11/08/2007 Farm Bureau Market Report

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Grain & Soybean Date: November 08, 2007 Soybeans Local Elevators: (Nov) EAST AR:  999 to 1027 (NC) Summ. 1005 to 1033 River Elevators: (Nov) MISS: 1001 to 1031 ; AR & White 1008 to 1021 (NC) Summ. 1017 to 1044 Ark. Processor Bids: (Nov) 1017 to 1021  (NC) 1023 to 1039 Memphis:  (Nov) 1026 1/4 to 1031 1/4 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 1004 ; Pendleton 1014 ; West Memphis 1018 Chicago Futures: Nov up 4 1/4 at  1028   Jan  up  2 3/4  at  1041 1/4   Mar up 3 1/4  at  1056 1/4   Jul up 3 1/4  at  1062 1/2   Nov '08 down 4  at  972 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans didn’t followthrough on yesterday’s key reversal topping signal. While futures ended higher for the day it didn’t negate that signal either. A strong export report and further weakness in the dollar limited downside potential. No big changes are expected in tomorrow’s report, but it might not take much. Key chart levels for January are $10.51 on the topside and $10.15 and $10 on the downside. A close outside these points would suggest further movement in that direction. Wheat Cash bid for new crop at Memphis  606 1/2 to 607 1/2; Bids to farmers at Local Elevators 587-602; River Elevators 594-607; Chicago Futures: Dec down  25 3/4  at  762    Mar down 19  at  789    May down  22  at  765    Jul '08 down  10  at  681 1/2    Jul '09 down  9  at  671    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  697 to 731; Bids to farmers at River Elevators 614-696; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   403 1/2 to 409 1/2;   new crop at Memphis   404 1/2 to - - -; Bids to farmers at River Elevators  387 to 399 Chicago Futures: Dec up  5 1/4  at  389 1/2    Mar up  5  at  406 1/4    May up  4 1/2  at  416 1/4    Dec '08 up  2 3/4  at  435 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures charted sharp losses today in reaction to a pitiful export report. Only 500,000 bushels were sold for export last week, and cancellations are picking up now that the market is trending lower. Carryover support from corn and beans limited losses somewhat. Old crop December charted a bearish reversal yesterday and follow through was significant today. 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. Cotton & Rice  Date: November 08, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 38 at  6194   Greenwood down  38 at 6194 New York Futures: Dec down  37  at  6470    Mar down  41  at  6915    May down  30  at  7060    Jul down  39  at  7180    Dec '08 down  50  at  7550  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continued to grind lower while remaining in a longer term consolidation area. 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  1148/cwt   - - - - - -  to  - - - Chicago Futures: Nov up  19  at  1255    Jan up  19  at  1283    Mar up  20  at  1312    May up  19  at  1314    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice made a brief retracement yesterday, but found solid buying today. That carried January to within a dime of the ’93 high of $13. January closed at $12.83 and could move to or above the $13 level tomorrow, if there are no major negative surprises in tomorrow’s report. 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 08, 2007 Cattle As reported by Federal-State Market News, receipts were 2,727 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly steady to $2 higher. Feeder heifers were uneven, from $2 lower to $1 higher, but mostly steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to 124   500 to 550 lbs. 105 to 115   600 to 700 lbs. 99 to 109  Medium & Large Frame 2   400 to 450 lbs. 108 to 118 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 97 to 107  Medium & Large Frame 2   400 to 450 lbs. 94 to 104 Slaughter Cows, Boners 43   to   46 Light Weight 32 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57.50, high dressing 60 Midwest Steers   were steady   at   91   to   - - - Panhandle Steers   were steady   at   91   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 114.50 to 126   600 to 650 lbs. 100 to 117.75 Heifers 500 to 550 lbs. 103 to 113.50   600 to 650 lbs. 96 to 105.50 Chicago Futures: Live Cattle: Dec up 52 at 9540   Feb up 30 at 9835 Feeders: Nov steady at 10775   Jan up 50 at 10767 Cattle Comment Cattle futures turned higher on hopes for higher cash trade and stability in U.S. financial markets. 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     steady   at   29.5   to   30 Chicago Futures: Dec steady at 5147   Feb down 47 at 5852 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Cattle futures turned higher on hopes for higher cash trade and stability in U.S. financial markets. 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. Poultry  Date: November 08, 2007 Eggs New York:  Ex. Lg. 143-147; Lg. 141-145; Med. 126-130; 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. Supplies of all sizes were at least 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