11/06/2007 Farm Bureau Market Report

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Grain & Soybean Date: November 06, 2007 Soybeans Local Elevators: (Nov) EAST AR:  1003 to 1031 (NC) Summ. 1009 to 1037 River Elevators: (Nov) MISS: 1005 to 1035 ; AR & White 1011 to 1024 (NC) Summ. 1021 to 1047 Ark. Processor Bids: (Nov) 1021 to 1025  (NC) 1027 to 1043 Memphis:  (Nov) 1029 1/2 to 1032 1/2 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 1021 ; Pendleton 1031 ; West Memphis 1035 Chicago Futures: Nov up 23 3/4 at  1029 1/2   Jan  up  23 1/2  at  1044 1/2   Mar up 23  at  1059   Jul up 20  at  1064 1/2   Nov '08 up 15 1/2  at  981 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans made another strong move with January closing above the recent consolidation area and suggesting potentially bigger gains ahead. A big surge in crude oil contributed underlying support to today’s market. Wheat Cash bid for new crop at Memphis  611 to 612; Bids to farmers at Local Elevators 591-606; River Elevators 598-612; Chicago Futures: Dec up  12  at  797    Mar up 10 1/2  at  819    May up  19 1/2  at  794    Jul '08 up  13 1/2  at  684    Jul '09 up  7  at  677    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  716 to 733; Bids to farmers at River Elevators 627-689; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   399 3/4 to 405 3/4;   new crop at Memphis   402 3/4 to - - -; Bids to farmers at River Elevators  386 to 398 Chicago Futures: Dec up  10 1/2  at  385 3/4    Mar up  10 1/2  at  403    May up  10 1/4  at  413    Dec '08 up  8 1/4  at  433 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended the day higher, but old crop futures are still trending lower. Old crop December charted a bullish reversal yesterday, but downtrending resistance near $8.30 needs to be overcome in order to signal further upside potential. New crop July is chopping along mostly sideways with resistance at the contract high of $6.97 and support $6.49. News that Pakistan is tendering for wheat and ideas that Iraq will be back in the market soon were beneficial. Cotton & Rice  Date: November 06, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 140 at  6242   Greenwood up  140 at 6242 New York Futures: Dec up  115  at  6517    Mar up  95  at  6962    May up  96  at  7100    Jul up  85  at  7210    Dec '08 up  82  at  7551  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was sharply higher as December again moved into position to test resistance just above 65 cents. Cotton will need to show further improvement in order to hold acreage in 2008. Rice Long Grain Cash Bid for  Nov/Dec 1137  to  1138/cwt   - - - - - -  to  - - - Chicago Futures: Nov up  18  at  1253    Jan up  19  at  1273 1/2    Mar up  17  at  1300    May up  14  at  1310    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice made another good gain with November moving above the $12.45 high and putting the market in position to move to the December ’93 high of $13.00. Be prepared for the market to top and make a major correction. Long term we may still have bigger gains. Cattle & Hogs  Date: November 06, 2007 Cattle As reported by Federal-State Market News, receipts were 1,347 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers were uneven, but near steady. Feeder heifers sold steady to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 130   500 to 550 lbs. 106 to 116   600 to 700 lbs. 99 to 109  Medium & Large Frame 2   400 to 450 lbs. 115 to 125 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95 to 105  Medium & Large Frame 2   400 to 450 lbs. 86 to 96 Slaughter Cows, Boners 42   to   46.50 Light Weight 28 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   58.50, high dressing 60-63.25 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 112.50 to 114.35   600 to 650 lbs. 103 to 112 Heifers 500 to 550 lbs. 103 to 109   600 to 650 lbs. 94 to 105.50 Chicago Futures: Live Cattle: Dec down 10 at 9575   Feb up 5 at 9880 Feeders: Nov down 90 at 10822   Jan down 100 at 10807 Cattle Comment Cattle futures were mixed due to tightening supplies of market ready cattle and ideas the market was oversold. Competition from cheaper pork and poultry could keep a lid on prices. Hogs Peoria: were     steady   at   31.5   to   32 Chicago Futures: Dec down 90 at 5112   Feb down 17 at 5935 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended mixed. Large hog supplies and lower cash prices will continue to pressure futures. The next level of support for nearby December is at $48.40 on the monthly continuation. Poultry  Date: November 06, 2007 Eggs New York:  Ex. Lg. 133-137; Lg. 131-135; Med. 120-124; Chicago:  Ex. Lg. 115-123; Lg. 113-121; Med. 104-112; Eastern Region Turkeys Hens: 8-16 lbs. 96-97 Toms: 16-24 lbs. 96-97   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady at best. 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