Grain & Soybean Date: January 17, 2008
Soybeans
Local Elevators:
(Jan) EAST AR: 1184 to 1206
(NC) Summ. 1180 to 1212
River Elevators:
(Jan) MISS: 1196 to 1240 ; AR & White 1196
to 1212
(NC) Summ. 1185 to 1215
Ark. Processor Bids: (Jan) 1197 to 1200
(NC) 1203 to 1205
Memphis:
(Jan) 1226 to 1236 (NC)
1210 to - - -
Riceland Foods:
(NC) Stuttgart 1200 ; Pendleton
1216 ; West Memphis 1239
| Chicago Futures: |
Mar |
down |
6 |
at |
1271 |
| |
May |
down |
5 1/2 |
at |
1291 |
| |
Jul |
down |
8 3/4 |
at |
1305 1/2 |
| |
Nov '08 |
down |
4 |
at |
1270 |
| |
Nov '09 |
down |
4 |
at |
1246 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans closed lower for the second day in a row. Early gains pushed November above $13 and to a new contract high. The market then saw a steady erosion which ended the day on the negative side. The market appears to be in a consolidation phase which might continue for a few days. Export numbers were anything but negative and indicate price has not started the job of rationing tight supplies. Closing of last Friday’s report gap at $11.94 would be the first sign of the market topping.
Wheat
Cash bid for new crop at Memphis 764 to 769;
| Bids to farmers at Local Elevators |
744-766; |
| River Elevators |
746-769; |
| Chicago Futures: |
Mar |
up |
14 |
at |
940 1/2 |
| |
May |
up |
15 1/2 |
at |
956 1/2 |
| |
Jul '08 |
up |
12 1/2 |
at |
864 |
| |
Sep |
up |
15 3/4 |
at |
872 3/4 |
| |
Jul '09 |
up |
18 1/4 |
at |
851 1/4 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for January at Memphis 930 to 932;
| 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 to - - -; |
| |
new crop at Memphis
481 1/4 to - - -; |
| Bids to farmers at River Elevators |
472 to 487 |
| Chicago Futures: |
Mar |
down |
1/2 |
at |
502 |
| |
May |
unchanged |
|
at |
514 3/4 |
| |
Jul |
unchanged |
|
at |
525 1/4 |
| |
Dec |
down |
1/4 |
at |
521 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Wheat posted double digit gains in response to the weekly export report. USDA reported that 18 million bushels were sold to foreign buyers last week. The cumulative sales total is now 20 million bushels larger than USDA’s forecast for the entire year. Combine the strong demand with a smaller than expected U.S. plantings estimate and potential weather related crop problems and new crop wheat looks to have additional upside potential.
Cotton & Rice Date: January 17, 2008
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis up 61 at
6717 |
| |
Greenwood up
61 at 6717 |
| New York Futures: |
Mar |
up |
61 |
at |
7192 |
| |
May |
up |
62 |
at |
7365 |
| | Jul |
up |
61 |
at |
7549 |
| | Dec |
up |
56 |
at |
7999 |
| | Mar '09 |
up |
49 |
at |
8224 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton managed to hold some of its early gains and close higher for the day. New crop December again tested the contract high of 80.56 cents before declining. 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 |
1239/cwt |
to |
- - - |
| |
- - - |
- - - |
to |
- - - |
| Chicago Futures: |
Mar |
down |
1 1/2 |
at |
1414 |
| | May |
unchanged |
|
at |
1447 |
| | Jul |
unchanged |
|
at |
1475 |
| | Sep |
up |
5 |
at |
1438 |
| | - - - |
|
- - - |
at |
- - - |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice was essentially steady to higher as late selling pared early gains. The market remains extremely volatile and subject to wide swings. Yesterday’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 17, 2008
Cattle
As reported by Federal-State Market News, receipts were 2,744 head
at sales in Charlotte, Ratcliff & Green Forest.
Compared with last week, feeder steers sold weak to $5 lower, heifers mostly steady to $3 lower .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
115 |
to |
125 |
|
| |
500 |
to |
550 lbs. |
106 |
to |
116 |
|
| |
600 |
to |
700 lbs. |
92 |
to |
102 |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
101 |
to |
109 |
Heifers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
90 |
to |
100 |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
85 |
to |
95 |
Slaughter Cows, Boners 41 to 46
Light Weight 30 to 38
Bulls, Yield Grade 1
1000 to 2100 lbs. 50
to 57.50, high dressing 58
Midwest Steers were steady to $.50 higher at 88
to 89.50
Panhandle Steers were steady to $.50 higher at 88
to 89.50
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 |
up |
85 |
at |
9090 |
| |
Jun |
down |
5 |
at |
9345 |
| Feeders: |
Jan |
up |
7 |
at |
9705 |
| |
Mar |
up |
32 |
at |
10130 |
Cattle Comment
February live cattle spiked lower today before closing higher. Today’s low of $89.13 becomes initial support, with additional support at the contract low of $87.60. Other contracts were mixed, with the market continuing to be under pressure from slow product movement and concern about potentially heavy cattle sales.
Hogs
Peoria: were steady
at 25.5 to 26
| Chicago Futures: |
Feb |
up |
75 |
at |
5520 |
| |
Jun |
up |
240 |
at |
7575 |
Sheep
St. Paul sheep shorn slaughter lambs at n/a
to - - -
Hogs Comment
Hog futures traded in a wide range today before closing solidly higher but well below the day’s high. Indications that cash prices have bottomed for now were supportive. Weather has slowed marketings in some areas, but not enough to cause concern about a backlog. Strong pork demand is a plus. February is still under pressure from its premium to cash prices.
Poultry Date: January 17, 2008
Eggs
| New York: |
Ex. Lg. 156-160; Lg. 154-158; Med. 138-142; |
| Chicago: |
Ex. Lg. 145-153; Lg. 128-136; 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 overall no better than steady. Supplies of all sizes were more than sufficient to handle trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.