11/19/2007 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: November 19, 2007 Soybeans Local Elevators: (Nov) EAST AR:  1029 to 1057 (NC) Summ. 1040 to River Elevators: (Nov) MISS: 1026 to 1061 ; AR & White 1036 to 1049 (NC) Summ. 1050 to 1072 Ark. Processor Bids: (Nov) 1046 to 1047  (NC) 1070 to 1072 Memphis:  (Nov) 1060 1/2 to - - - (NC)  981 1/2 to - - - Riceland Foods:  (NC) Stuttgart 1047 ; Pendleton 1057 ; West Memphis 1061 Chicago Futures: Jan down 7 1/4 at  1070 1/2   March  down  6 1/2  at  1087 1/4   May down 5 1/2  at  1092 3/4   Nov '08 down 1/2  at  1016 1/2   Nov '09 down 5  at  957   Today's Arkansas LDP rate for soybeans is: n/a Soybean Comment Soybeans lost upward momentum today, as the market moves into a holiday interrupted trading period. Today’s decline came despite suggestions that China is still shopping for more soybeans. While there has certainly been no confirmation of a market top, producers should be aware of where the market is and the potential downside risk that exists. Current trendline support for January starts just above $10.40. Additional support is noted about 10 cents below that level. Beyond that, the next key chart support will be the mid June high around $9.64. Resistance is the $10.88 contract high. Wheat Cash bid for new crop at Memphis  604 to 605; Bids to farmers at Local Elevators 584-599; River Elevators 591-605; Chicago Futures: Dec up  6 3/4  at  756 1/4    March up 7 1/2  at  778    May up  10  at  765    July '08 up  13 3/4  at  679    July '09 up  8  at  676    Today's Arkansas LDP rate for wheat is: n/a Grain Sorghum Cash bid for November at Memphis  674 to 703; Bids to farmers at River Elevators 611-673; Today's Arkansas LDP rate for sorghum is: n/a Corn Cash bid for November at Memphis   391 1/2 to 395 1/2;   New crop at Memphis   392 to - - -; Bids to farmers at River Elevators  375 to 387 Chicago Futures: Dec down  2  at  377 1/2    March down  2  at  394 1/2    May down  1 1/2  at  404 3/4    Dec '08 down  3 1/4  at  421    Today's Arkansas LDP rate for corn is: n/a Grain Comment Wheat traded in a fairly narrow range and closed higher. Old crop contracts remain in a steep downtrend, while new crop is working in a sideways consolidation pattern. News of frost damage in Argentina and a purchase by India were supportive factors today. December has resistance near $7.70. Cotton & Rice  Date: November 19, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 52 at  5962   Greenwood down  52 at 5962 New York Futures: Dec down  87  at  6003    March down  52  at  6562    May down  53  at  6727    July down  42  at  6879    Dec '08 down  59  at  7282  This week's LDP rate for cotton is  n/a cents   The estimate for next week is  n/a cents Cotton Comment Cotton took another hit today as March futures are testing support around 65.6 cents. Inability to hold here would likely see trend line support near 64 cents come into play. Reduced export potential and this month’s larger production estimate are keeping pressure on the market. China’s needs appear to have declined from earlier estimates as evidenced by the USDA report week before last where their imports were lowered by 500,000 bales. While old crop is under pressure it is also pulling new crop contracts down and that may mean less acres than thought will be planted in 2008. Rice Long Grain Cash Bid for  Nov 1170  to  1170/cwt   Dec 1170  to  1170/cwt Chicago Futures: Jan up  8  at  1305    March up  7  at  1336    May up  7  at  1363    Sept up  3  at  1303    - - - up  - - -  at  - -  Today's Arkansas LDP rate for long grain rice is  n/a medium grain rice is  n/a Rice Comment Rice was higher again today with nearby January moving above the $13 level. Fundamentals are unchanged but continue bullish in the near term. However, nothing remains “status quo” and producers should be prepared to take advantage of the market should there be toppings indications. The U.S. rough rice exports continue on a steady pace, well above year ago levels. Mills remain active in meeting earlier sales that should keep them busy into January. On the international level, export bans remain in place in India and Vietnam. Actually, India will export rice but the price has to exceed $425 per ton. Thailand continues to move old intervention stocks while awaiting this year’s harvest. Cattle & Hogs  Date: November 19, 2007 Cattle As reported by Federal-State Market News, receipts were 1236 head at sales in Ash Flat.  Compared with last week, feeder steers sold $1 to $5 lower, heifers sold steady to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111 to 121   500 to 550 lbs. 103 to 110   600 to 700 lbs. 94 to 104  Medium & Large Frame 2   400 to 450 lbs. 109 to 119 Heifers:  Medium & Large Frame 1   500 to 550 lbs. 90 to 100  Medium & Large Frame 2   350 to 400 lbs. 101 to 106 Slaughter Cows, Boners 39   to   45 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   52.50   to   57.50 Midwest Steers   were $1 lower to $2.50 higher   at   90   to   93.50 Panhandle Steers   were $2 lower to $2.50 higher   at   89   to   93.50 Oklahoma City Feeders Steers 500 to 550 lbs. 119.50 to 121.50   550 to 600 lbs. 114.75 to 117.50 Heifers 500 to 550 lbs. 104 to 114.25   550 to 600 lbs. 101 to 109 Chicago Futures: Live Cattle: Feb down 50 at 9740   June down 2 at 9370 Feeders: Jan down 30 at 10882   March down 20 at 10955 Cattle Comment Cattle futures ended mostly lower in reaction to the monthly Cattle on Feed report. The total on-feed inventory was virtually unchanged, but a sharp increase in October placements suggests the supply of market ready cattle will be at least adequate in the coming months. Hogs Peoria: were $1.50 lower to 50¢     higher   at   27.5   to   28 Chicago Futures: Feb down 20 at 6020   June down 30 at 7595 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures were lower following cash prices, since futures are already trading at a premium to cash. Ideas that packers will cut back slaughter because of increasing pork stocks are also adding pressure. December gapped to a new low before closing near the top of the day’s trading range. Poultry  Date: November 19, 2007 Eggs New York:  Ex. Lg. 156-160; Lg. 154-158; Med. 139-143; Chicago:  Ex. Lg. 148-156; Lg. 146-154; Med. 132-140; Eastern Region Turkeys Hens: 8 -16 lbs. 94-96 Toms: 16-24 lbs. 94-96   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Pre-holiday demand was light to fair as industry prepared for Thanksgiving Day, and orders were limited to regular commitments. Supplies of all sizes were usually sufficient to satisfy light trade needs. Schedules for this week are mostly part time with many plants down one or two days for the holiday. 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