Grain & Soybean Date: November 28, 2007 Soybeans
Local Elevators:
(Nov) EAST AR: 1055 to 1083
(NC) Summ. 1076 to - - -
River Elevators:
(Nov) MISS: 1072 to 1087 ; AR & White 1059 to 1072
(NC) Summ. 1071 to 1096
Ark. Processor Bids: (Nov) 1072 to 1073 (NC) 1096 to 1098
Memphis: (Nov) 1091 3/4 to 1094 3/4 (NC) 987 1/2 to 988 1/2
Riceland Foods: (Nov) Stuttgart 1073 ; Pendleton 1083 ; West Memphis 1087
Chicago Futures: | Jan | up | 5 3/4 | at | 1096 3/4 |
| Mar | up | 5 3/4 | at | 1113 1/2 |
| May | up | 5 1/2 | at | 1119 3/4 |
| Nov '08 | up | 2 | at | 1027 1/2 |
| Nov '09 | down | 1 | at | 969 |
| Today's Arkansas LDP rate for soybeans is: | 0¢ |
Soybean Comment
Soybeans recovered a portion of yesterday's losses, but the upside appears limited. Soy oil prices look toppy and demand has diminished thanks to high prices. Biodiesel production is not profitable at current price levels. Producers need to keep in mind current price levels are well above the USDA projected average. There is probably more downside risk than upside potential at this stage of the game. Futures are at 34 year highs, meaning the $13 plus in 1973 is the only thing on the charts that is higher than current price levels.
Wheat
Cash bid for new crop at Memphis 653 to 654;
Bids to farmers at Local Elevators | 633-648; |
River Elevators | 634-653; |
Chicago Futures: | Dec | up | 30 | at | 859 |
| Mar | up | 30 | at | 881 3/4 |
| May | up | 30 | at | 871 1/2 |
| Jul '08 | up | 8 | at | 728 |
| Jul '09 | up | 11 | at | 709 |
| Today's Arkansas LDP rate for wheat is: | 0¢ |
Grain Sorghum
Cash bid for November at Memphis 724 to 817;
Bids to farmers at River Elevators | 611-673; |
Today's Arkansas LDP rate for sorghum is: | 0¢ |
Corn
Cash bid for | November at Memphis 392 1/4 to 401 1/4; |
| new crop at Memphis 404 to - - -; |
Bids to farmers at River Elevators | 371 to 387 |
Chicago Futures: | Dec | up | 4 | at | 387 1/2 |
| Mar | up | 3 3/4 | at | 404 1/2 |
| May | up | 4 1/4 | at | 415 |
| Dec '08 | up | 5 1/4 | at | 434 3/4 |
| Today's Arkansas LDP rate for corn is: | 0¢ |
Grain Comment
December wheat was up the limit today on news that Argentina had suspended exports for 5 days to assess the damage from recent freezing weather. The market is hyper-reactive to news like this because world stocks are so tight. Dry weather in the U.S. southern Plains is also supportive. The USDA now says that only 44% of the winter crop is in the good to excellent category. July set a new contract high today, giving the chart a bullish appearance.
Cotton & Rice Date: November 28, 2007
Cotton
Spot Price, Grade 41 Staple 34: | Memphis up 153 at 5993 |
| Greenwood up 153 at 5993 |
New York Futures: | Dec | up | 156 | at | 5993 |
| Mar | up | 153 | at | 6593 |
| May | up | 146 | at | 6759 |
| Jul | up | 145 | at | 6916 |
| Dec | up | 143 | at | 7366 |
This week's LDP rate for cotton is | 0 cents |
| The estimate for next week is | 0 cents |
Cotton Comment Cotton posted sharp gains today with March bouncing off trendline support near 64.40 cents. Technical buying and carryover strength from the stock market were both supportive. Cotton is also still in the race for acres in 2008. New crop acreage will suffer unless December 08 cotton futures move to new highs over the next 3 months or so.
Rice
Long Grain Cash Bid for | Nov/Dec | 1149/cwt | to | - - - |
| - - - | - - - | to | - - - |
Chicago Futures: | Jan | down | 13 1/2 | at | 1294 1/2 |
| Mar | down | 12 | at | 1327 |
| May | down | 14 | at | 1355 |
| Sep | down | 5 | at | 1312 |
| n/a | down | - - - | at | - - - |
Today's Arkansas LDP rate for long grain rice is | 0¢ |
medium grain rice is | 0¢ |
Rice Comment Rice futures were sharply lower again today in follow through selling from yesterday's bearish price action. The downside could be limited. Tight world and U.S. stocks are responsible for recent strong gains. Vietnam and India are maintaining export bans. The cyclone in Bangladesh did some damage to rice and may increase their import needs. Thailand continues to move intervention stocks ahead of this years harvest. U.S. exports of both milled and rough rice are moving at a good pace. A key factor will be U.S. plantings in 08 and this years harvest in Thailand and Vietnam.
Cattle & Hogs Date: November 28, 2007 Cattle
As reported by Federal-State Market News, receipts were 1,366 head at sales in Conway, Ola & Pocahontas. Compared with last week, feeder steers sold mostly $4-7 higher .
Steers: |
Medium & Large Frame 1 | 400 | to | 450 lbs. | 110 | to | 120 |
|
| 500 | to | 550 lbs. | 106 | to | 113 |
|
| 600 | to | 650 lbs. | 95 | to | 104 |
|
Medium & Large Frame 2 | 400 | to | 450 lbs. | 99 | to | 109 |
Heifers: |
Medium & Large Frame 1 | 400 | to | 450 lbs. | 99 | to | 109 |
|
Medium & Large Frame 2 | 400 | to | 450 lbs. | 88 | to | 98 |
Slaughter Cows, Boners 42 to 46
Light Weight 28 to 31
Bulls, Yield Grade 1 1000 to 2100 lbs. 53 to 57, high dressing 57.50-59
Midwest Steers were $2 higher at 95 to 95.50
Panhandle Steers were $2-2.50 higher at 95 to 95.50
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 | down | 90 | at | 9705 |
| Jun | down | 62 | at | 9355 |
Feeders: | Jan | down | 100 | at | 10957 |
| Mar | down | 85 | at | 11015 |
Cattle Comment
Cattle futures were lower across the board. Futures premium to cash prices and fund selling were limiting factors. Concerns about demand are outweighing the relatively tight supply situation. December has support around $95.
Hogs Peoria: were steady at 28.5 to 29
Chicago Futures: | Feb | up | 62 | at | 6282 |
| Jun | up | 5 | at | 7587 |
Sheep St. Paul sheep shorn slaughter lambs at n/a to - - -
Hogs Comment
Hog futures were higher again today. However, futures premium to cash could limit the upside. February seems to be building resistance just below $64.
Poultry Date: November 28, 2007 Eggs
New York: | Ex. Lg. 159-163; Lg. 157-161; Med. 143-147; |
Chicago: | Ex. Lg. 151-159; Lg. 149-157; Med. 134-142; |
Eastern Region Turkeys Hens: | 8-16 lbs. | 89-92 |
Toms: | 16-24 lbs. | 89-92 |
| | |
Delmarva Broilers U.S. Grade ATrade sentiment was mostly steady. Supplies of all sizes were more than sufficient to satisfy trade needs. In production areas, live supplies were moderate at mostly desirable to heavy weights.
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