11/15/2007 Farm Bureau Market Report

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Grain & Soybean Date: November 15, 2007 Soybeans Local Elevators: (Nov) EAST AR:  1037 to 1065 (NC) Summ. 1048 to - - - River Elevators: (Nov) MISS: 1034 to 1069 ; AR & White 1045 to 1058 (NC) Summ. 1059 to 1078 Ark. Processor Bids: (Nov) 1055 to 1059  (NC) 1078 to 1080 Memphis:  (Nov) 1062 3/4 to 1066 3/4 (NC)  n/a to - - - Riceland Foods:  (NC) Stuttgart 1055 ; Pendleton 1065 ; West Memphis 1069 Chicago Futures: Jan down 3/4 at  1078 3/4   Mar  up  1/4  at  1094 1/4   May up 3/4  at  1098 1/4   Nov '08 up 1 1/4  at  1011   Nov '09 down 4  at  955   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans retraced early declines and ended the day a little higher except for the lead January contract. A slight decline in soy oil futures contributed to the early weakness. But, the rebound in wheat provided underlying support late. Again this is contrary to recent movement as crude oil moved lower on a bigger than expected oil and gas stocks report. Overall soybean fundamentals are unchanged but there is concern about how things will look in 12 months. Wheat Cash bid for new crop at Memphis  603 to 604; Bids to farmers at Local Elevators 583-598; River Elevators 590-604; Chicago Futures: Dec up  13  at  765 1/2    Mar up 13  at  786 1/2    May up  12  at  768    Jul '08 up  5 1/2  at  678    Jul '09 up  6  at  674    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  669 to 698; Bids to farmers at River Elevators 607-670; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   391 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  8 1/4  at  374 3/4    Mar down  8 1/4  at  391 3/4    May down  7 3/4  at  401 3/4    Dec '08 down  7 3/4  at  420 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat made solid across the board gains as old crop reversed a portion of recent declines. Old crop contracts remain in a steep downtrend despite the reversal, while new crop is working in a sideways consolidation pattern. Gains the last two days moved July back toward the top of that range. Overall, there appears to be little fresh news to drive the market. Cotton & Rice  Date: November 15, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 8 at  6048   Greenwood up  8 at 6048 New York Futures: Dec down  135  at  6180    Mar down  116  at  6660    May down  93  at  6820    Jul down  68  at  6955    Dec '08 down  97  at  7280  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment December cotton broke below key support around 62 cents and looks technically weak. This is what was expected following last Friday’s report. Bigger production and larger ending stocks simply added misery to the situation. Upside potential is limited but there should be renewed import interest as the market moves toward the next level of support around 59 cents or about a penny lower for March. If that doesn’t happen we could see March work toward the 60 cent level. Rice Long Grain Cash Bid for  Nov/Dec 1135  to  1154/cwt   - - - - - -  to  - - - Chicago Futures: Jan up  6  at  1289    Mar up  7  at  1321    May up  11  at  1349    Sep unchanged    at  1280    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures made new contract highs as the January contract inched a little closer to the ’93 high of $13.00. There isn’t likely to be any major change in fundamentals over the next 30 to 60 days. Thailand has a free hand in the export market as export bans in Vietnam and India remain in effect. This is allowing Thailand to clear old intervention stocks and make way for the new harvest which is just days away. The U.S. is also a major player as milled movement continues to prior sales commitments. Rough rice exports to Mexico and Central America remain brisk. The question now is whether U.S. producers will maintain acreage or perhaps increase as price continues to improve. Cattle & Hogs  Date: November 15, 2007 Cattle As reported by Federal-State Market News, receipts were 2,786 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers mixed, mostly steady to $2 higher. Feeder heifers were uneven, mostly steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to 124   500 to 550 lbs. 105 to 115   600 to 700 lbs. 103 to 113  Medium & Large Frame 2   400 to 450 lbs. 105 to 115 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 96 to 106  Medium & Large Frame 2   400 to 450 lbs. 92 to 102 Slaughter Cows, Boners 40   to   44 Light Weight 30 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   51   to   54.50, high dressing 56-60 Midwest Steers   were steady   at   91   to   - - - Panhandle Steers   were quoted   at   91   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 117 to 127   600 to 650 lbs. 107 to 119.50 Heifers 500 to 550 lbs. 106 to 108.50   600 to 650 lbs. 95 to 106.50 Chicago Futures: Live Cattle: Feb down 10 at 9795   Jun down 5 at 9407 Feeders: Jan up 35 at 10932   Mar up 52 at 10990 Cattle Comment Cattle futures traded in a narrow range before ending the day mostly lower. Feeders showed modest gains in reaction to lower corn futures. Negative packer margins will need to reverse before there is overall improvement in the market despite relatively tight supplies of wholesale beef. Hogs Peoria: were $1     lower   at   28.5   to   29 Chicago Futures: Feb up 25 at 6090   Jun up 82 at 7675 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mostly higher as wholesale pork continued to rebound. Upside potential remains limited as overall hog supplies remain large and product sales slow. Hog weights appear to be increasing with mild weather a contributing factor. Poultry  Date: November 15, 2007 Eggs New York:  Ex. Lg. 156-160; Lg. 154-158; Med. 139-143; Chicago:  Ex. Lg. 135-143; Lg. 133-141; Med. 119-127; Eastern Region Turkeys Hens: 8-16 lbs. 94-96 Toms: 16-24 lbs. 94-96   Delmarva Broilers U.S. Grade A Trade sentiment was irregular, but mostly steady. Supplies were generally sufficient to closer balanced for 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