11/16/2007 Farm Bureau Market Report

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Grain & Soybean Date: November 16, 2007 Soybeans Local Elevators: (Nov) EAST AR:  1036 to 1064 (NC) Summ. 1047 to - - - River Elevators: (Nov) MISS: 1033 to 1068 ; AR & White 1044 to 1057 (NC) Summ. 1058 to 1077 Ark. Processor Bids: (Nov) 1053 to 1054  (NC) 1077 to 1079 Memphis:  (Nov) 1065 3/4 to - - - (NC)  979 to 982 Riceland Foods:  (Nov) Stuttgart 1054 ; Pendleton 1064 ; West Memphis 1068 Chicago Futures: Jan down 1 at  1077 3/4   Mar  down  1/2  at  1093 3/4   May unchanged   at  1098 1/4   Nov '08 down 6  at  1017   Nov '09 down 7  at  962   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the day mixed after big early gains followed a surprisingly large export sales report. Big sales to China made up most of this week’s overall report. China has been a major purchaser over the last several weeks as the dollar continued to weaken. There has been no indication the market is near a top, but producers should be prepared for it to happen at any time. Wheat Cash bid for new crop at Memphis  590 1/4 to 591 1/4; Bids to farmers at Local Elevators 570-585; River Elevators 577-591; Chicago Futures: Dec down  16  at  749 1/2    Mar down 16  at  770 1/2    May down  13  at  755    Jul '08 down  12 3/4  at  665 1/4    Jul '09 down  6  at  668    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  678 to 706; Bids to farmers at River Elevators 614-677; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   396 1/2 to 397 1/2;   new crop at Memphis   393 3/4 to - - -; Bids to farmers at River Elevators  377 to 389 Chicago Futures: Dec up  4 3/4  at  379 1/2    Mar up  4 3/4  at  396 1/2    May up  4 1/2  at  406 1/4    Dec '08 up  3 1/2  at  424 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures gave back all of yesterday’s gains and then some today. Old crop contracts remain in a steep downtrend, while new crop is working in a sideways consolidation pattern. Overall, there appears to be little fresh news to drive the market. Cotton & Rice  Date: November 16, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 34 at  6014   Greenwood down  34 at 6014 New York Futures: Dec down  80  at  6090    Mar down  34  at  6614    May down  18  at  6780    Jul down  11  at  6921    Dec down  66  at  7341  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton dipped even lower today with December coming within points of a major uptrend. The market appears headed toward the late August gap between 59.25 and 60.35 cents. March futures soon to be lead contract are headed toward the trendline support near 64 cents. 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 lower. Rice Long Grain Cash Bid for  Nov/Dec 1135  to  1162/cwt   - - - - - -  to  - - - Chicago Futures: Jan up  8  at  1297    Mar up  7  at  1329    May up  7  at  1356    Sep up  20  at  1300    - - -   - - -  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 hit 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 16, 2007 Cattle As reported by Federal-State Market News, receipts were 10,610 head at sales in Arkansas this week.  Compared with last week, feeder steers sold steady to $3 higher. Feeder heifers sold $1-4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119 to 129   500 to 550 lbs. 104 to 114   600 to 700 lbs. 98 to 108  Medium & Large Frame 2   400 to 450 lbs. 105 to 115 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 41.50   to   47 Light Weight 28 to 35.50 Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   59.50, high dressing untested Midwest Steers   were $2-2.50 higher   at   93   to   93.50 Panhandle Steers   were $1.50-2   at   92.50   to   93 Oklahoma City Feeders Steers 500 to 550 lbs. 112 to 127   600 to 650 lbs. 104 to 117 Heifers 500 to 550 lbs. 96 to 111   600 to 650 lbs. 90 to 105.25 Chicago Futures: Live Cattle: Feb down 5 at 9790   Jun down 35 at 9372 Feeders: Jan down 20 at 10912   Mar down 30 at 10960 Cattle Comment Cattle futures were mostly lower again today. Negative packer margins will need to reverse before there is overall improvement in the market despite relatively tight supplies of wholesale beef. Today’s Cattle on Feed report is expected to show increased October placements which would be negative for deferred contracts. The total on-feed inventory, however, is expected to be 4% smaller than a year ago, which would support nearby contracts. Hogs Peoria: were steady       at   28.5   to   29 Chicago Futures: Feb down 50 at 6040   Jun down 50 at 7625 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were lower. December has broken out of the steep downtrend. Upside potential remains limited, however, 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 16, 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 generally steady. Supplies of all sizes were usually sufficient to satisfy trade 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? 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