11/26/2007 Farm Bureau Market Report

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Grain & Soybean Date: November 26, 2007 Soybeans Local Elevators: (Nov) EAST AR:  1062 to 1090 (NC) Summ. 1083 to - - - River Elevators: (Nov) MISS: 1067 to 1094 ; AR & White 1067 to 1080 (NC) Summ. 1079 to 1101 Ark. Processor Bids: (Nov) 1079 to 1080  (NC) 1103 to 1105 Memphis:  (Nov) 1095 3/4 to 1098 3/4 (NC)  997 1/2 to 1002 1/2 Riceland Foods:  (Nov) Stuttgart 1080 ; Pendleton 1090 ; West Memphis 1094 Chicago Futures: Jan up 3 1/2 at  1103 3/4   Mar  up  4 3/4  at  1121   May up 5  at  1126   Nov '08 up 4  at  1037 1/2   Nov '09 up 2  at  980   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment After a strong move on Friday soybeans did a little “see-saw” move today before closing slightly higher. No new fundamentals for the market to react to. The trend remains up, but producers need to keep in mind current price levels are well above the USDA projected average. There is probably more downside risk than upside potential at this stage of the game. Futures are at 34 year highs, meaning the $13 plus in 1973 is the only thing on the charts that is higher than current price levels. Wheat Cash bid for November at Memphis  635 to 636; Bids to farmers at Local Elevators 615-630; River Elevators 620-635; Chicago Futures: Dec down  12 1/2  at  814    Mar down 11 1/2  at  834    May down  3  at  827 1/2    Jul '08 down  3 1/2  at  710    Jul '09 down  3 1/2  at  694 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  712 to 814; Bids to farmers at River Elevators 609-671; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   390 3/4 to 399 3/4;   new crop at Memphis   399 to - - -; Bids to farmers at River Elevators  375 to 387 Chicago Futures: Dec down  3 1/4  at  385 3/4    Mar down  2 1/2  at  403 1/4    May down  3  at  413 1/4    Dec '08 down  1  at  431    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat gave back most of Friday’s gains. Traders are concerned about the quality of the winter wheat crop. The market needs a good crop in the U.S. and abroad to make up for shortfalls in last year’s crop. July has resistance at Friday’s contract high of $7.21 ½. Cotton & Rice  Date: November 26, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 60 at  5892   Greenwood down  60 at 5892 New York Futures: Dec down  122  at  5885    Mar down  59  at  6495    May down  46  at  6675    Jul down  26  at  6830    Dec '08 down  17  at  7290  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continued to slide lower with March futures falling below recent support and closing near the day’s low. Trendline support is less than a penny below today’s close. Below that chart support is seen at 63 and then 60 cents. This year’s crop got bigger in the last supply demand report and export demand particularly to China remains slow. On the other hand, new crop acreage will suffer unless December ’08 cotton futures move to new highs over the next 3 months or so. Rice Long Grain Cash Bid for  Nov/Dec 1176/cwt  to  - - - -   - - - - - -  to  - - - Chicago Futures: Jan down  9 1/2  at  1321    Mar down  4  at  1352    May down  5  at  1380    Sep down  3  at  1317    - - - down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was unable to sustain Friday’s big move and gave a portion of those gains today. January made a new contract high of $13.34 on Friday and remains within striking distance of the next upside objective at $13.50. Tight world and U.S. stocks are responsible for recent strong gains. Underlying fundamentals are unchanged with Vietnam and India maintaining export bans. The cyclone in Bangladesh did some damage to rice and may increase their import needs. Thailand continues to move intervention stocks ahead of this year’s harvest. U.S. exports of both milled and rough rice are moving at a good pace. A key factor will be U.S. plantings in ’08 and this year’s harvest in Thailand and Vietnam. Cattle & Hogs  Date: November 26, 2007 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were $3-5 higher   at   94   to   96 Panhandle Steers   were steady to $4.50 higher   at   91   to   95.50 Oklahoma City Feeders Steers 550 to 600 lbs. 117 to 120.50   600 to 650 lbs. 110 to 114.50 Heifers 500 to 550 lbs. 109 to 113   600 to 650 lbs. 103.75 to 105.35 Chicago Futures: Live Cattle: Feb down 17 at 9852   Jun down 10 at 9450 Feeders: Jan down 25 at 11095   Mar down 15 at 11125 Cattle Comment Cattle futures traded in a narrow range and closed mixed. Futures’ premium to cash prices limited gains. Feeders were supported by stronger cash values and losses in corn futures. Hogs Peoria: were     steady   at   28.5   to   29 Chicago Futures: Feb down 22 at 6260   Jun down 12 at 7580 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mixed, but show strong signs that a bottom has been put in for now. However, futures’ premium to cash could limit the upside. February seems to be building resistance just below $64. Poultry  Date: November 26, 2007 Eggs New York:  Ex. Lg. 159-163; Lg. 157-161; Med. 141-145; Chicago:  Ex. Lg. 151-159; Lg. 149-157; Med. 134-142; Eastern Region Turkeys Hens: 8-16 lbs. 92-96 Toms: 16-24 lbs. 92-96   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Post-holiday demand was light to fair with most taking a wait and see attitude and refilling 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