11/14/2007 Farm Bureau Market Report

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Grain & Soybean Date: November 14, 2007 Soybeans Local Elevators: (Nov) EAST AR:  1038 to 1066 (NC) Summ. 1044 to 1072 River Elevators: (Nov) MISS: 1035 to 1070 ; AR & White 1046 to 1059 (NC) Summ. 1056 to 1079 Ark. Processor Bids: (Nov) 1056 to 1060  (NC) 1062 to 1081 Memphis:  (Nov) 1066 1/2 to 1067 1/2 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 1056 ; Pendleton 1066 ; West Memphis 1070 Chicago Futures: Jan up 23 1/4 at  1079 1/2   Mar  up  23 1/4  at  1094   May up 23  at  1097 1/2   Nov '08 up 15 1/4  at  1009 3/4   Nov '09 up 13  at  959   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans made strong gains with soy oil leading the move. New across the board contract highs were made as all contract including ’08 November settled well above $10. Soy oil topped 45 cents as the tightening vegetable oil situation continues to be a major influence. The next major point is the 1988 high of $10.99 ½. The market appears destined to exceed that level as January closed just under $10.80. Support now starts at $10.30. Wheat Cash bid for new crop at Memphis  597 1/2 to 598 1/2; Bids to farmers at Local Elevators 578-593; River Elevators 585-598; Chicago Futures: Dec up  4 1/2  at  752 1/2    Mar up 4 1/2  at  773 1/2    May up  2 1/2  at  756    Jul '08 up  11  at  672 1/2    Jul '09 up  5  at  668    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  684 to 713; Bids to farmers at River Elevators 621-684; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   400 to 401;   new crop at Memphis   397 1/2 to - - -; Bids to farmers at River Elevators  381 to 393 Chicago Futures: Dec up  8 1/2  at  383 1/4    Mar up  8 1/4  at  400 1/4    May up  7 1/2  at  409 1/2    Dec '08 up  8  at  428 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures followed soybeans higher, but the technical picture is unchanged. 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. Cotton & Rice  Date: November 14, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 1 at  6040   Greenwood up  1 at 6040 New York Futures: Dec up  1  at  6315    Mar down  10  at  6776    May down  7  at  6913    Jul down  7  at  7023    Dec down  5  at  7377  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Comments on the cotton market are beginning to sound repetitive – like the summer forecast. There doesn’t appear to be much going on as the market attempts to move big supplies and reduce burdensome stocks. The recent USDA report: adding production; reduced exports and increased projected stocks. They also reduced China’s import needs which means U.S. exports could be adjusted even lower in the future. So, upside potential for old crop remains limited. That may also mean little upside potential for new crop – unless there are strong indications significantly less acreage will be planted. So it is a catch 22 situation, which could lead to another big decrease in planted acreage. Rice Long Grain Cash Bid for  Nov/Dec 1135  to  1148/cwt   - - - - - -  to  - - - Chicago Futures: Jan up  10  at  1283    Mar up  10  at  1314    May up  10  at  1338    Sep up  1  at  1280    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment January rice futures probed the upper levels of recent highs again today before settling slightly lower. The late ’03 high of $13.00 is the next major upside chart point. U.S. rice customers bought early and often with exports running about 60% above year ago levels. Milled rice sales should keep mills active into January as they cover sales to Haiti, Ghana, Iraq and the Philippines. Export bans in India and Vietnam remain in effect leaving Thailand and the U.S. as major rice exporters. Thailand is moving old intervention stocks and making room for new crop which should be available in to 2 to 3 weeks. Cattle & Hogs  Date: November 14, 2007 Cattle As reported by Federal-State Market News, receipts were 1,172 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to firm, heifers sold firm to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111 to 121   500 to 550 lbs. 102 to 112   600 to 700 lbs. 98 to 105  Medium & Large Frame 2   400 to 450 lbs. 96 to 106 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 92 to 102  Medium & Large Frame 2   400 to 450 lbs. 83 to 93 Slaughter Cows, Boners 42   to   46 Light Weight 25 to 30 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   59, high dressing untested Midwest Steers   were $2 higher to $2 lower   at   91   to   - - - Panhandle Steers   - - -   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 116 to 123.50   600 to 650 lbs. 100 to 110.50 Heifers 500 to 550 lbs. 100 to 107.50   600 to 650 lbs. 95 to 102.85 Chicago Futures: Live Cattle: Feb down 32 at 9805   Jun up 20 at 9412 Feeders: Jan down 27 at 10897   May down 35 at 11212 Cattle Comment Cattle futures were mostly lower. Feeders were under pressure from higher corn prices and deferred live cattle contracts were under pressure from expectations for Friday’s Cattle on Feed report to show high October placements. Ideas that packer demand will pick up this week limited losses for December. December live cattle are consolidating between $95 and $96. Hogs Peoria: were     steady   at   29.5   to   30 Chicago Futures: Feb down 45 at 6065   Jun down 45 at 7592 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment December hogs posted double-digit losses after a sharp drop in cutout values yesterday. December futures have broken out of their steep downtrend, but the upside will be limited thanks to burdensome hog supplies. Poultry  Date: November 14, 2007 Eggs New York:  Ex. Lg. 151-155; Lg. 149-153; Med. 134-138; Chicago:  Ex. Lg. 135-151; Lg. 129-143; Med. 114-127; Eastern Region Turkeys Hens: 8-16 lbs. 94-96 Toms: 16-24 lbs. 94-96   Delmarva Broilers U.S. Grade A Trade sentiment was mixed, but mostly steady. Demand was seasonally light to fair, best for other holiday meat items, and usually limited to regular commitments. Supplies were usually sufficient to close balanced as some plants altered schedules due to limited seasonal 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? 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