11/13/2007 Farm Bureau Market Report

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Grain & Soybean Date: November 13, 2007 Soybeans Local Elevators: (Nov) EAST AR:  1014 to 1042 (NC) Summ. 1020 to 1048 River Elevators: (Nov) MISS: 1011 to 1046 ; AR & White 1023 to 1036 (NC) Summ. 1032 to 1060 Ark. Processor Bids: (Nov) 1032 to 1036  (NC) 1038 to 1057 Memphis:  (Nov) 1046 1/4 to - - - (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 1032 ; Pendleton 1042 ; West Memphis 1046 Chicago Futures: Nov up 11 1/2 at  1044 1/4   Jan  up  10  at  1056 1/4   Mar up 9 3/4  at  1070 3/4   May up 10  at  1074 1/2   Nov '08 up 11 3/4  at  994 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed higher as the market broke the pattern of following crude oil. Most contracts moved to new highs before trimming gains into the close. That late decline also reduced the bullish impact of the early morning move, by dropping back into last week’s trading range. The market seems to still have an upward bias with the next major long term chart objective being the ’88 high of $10.99 ½. Strong declines in crude oil could be the first sign of markets topping so be prepared. Wheat Cash bid for new crop at Memphis  586 1/2 to 587 1/2; Bids to farmers at Local Elevators 567-582; River Elevators 574-587; Chicago Futures: Dec down  13  at  748    Mar down 12 1/2  at  769    May down  14  at  753 1/2    Jul down  14 1/2  at  661 1/2    Jul '09 down  2  at  663    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  671 to 703; Bids to farmers at River Elevators 574-587; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   390 3/4 to 392 3/4;   new crop at Memphis   389 1/2 to - - -; Bids to farmers at River Elevators  373 to 385 Chicago Futures: Dec down  4 1/4  at  374 3/4    Mar down  4  at  392    May down  4  at  402 1/4    Dec '08 down  3 3/4  at  420 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures posted double-digit losses. December has likely topped and has downtrending resistance near $8. New crop July is chopping along mostly sideways with resistance at the contract high of $6.97 and support $6.49. Argentina is taking steps to resume exports and India announced that imports will be about half of what was previously planned. Cotton & Rice  Date: November 13, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 150 at  6039   Greenwood down  150 at 6039 New York Futures: Dec up  2  at  6314    Mar up  23  at  6786    May up  20  at  6920    Jul '08 up  13  at  7030    Dec '08 up  10  at  7382  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was little changed as the overall fundamental picture remains the same. U.S. stocks are projected to be over 7.6 million bales with that figured dependent on big exports to China. Old crop trading is likely to be sideways to lower with March soon to be the lead month. That suggests pressure on March since it currently holds a 400 point spread over December. Initial support for March is around 65.5 cents. Resistance at 71 cents seems out of the question at this time. Rice Long Grain Cash Bid for  Nov/Dec 1135  to  1145/cwt   - - - - - -  to  - - - Chicago Futures: Nov up  10  at  1250    Jan up  8  at  1273    Mar up  6  at  1304    May up  10  at  1328    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice reversed yesterday’s decline and closed a little higher. The next major upside chart objective is the ’93 high of $13. The market may work sideways to lower in the near term. There is major support at $12.10 for the January contract. U.S. export movement remains good with strong rough rice sales to Mexico and Central America. Mills are booked solid into the first of the year with sales schedules to Ghana, Haiti, Iraq and the Philippines. USDA made minor adjustments in U.S. and world number in last Friday’s report. The overall situation remains unchanged with India and Vietnam maintaining export bans. Thailand is having an opportunity to move old intervention stocks, while the market remains extremely firm. Vietnam won’t have new stocks available for 60 days or more. So, for now, the U.S. and Thailand are about the only games in town. Cattle & Hogs  Date: November 13, 2007 Cattle As reported by Federal-State Market News, receipts were 4,797 head at sales in Ash Flat, Sprindale, Fort Smith & Marshall.  Compared with last week, feeder steers were steady. Feeder heifers sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 130   500 to 550 lbs. 106 to 116   600 to 700 lbs. 98 to 108  Medium & Large Frame 2   400 to 450 lbs. 109 to 119 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to 108  Medium & Large Frame 2   400 to 450 lbs. 91 to 101 Slaughter Cows, Boners 40   to   46 Light Weight 30 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   58, high dressing 58-62 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 116 to 123.50   600 to 650 lbs. 109.75 to 113.50 Heifers 500 to 550 lbs. 100 to 107.50   600 to 650 lbs. 95 to 102.85 Chicago Futures: Live Cattle: Dec up 47 at 9557   Feb up 42 at 9837 Feeders: Jan up 27 at 10925   Mar up 30 at 10955 Cattle Comment Cattle futures were mostly higher. Ideas that packer demand will pick up this week limited losses in the live pit. December live cattle are consolidating between $95 and $96. Hogs Peoria: were     steady   at   29.5   to   30 Chicago Futures: Dec up 150 at 5405   Feb up 180 at 6110 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures turned higher again today on improving pork prices and packer demand. December futures have broken out of their steep downtrend, but the upside will be limited thanks to burdensome hog supplies. Poultry  Date: November 13, 2007 Eggs New York:  Ex. Lg. 147-151; Lg. 145-149; Med. 130-134; Chicago:  Ex. Lg. 135-143; Lg. 133-141; Med. 119-127; 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. 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. 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