Grain & Soybean Date: January 16, 2008
Soybeans
Local Elevators:
(Jan) EAST AR: 1190 to 1212
(NC) Summ. 1184 to 1216
River Elevators:
(Jan) MISS: 1202 to 1235 ; AR & White 1202
to 1208
(NC) Summ. 1187 to 1219
Ark. Processor Bids: (Jan) 1203 to 1206
(NC) 1207 to 1209
Memphis:
(Jan) 1232 to 1240 (NC)
1214 to - - -
Riceland Foods:
(NC) Stuttgart 1206 ; Pendleton
1212 ; West Memphis 1235
| Chicago Futures: |
Mar |
down |
24 1/2 |
at |
1277 |
| |
May |
down |
23 1/4 |
at |
1296 1/2 |
| |
Jul |
down |
23 |
at |
1314 1/4 |
| |
Nov '08 |
down |
11 |
at |
1274 |
| |
Nov '09 |
down |
5 |
at |
1250 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans gave back a part of the recent gains. However, declines weren’t as sharp as would be expected and price levels actually firmed some. New crop losses were less than old crop and we actually saw the spread narrow to almost nothing. There was no decisive indication that a top has been made. Selling was attributed to profit taking, strength in the dollar, and margin call pressure on commercial firms.
Wheat
Cash bid for January at Memphis 796 1/2 to 881 1/2;
| Bids to farmers at Local Elevators |
732-754; |
| River Elevators |
733-757; |
| Chicago Futures: |
Mar |
down |
7 |
at |
925 |
| |
May |
down |
4 |
at |
941 |
| |
Jul '08 |
up |
1 1/4 |
at |
851 1/2 |
| |
Sep |
unchanged |
|
at |
857 |
| |
Jul '09 |
unchanged |
|
at |
832 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for new crop at Memphis 842 to - - -;
| Bids to farmers at River Elevators |
814-877; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
January at Memphis
490 1/2 to 492 1/2; |
| |
new crop at Memphis
482 to 485; |
| Bids to farmers at River Elevators |
466 to 481 |
| Chicago Futures: |
Mar |
down |
6 1/2 |
at |
502 1/2 |
| |
May |
down |
6 3/4 |
at |
514 3/4 |
| |
Jul |
down |
7 1/4 |
at |
525 1/4 |
| |
Dec '08 |
down |
7 3/4 |
at |
521 1/4 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat reversed early losses and ended the session mixed. This strongly suggests new crop wheat has additional upside potential, based on tight U.S. and world supplies, a smaller than expected U.S. plantings and potential weather related crop problems.
Cotton & Rice Date: January 16, 2008
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis down 38 at
6656 |
| |
Greenwood down
38 at 6656 |
| New York Futures: |
Mar |
down |
38 |
at |
7131 |
| |
May |
down |
47 |
at |
7303 |
| | Jul |
down |
39 |
at |
7488 |
| | Dec |
down |
45 |
at |
7943 |
| | Mar '09 |
down |
34 |
at |
8175 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton trimmed early declines but still ended the day lower. Monday’s gap remains open and as such is a potential measuring gap or signal for additional gains. A close below 77.5 cents by the December contract would negate upside objectives. Below that last week’s low of 74.5 cents should provide good support. While there are ample stocks available for the 07-08 market year, it appears world production in ’08 will fall well below utilization. With the U.S. acreage expected to decline again this year it could mean a big reduction in stocks. No doubt cotton will have to compete for acreage in ’09. Between now and then we should see an overall positive situation develop. While price will have down periods the trend should be higher.
Rice
| Long Grain Cash Bid for |
Jan/Feb/Mar |
1240/cwt |
to |
- - - |
| |
- - - |
- - - |
to |
- - - |
| Chicago Futures: |
Mar |
down |
27 |
at |
1413 |
| | May |
down |
22 |
at |
1447 |
| | Jul |
down |
23 |
at |
1475 |
| | Sep |
down |
12 |
at |
1433 |
| | - - - |
|
- - - |
at |
- - - |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice futures moved in concert with corn and beans and ended the day lower. Nearby March briefly penetrated trendline support but managed to close above that level. Today’s low of $13.95 represents potential near term support. A close below that level will open the market to downside retracement objectives of $13.79, $13.53 and $13.26. Overall fundamentals remain supportive. Tighter U.S. and world stocks won’t improve although the Vietnam harvest will provide another export source. Any decline in beans and corn will provide relief for rice, however U.S. acreage could drop again this year.
Cattle & Hogs Date: January 16, 2008
Cattle
As reported by Federal-State Market News, receipts were 1,197 head
at sales in Conway & Pocahontas.
Compared with last week, feeder steers sold weak to $4 lower .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
104 |
to |
114 |
|
| |
500 |
to |
550 lbs. |
95 |
to |
105 |
|
| |
600 |
to |
700 lbs. |
86 |
to |
93 |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
98 |
to |
105 |
Heifers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
87 |
to |
97 |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
78 |
to |
87 |
Slaughter Cows, Boners 43 to 47
Light Weight 25 to 31
Bulls, Yield Grade 1
1000 to 2100 lbs. 56
to 60.50, high dressing untested
Midwest Steers were quoted at 88
to 89
Panhandle Steers were quoted at 88
to 89
Oklahoma City Feeders
|
| Steers |
500 |
to |
550 lbs. |
109 |
to |
118.25 |
| |
600 |
to |
650 lbs. |
100.60 |
to |
110 |
| Heifers |
500 |
to |
550 lbs. |
97 |
to |
99.50 |
| |
600 |
to |
650 lbs. |
92 |
to |
96.50 |
Chicago Futures:
| Live Cattle: |
Feb |
down |
75 |
at |
9005 |
| |
Jun |
down |
55 |
at |
9350 |
| Feeders: |
Jan |
down |
82 |
at |
9697 |
| |
Mar |
down |
12 |
at |
10097 |
Cattle Comment
Cattle didn’t find much good news in the corn and bean declines as the overall fundamental situation remains negative. Slow product movement and concern about potential heavy cattle sales added pressure to an already oversold situation.
Hogs
Peoria: were steady
at 25.5 to 26
| Chicago Futures: |
Feb |
down |
15 |
at |
5445 |
| |
Jun |
down |
125 |
at |
7335 |
Sheep
St. Paul sheep shorn slaughter lambs at n/a
to - - -
Hogs Comment
Hog futures were lower again as the overall supply of pork remains heavy. Good exports are helping absorb the big supplies but high costs are pushing marketings ahead as well as contributing to herd liquidations.
Poultry Date: January 16, 2008
Eggs
| New York: |
Ex. Lg. 156-160; Lg. 154-158; Med. 138-142; |
| Chicago: |
Ex. Lg. 145-153; Lg. 143-151; Med. 128-136; |
Eastern Region Turkeys
| Hens: |
8-16 lbs. |
71-75 |
| Toms: |
16-24 lbs. |
71-75 |
| |
|
|
Delmarva Broilers
U.S. Grade A
Trade sentiment was steady at best. Supplies of all sizes were more than sufficient to satisfy trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.