11/01/2007 Farm Bureau Market Report

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Grain & Soybean Date: November 01, 2007 Soybeans Local Elevators: (Nov) EAST AR:  952 to 985 (NC) Summ. 958 to 991 River Elevators: (Nov) MISS: 947 to 990 ; AR & White 964 to 980 (NC) Summ. 970 to 1007 Ark. Processor Bids: (Nov) 969 to 976  (NC) 982 to 1005 Memphis:  (Nov) 988 1/2 to 991 1/2 (NC)  n/a to - - - Riceland Foods:  (NC) Stuttgart 976 ; Pendleton 985 ; West Memphis 987 Chicago Futures: Nov down 19 1/4 at  990 3/4   Jan  down  19 1/4  at  1006 1/2   Mar down 18 3/4  at  1021 3/4   Jul down 17  at  1032 1/2   Nov '08 down 16 3/4  at  959 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment The rollercoaster ride of up one day, down the next continued today as soybeans posted double digit losses. January made a new high yesterday, but was sharply lower today. The rapid selloff in crude oil futures today took its toll on soy oil and soybean futures. Soybean futures have been supported by high oil prices, and today’s weakness carried over as well. A solid January close above $10.33 ½ would bring the ’04 high of $10.64 back into focus. Volatility will continue high, meaning big swings will be the order of the day. Wheat Cash bid for November at Memphis  587 3/4 to 588 3/4; Bids to farmers at Local Elevators 568-583; River Elevators 575-589; Chicago Futures: Dec down  29 3/4  at  778 1/4    Mar down 29 1/4  at  800 1/4    May down  24 1/2  at  768    Jul '08 down  9 3/4  at  662 3/4    Jul '09 down  8  at  668    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  712 to - - -; Bids to farmers at River Elevators 632-695; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   382 3/4 to 387 3/4;   new crop at Memphis   384 1/2 to - - -; Bids to farmers at River Elevators  369 to 381 Chicago Futures: Dec down  6 3/4  at  368 3/4    Mar down  6 3/4  at  386    May down  5 1/2  at  395 3/4    Dec '08 down  4 1/2  at  416 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were lower on carryover weakness from soybeans and corn. Disappointing export totals were also a factor. Old crop December is trending lower with resistance near $8.50. New crop July is chopping along mostly sideways with resistance at the contract high of $6.97 and support $6.49. Cotton & Rice  Date: November 01, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 34 at  6074   Greenwood down  34 at 6074 New York Futures: Dec down  28  at  6380    Mar down  39  at  6835    May down  60  at  6960    Jul down  76  at  7110    Dec '08 down  60  at  7485  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment December cotton gapped lower but remained within the congestion area that has developed over the last two weeks. Inability to hold here will likely bring a test of support near 62 cents or perhaps 59.8 cents at some point. Ample supplies of ’07 cotton should keep a cap on the market at least for the near term. It will take renewed export interest, make that buying by China, to stimulate the market and move values to the next level. On the other hand, ’08 cotton might still get caught up in the bidding war for acreage. It looks like acreage could be cut another 10 percent if price doesn’t increase to the upper 70’s or lower 80’s for December ’08 futures. Rice Long Grain Cash Bid for  Nov/Dec 1075  to  1111/cwt   - - - - - -  to  - - - Chicago Futures: Jan down  1 1/2  at  1215 1/2    Mar down  4  at  1244    May down  6  at  1259    Jul down  7  at  1269    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice was unchanged, unable to move above resistance at yesterday’s new contract high. All other contracts were lower. Good sales are keeping the U.S. market firm although a widely anticipated tender from Iraq has not yet materialized. Rough rice export sales have been fairly brisk. The international market remains firm with Thailand moving old intervention stocks at a pretty good pace. Export bans in Vietnam and India leave Thailand as the main supplier. That will likely remain the case for the next 2 to 3 months or until Vietnam’s harvest. This week’s upside breakout puts January futures position to move to resistance at the January ’97 high of $12.45. Cattle & Hogs  Date: November 01, 2007 Cattle As reported by Federal-State Market News, receipts were 2,638 head at sales in Charlotte, Green Forest & Ola.  Compared with last week, feeder steers sold mostly steady to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113 to 123   500 to 550 lbs. 103 to 113   600 to 700 lbs. 101 to 111  Medium & Large Frame 2   400 to 450 lbs. 108 to 118 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 104 to 114  Medium & Large Frame 2   400 to 450 lbs. 91 to 101 Slaughter Cows, Boners 43   to   47 Light Weight 30 to 38 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   53   to   59, high dressing 59-64 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 110 to 117   600 to 650 lbs. 99 to 110.25 Heifers 500 to 550 lbs. 101 to 105   600 to 650 lbs. 93 to 103.50 Chicago Futures: Live Cattle: Dec down 87 at 9405   Feb down 52 at 9700 Feeders: Nov up 10 at 10855   Jan down 15 at 10825 Cattle Comment Cattle futures continue to be under pressure despite tightening supplies of fed cattle. Beef is struggling to compete with cheaper pork and poultry, and traders are expecting beef prices to continue to fall this winter. December futures are testing support around $94. Hogs Peoria: were     steady   at   32.5   to   33 Chicago Futures: Dec down 162 at 5225   Feb down 95 at 5990 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs moved to new lows again today. Seasonally larger supplies are expected in the near term and as cash prices fall, so will futures. Record-high oil prices and signs of an economic slow-down could impact meat demand as well. Support on the weekly chart begins at $53.55. Poultry  Date: November 01, 2007 Eggs New York:  Ex. Lg. 124-128; Lg. 122-126; Med. 111-116; Chicago:  Ex. Lg. 102-110; Lg. 100-108; Med. 91-99; Eastern Region Turkeys Hens: 8-16 lbs. 96-98 Toms: 16-24 lbs. 96-98   Delmarva Broilers U.S. Grade A Trade 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 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 2007 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use