11/07/2007 Farm Bureau Market Report

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Grain & Soybean Date: November 07, 2007 Soybeans Local Elevators: (Nov) EAST AR:  997 to 1025 (NC) Summ. 1003 to 1031 River Elevators: (Nov) MISS: 999 to 1029 ; AR & White 1005 to 1018 (NC) Summ. 1015 to 1041 Ark. Processor Bids: (Nov) 1015 to 1019  (NC) 1021 to 1037 Memphis:  (Nov) 1023 1/2 to 1025 1/2 (NC)  616 1/2 to 617 1/2 Riceland Foods:  (Nov) Stuttgart 1015 ; Pendleton 1029 ; West Memphis 1005 Chicago Futures: Nov down 5 3/4 at  1023 3/4   Jan  down  6  at  1038 1/2   Mar down 6  at  1053   Jul down 5 1/4  at  1059 1/4   Nov '08 down 5 1/4  at  976 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans lost early gains and closed lower forming a key reversal which often signals a temporary market top. Yesterday the market finally generated enough energy, based on strong crude oil gains, to gap out of a major consolidation area. However, today’s reversal could indicate near term downside technical movement. Penetration of uptrend support just below $10.15 and/or a Friday close below $10 for the January contract would be confirmation of a top. Wheat Cash bid for new crop at Memphis  616 1/2 to 617 1/2; Bids to farmers at Local Elevators 597-612; River Elevators 601-617; Chicago Futures: Dec down  9 1/4  at  787 3/4    Mar down 12 1/2  at  808    May down  8  at  787    Jul up  5 1/2  at  691 1/2    Jul '09 up  3  at  680    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  700 to 722; Bids to farmers at River Elevators 623-686; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   397 1/4 to 404 1/4;   new crop at Memphis   401 1/4 to - - -; Bids to farmers at River Elevators  384 to 396 Chicago Futures: Dec down  1 1/2  at  384 1/4    Mar down  1 3/4  at  401 1/4    May down  1 1/4  at  411 3/4    Dec '08 down  1  at  432 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures closed mixed, with old crop contracts lower and new crop contracts higher. Old crop December charted a bearish reversal after charting an upward reversal on Monday. This market has likely topped and has downtrending resistance near $8.25. 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 07, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 10 at  6232   Greenwood down  10 at 6232 New York Futures: Dec down  2  at  6515    Mar down  2  at  6960    May down  10  at  7090    Jul up  10  at  7220    Dec '08 up  49  at  7600  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was narrowly mixed with December down slightly after posting solid gains yesterday. Friday’s report isn’t expected to have any major corrections, but average early estimates suggest a slight increase in production, and a slight decrease in use. This would indicate a slightly larger stocks situation than projected by USDA in October. Overall fundamentals are unchanged and old crop upside will be limited for the time being. New crop will need to move higher at some point to keep more acreage from moving to soybeans and/or corn. Rice Long Grain Cash Bid for  Nov/Dec 1137  to  1154/cwt   - - - - - -  to  - - - Chicago Futures: Nov down  17  at  1236    Jan down  9 1/2  at  1264    Mar down  10  at  1292    May down  4  at  1306    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice retraced a portion of the over 75 cents that was made the last week. The market has been boosted by strong export sales and shipments. At this point, this year’s sales are about 60% ahead of year ago levels. A number of customers including Mexico, Haiti, and Ghana covered expected needs into the first of the year, partially accounting for the strong early export movement. For the time being, the U.S. and Thailand are the available rice sources with export bans in Vietnam and India still in effect. Thailand is taking advantage of this opportunity and moving old intervention stocks. Their total sales are expected to exceed their 8 million metric ton goal by 10 percent or more. While the market appears to have additional upside potential, be aware that heavy early sales to the above mentioned customers could mean a significant slow down at some point in the near future. Cattle & Hogs  Date: November 07, 2007 Cattle As reported by Federal-State Market News, receipts were 1,832 head at sales in Conway, Ola & Pocahontas.  Compared with last week, feeder steers sold weak to $4 lower, heifers $2-4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110 to 120   500 to 550 lbs. 105 to 113   600 to 700 lbs. 97 to 107  Medium & Large Frame 2   400 to 450 lbs. 92 to 102 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 91 to 101  Medium & Large Frame 2   400 to 450 lbs. 81 to 91 Slaughter Cows, Boners 42   to   46 Light Weight 25 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   52.50   to   57.50, high dressing 60 Midwest Steers   were quoted   at   91   to   - - - Panhandle Steers   were quoted   at   91   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 112.50 to 124.35   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 87 at 9487   Feb down 75 at 9805 Feeders: Jan down 90 at 10717   Mar down 70 at 10792 Cattle Comment Cattle futures were under pressure from their premium to cash prices and profit taking. Competition from cheaper pork and poultry will keep a lid on beef prices. December live cattle have support at the recent low of $93.80. Hogs Peoria: were $2     lower   at   29.5   to   30 Chicago Futures: Dec up 35 at 5147   Feb down 35 at 5900 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended mixed again today. Improvements in pork prices and movement provided support. 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 07, 2007 Eggs New York:  Ex. Lg. 138-142; Lg. 136-140; Med. 124-128; 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 mixed, but 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