11/12/2007 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: November 12, 2007 Due to the observance of the Veteran's holiday, the report is shorter. A full report should be available tomorrow, November 13, 2007. Soybeans Local Elevators: (Nov) EAST AR:  n/a to - - - (NC) Summ. n/a to - - - River Elevators: (Nov) MISS: n/a to - - - ; AR & White n/a to - - - (NC) Summ. n/a to - - - Ark. Processor Bids: (Nov) n/a to - - -  (NC) n/a to - - - Memphis:  (Nov) n/a to - - - (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 1022 ; Pendleton 1032 ; West Memphis 1036 Chicago Futures: Nov down 10 1/4 at  1032 3/4   Jan  down  9 3/4  at  1046 1/4   Mar down 9 1/2  at  1061   Jul down 7 1/2  at  1066 1/2   Nov '08 down 6 3/4  at  982 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were lower from the start today as the dollar strengthened and crude oil and gas futures declined. Most of the agricultural commodities, including soybeans, are being influenced more by the outside factors than actual fundamentals. That makes it difficult to judge how the markets will react long term. For the time being, the key to when a market will top lies in the crude oil market. A major top there will likely send the funds scrambling and result in a top in soybeans, corn and other commodities. Key chart points for January beans remain $10.57 on the top end and $10.08 on the downside. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators n/a; River Elevators n/a; Chicago Futures: Dec down  1  at  761    Mar down 3  at  781 1/2    May up  3 1/2  at  767 1/2    Jul '08 down  5 1/2  at  676    Jul '09 down  8  at  665    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  n/a to - - -; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   n/a to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  n/a to - - - Chicago Futures: Dec down  7 3/4  at  379    Mar down  8  at  396    May down  7 1/2  at  406 1/4    Dec '08 down  7  at  424 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were mostly lower. December has likely topped and has downtrending resistance approaching $8. New crop July is chopping along mostly sideways with resistance at the contract high of $6.97 and support $6.49. Slow export sales and increasing cancellations of previous purchases are adding pressure to this market. Cotton & Rice  Date: November 12, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis  n/a at  - - -   Greenwood   n/a at - - - New York Futures: Dec down  149  at  6315    Mar down  148  at  6765    May down  163  at  6890    Jul down  123  at  7040    Dec '08 down  128  at  7375  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton gapped down at the open and closed sharply lower for the day as the market reacted to last Friday’s report. Cotton saw the biggest adjustments in that 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 1130  to  1143/cwt   - - - - - -  to  - - - Chicago Futures: Nov down  15  at  1240    Jan down  12  at  1265    Mar down  12  at  1298    May down  8  at  1318    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued lower as the market saw some additional followthrough on last Friday’s slight declines. A stronger dollar also contributed to a weaker market undertone. Last Friday, 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. Cattle & Hogs  Date: November 12, 2007 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   v Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were $1-2 lower   at   89   to   93 Panhandle Steers   were $1-2 lower   at   90   to   93 Oklahoma City Feeders Steers 550 to 600 lbs. 108.50 to 115.75   600 to 650 lbs. 100 to 110.50 Heifers 500 to 550 lbs. 98.50 to 114   600 to 650 lbs. 95 to 100.75 Chicago Futures: Live Cattle: Dec down 40 at 9510   Feb down 37 at 9795 Feeders: Nov up 47 at 10842   Jan up 95 at 10897 Cattle Comment Cattle futures were mixed with feeders supported by lower corn prices. Ideas that packer demand will pick up this week limited losses in the live 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 down 135 at 5255   Feb down 215 at 5930 Sheep St. Paul sheep shorn slaughter lambs   at   - - -   to   - - - Hogs Comment The selloff resumed today in the hog pit. December futures have broken out of their steep downtrend, but the upside will be limited thanks to burdensome hog supplies. Poultry  Date: November 12, 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 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