11/21/2007 Farm Bureau Market Report

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Grain & Soybean Date: November 21, 2007 Due to the Thanksgiving Holiday, this report will not be updated again until Monday November 26, 2007. Soybeans Local Elevators: (Nov) EAST AR:  1042 to 1070 (NC) Summ. 1063 to - - - River Elevators: (Nov) MISS: 1054 to 1075 ; AR & White 1050 to 1063 (NC) Summ. 1062 to 1084 Ark. Processor Bids: (Nov) 1059 to 1060  (NC) 1083 to 1085 Memphis:  (Nov) 1076 to 1079 (NC)  987 1/2 to - -- Riceland Foods:  (NC) Stuttgart - - - ; Pendleton - - - ; West Memphis - - - Chicago Futures: Jan down 3 at  1084   March  down  2 1/4  at  1101 1/4   May down 2 1/2  at  1106 1/2   Nov '08 down 5  at  1022 1/2   Nov '09 up 14  at  695   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded in a fairly narrow range going into the holiday. The market appears to be taking a deep breath after recent big gains supported by Chinese demand. The Chinese also appear to be taking a break. Chart resistance at $10.88, the January contract high, stands between the market and the ’88 high of $10.99 ½ . The market has not given any definitive sign of topping but producers need to keep the potential for downside risk in mind. Wheat Cash bid for new crop at Memphis  786 1/2 to 820 1/2; Bids to farmers at Local Elevators 615-630; River Elevators 620-635; Chicago Futures: Dec up  30  at  803 1/2    March up 30  at  826    May up  30  at  813    July '08 up  22 1/2  at  710    July '09 down  4  at  971    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  682 to 807; Bids to farmers at River Elevators 602-664; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   395 to 400;   New crop at Memphis   397 to - - -; Bids to farmers at River Elevators  371 to 383 Chicago Futures: Dec up  3/4  at  382    March up  1/2  at  398 3/4    May up  1/4  at  408 3/4    Dec '08 up  3 1/4  at  427 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment December wheat was limit-up today after breaking out of the recent downtrend. Technical buying and high export prices were given credit for the strength. India is expected to buy 300,000 tons in their upcoming tender. USDA says now that only 45% of the winter wheat crop is in good to excellent condition. Expiring December closed above $8, and New crop July set a new contract high of $7.11. Cotton & Rice  Date: November 21, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis  - - - at  - - -   Greenwood   - - - at - - - New York Futures: Dec up  9  at  6015    March down  2  at  6550    May up  1  at  6720    July unchanged  0  at  6860    Dec '08 down  8  at  7270  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton traded mostly higher in the early going, the exception being lead December, which awaits first notice day next Monday. March futures appear to have stabilized and moved a little higher over the last few days, but 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/cwt  to  - --   Dec 1170/cwt  to  - - - Chicago Futures: Jan up  10  at  1307    March up  10  at  1338    May up  9  at  1364    Sept up  5  at  1300    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were mixed in today’s holiday shortened session. The lead January contract moved to a new contract high and gives indications of further upside potential. The next upside objective should be around $13.50. The market is seeing strong movement in both milled and rough rice. Mexico and Central America are continuing to make rough rice purchases, while mills are busy filling old sales to Haiti, Iraq, Ghana and the Philippines. Export bans remain in effect in India and Vietnam and that is pushing most export business to Thailand. Their original export goal of 8 million metric tones is expected to be much closer to 9mmt. Overall fundamentals remain positive, but look for increased export activity from Vietnam after their new crop becomes available in the next couple of months. Cattle & Hogs  Date: November 21, 2007 Cattle As reported by Federal-State Market News, receipts were 3,575 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $2 to $4 lower with limited sales in some classes on a light preholiday test . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108 to 118   500 to 550 lbs. 100 to 110   600 to 650 lbs. 95 to 103  Medium & Large Frame 2   400 to 450 lbs. 92 to 105 Heifers:  Medium & Large Frame 1   500 to 550 lbs. 86 to 94  Medium & Large Frame 2   400 to 450 lbs. 80 to 89 Slaughter Cows, Boners 40   to   44 Light Weight 27 to 30 Bulls, Yield Grade   1   1000   to   2100 lbs.   51   to   55 Midwest Steers   were steady   at   91   to   - - - Panhandle Steers   were steady   at   91   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 119 to 121.50   550 to 600 lbs. 111 to 119.50 Heifers 500 to 550 lbs. 99.50 to 107   550 to 600 lbs. 98.50 to 104.50 Chicago Futures: Live Cattle: Feb down 7 at 9820   June up 2 at 9427 Feeders: Jan up 32 at 10990   March up 15 at 11045 Cattle Comment Cattle futures closed mixed in light trading before closing at noon. Position evening added pressure but gains in cutout values limited losses. Hogs Peoria: were 50¢ to $1.50     higher   at   28.5   to   29 Chicago Futures: Feb down 25 at 6275   June down 12 at 7602 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment December hogs continued to move higher, and appear to have bottomed for now. However, futures’ premium to cash could limit the upside. Poultry  Date: November 21, 2007 Eggs New York:  Ex. Lg. 159-163; Lg. 157-161; Med. 141-145; Chicago:  Ex. Lg. 148-156; Lg. 146-154; Med. 132-140; Eastern Region Turkeys Hens: 8-16 lbs. 92-96 Toms: 16-24 lbs. 92-96   Delmarva Broilers U.S. Grade A Movement of ready-to-cook whole birds remained seasonally light and unaggressive, but pretty much as expected preceding the Thanksgiving holiday. Seller offerings were generally sufficient for current trade needs. Live supplies were moderate; weights were mixed, but noted as mostly desirable. Processing schedules were moderate to moderately heavy with most plants closed tomorrow and resuming operations on Friday. Less than trucklot asking prices continued unchanged at 69 to 83 cents. Trade sentiment was mostly steady. ---------------------------------------- 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