are for ’08 plantings to be substantially lower than in ’07. Projections put plantings in the 9.25 to 10 million acre range. This compares to 15.3 million acres in ’06 and 10.9 million acres in ’07. Unless price moves higher, another substantial cut will be seen in ’08.
Rice
| Long Grain Cash Bid for |
Jan |
1260 |
to |
1285/cwt |
| |
Feb/Mar |
1285/cwt |
to |
- - - |
| Chicago Futures: |
Jan |
up |
15 |
at |
1435 |
| | Mar |
up |
10 1/2 |
at |
1460 1/2 |
| | May |
up |
13 |
at |
1490 |
| | Sep |
up |
18 |
at |
1443 |
| | - - - |
|
- - - |
at |
- - - |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice made new contract highs as the market reversed early weakness and closed higher. No major adjustments are anticipated in Friday’s report, but there is continued concern about tightening world and U.S. stocks. Vietnam’s export ban remains in effect officially. In fact, however, their move to fill a recent tender by the Philippines was a signal they are ready to do business even though harvest is 6 to 8 weeks away. International price levels are steady to firm with Thai sales activity slow as they fill prior purchases. Domestically, producers and buyers aren’t together on bids and offers or on delivery dates. Most mills and exporters covered into late winter and producers are anxious to move rice in the near future. Overall the market undertone remains firm.
Cattle & Hogs Date: January 10, 2008
Cattle
As reported by Federal-State Market News, receipts were 3,419 head
at sales in Charlotte & Green Forest.
Compared with last week, feeder steers sold weak to $4 lower .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
109 |
to |
119 |
|
| |
500 |
to |
550 lbs. |
105 |
to |
115 |
|
| |
600 |
to |
700 lbs. |
101 |
to |
111 |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
85 |
to |
95 |
Heifers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
93 |
to |
103 |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
85 |
to |
95 |
Slaughter Cows, Boners 43 to 48
Light Weight 30 to 38
Bulls, Yield Grade 1-2
1000 to 2100 lbs. 54
to 58.50
Midwest Steers were steady at 92
to - - -
Panhandle Steers were steady at 92
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 |
down |
7 |
at |
9320 |
| |
Jun |
up |
37 |
at |
9432 |
| Feeders: |
Jan |
up |
160 |
at |
10175 |
| |
Mar |
up |
137 |
at |
10477 |
Cattle Comment
Cattle futures ended mostly higher after trading lower in early dealings. Weak beef demand and negative packer margins are limiting the upside. The April live contract fell out the bottom of the trading channel that had held the market since November, suggesting additional weakness is likely. The market could work toward $94, the spring 2007 low.
Hogs
Peoria: were steady
at 26.5 to 27
| Chicago Futures: |
Feb |
down |
100 |
at |
5552 |
| |
Jun |
up |
22 |
at |
7432 |
Sheep
St. Paul sheep shorn slaughter lambs at n/a
to - - -
Hogs Comment
Hog futures were mostly higher, with nearby February under pressure from its premium to cash prices. Improving product values were supportive, but recent strength is mostly technical in nature. Futures had become very oversold and were due a corrective rebound.
Poultry Date: January 10, 2008
Eggs
| New York: |
Ex. Lg. 156-160; Lg. 154-158; Med. 138-142; |
| Chicago: |
Ex. Lg. 152-160; Lg. 150-158; Med. 134-142; |
Eastern Region Turkeys
| Hens: |
8-16 lbs. |
73-75 |
| Toms: |
16-24 lbs. |
73-75 |
| |
|
|
Delmarva Broilers
U.S. Grade A
Trade sentiment was mixed, but overall steady at best. Supplies of all sizes were usually sufficient to more available for trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable
weights.