11/09/2007 Farm Bureau Market Report

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Grain & Soybean Date: November 09, 2007 Soybeans Local Elevators: (Nov) EAST AR:  1014 to 1042 (NC) Summ. 1020 to 1048 River Elevators: (Nov) MISS: 1016 to 1046 ; AR & White 1023 to 1036 (NC) Summ. 1032 to 1059 Ark. Processor Bids: (Nov) 1032 to 1036  (NC) 1038 to 1058 Memphis:  (Nov) 1041 to 1046 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 1032 ; Pendleton 1042 ; West Memphis 1046 Chicago Futures: Nov up 15 at  1043   Jan  up  14 3/4  at  1056   Mar up 14 1/4  at  1070 1/2   Jul up 11 1/2  at  1074   Nov '08 up 17  at  989 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the day on a positive note despite early weakness. USDA made very slight changes in the supply demand for soybeans. Yields were lowered just one tenth of a bushel and production 4 million bushels. That lowered projected ending stocks to 210 million bushels. That left the market to outside influences which carried January to a new high and negated Wednesday’s key reversal top formation. January is less than a dime away from the April ’04 high of $10.64, beyond that is ’88 high of $10.99 ½. Initial support is old January contract high of $10.33. 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 unchanged    at  762    Mar down 4 1/2  at  784 1/2    May down  1  at  764    Jul unchanged    at  671 1/2    Jul '09 down  4 1/2  at  445    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  692 to 723; Bids to farmers at River Elevators 611-691; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   402 3/4 to 404 3/4;   new crop at Memphis   400 3/4 to - - -; Bids to farmers at River Elevators  385 to 397 Chicago Futures: Dec down  2 3/4  at  386 3/4    Mar down  2 1/4  at  404    May down  2 1/2  at  413 3/4    Dec '08 down  3 3/4  at  431 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were unchanged to lower today. The bulls were disappointed that USDA ending stocks didn’t drop below 300 million bushels. December 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 09, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 5 at  6189   Greenwood down  5 at 6189 New York Futures: Dec up  1  at  6470    Mar unchanged    at  6920    May down  1  at  7060    Jul down  25  at  7155    Dec '08 down  58  at  7490  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton saw the biggest adjustments in the mornings report with a 700,000 plus bale increase in production. That came mostly from increased yields in Texas. In addition, a 500,000 bale reduction in exports resulted from the same type adjustment in Chinese import needs. Those changes boosted projected ending stocks to 7.6 million bales up from 6.4 in October. World numbers were basically unchanged. Cotton traded sideways to lower as a result of the report ending the session just slightly lower. In light of the report, it was a good showing but upside potential for old crop will remain limited in the short term. December will need to close above Wednesday’s high of 65.75 cents to get the market moving higher. For March, resistance starts at 70.1 cents. Rice Long Grain Cash Bid for  Nov/Dec 1137  to  1142/cwt   - - - - - -  to  - - - Chicago Futures: Nov unchanged    at  1255    Jan down  6  at  1277    Mar down  4  at  1310    May up  1  at  1326    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment USDA made minor adjustments in rice with production increased a meager 800,000 cwt. Other adjustments balanced out with imports and exports both up 1 million cwt. Imports were medium and short grain, while exports were long grain. On the world side larger crops in China and Vietnam reduced the margin between production and utilization but overall world stocks are still projected to decline. Rice futures traded in a narrow range below yesterday’s high and slightly lower for the day. The next major long term chart objective is $13 and the market appears headed there or higher as the major available stocks are in Thailand and the U.S., at least for the time being. Stocks to use ratios are at the lowest level in over 25 years. Weakness in the dollar is another positive for the export market. Keep in mind what goes up, especially as fast as we have seen in the last week or so, can and will correct at some point. Cattle & Hogs  Date: November 09, 2007 Cattle As reported by Federal-State Market News, receipts were 12,150 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly steady, instances $1-2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to 126   500 to 550 lbs. 103 to 113   600 to 700 lbs. 98 to 108  Medium & Large Frame 2   400 to 450 lbs. 103 to 113 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 97 to 107  Medium & Large Frame 2   400 to 450 lbs. 88 to 98 Slaughter Cows, Boners 41   to   47 Light Weight 28 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   52.50   to   59.50, high dressing untested Midwest Steers   were $1 lower to steady   at   90   to   91 Panhandle Steers   were $1 lower to steady   at   90   to   91 Oklahoma City Feeders Steers 500 to 550 lbs. 106 to 126   600 to 650 lbs. 104 to 113.50 Heifers 500 to 550 lbs. 92.50 to 99.50   600 to 650 lbs. 94 to 105.50 Chicago Futures: Live Cattle: Dec up 10 at 9550   Feb down 2 at 9832 Feeders: Nov up 20 at 10795   Jan up 35 at 10802 Cattle Comment Cattle futures ended mostly higher on support from stronger wholesale beef prices and carryover strength from the hog pit. December live cattle have support at the recent low of $93.80. Hogs Peoria: were     steady   at   29.5   to   30 Chicago Futures: Dec up 242 at 5390   Feb up 292 at 6145 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures posted solid gains. December futures broke out of a steep downtrend, but the upside will be limited thanks to the fact that futures are trading at a premium to cash prices. Poultry  Date: November 09, 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. Demand entering the weekend was seasonally light to fair as holiday interests increased, and trading is mostly limited to immediate needs. Supplies of all sizes were usually more than sufficient to handle 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