11/27/2007 Farm Bureau Market Report

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Grain & Soybean Date: November 27, 2007 Soybeans Local Elevators: (Nov) EAST AR:  1049 to 1077 (NC) Summ. 1070 to - - - River Elevators: (Nov) MISS: 1061 to 1082 ; AR & White 1054 to 1067 (NC) Summ. 1066 to 1090 Ark. Processor Bids: (Nov) 1066 to 1067  (NC) 1090 to 1092 Memphis:  (Nov) 1083 to 1086 (NC)  985 1/2 to 986 1/2 Riceland Foods:  (Nov) Stuttgart 1067 ; Pendleton 1077 ; West Memphis 1081 Chicago Futures: Jan down 12 3/4 at  1091   March  down  13 1/4  at  1107 3/4   May down 11 3/4  at  1114 1/4   Nov '08 down 12  at  1025 1/2   Nov '09 down 10  at  970   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were sharply lower following crude oil prices. Soy oil prices were also lower as demand has diminished thanks to high prices. Biodiesel production is not profitable at current price levels. 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  815 to 853; Bids to farmers at Local Elevators 625-640; River Elevators 626-645; Chicago Futures: Dec up  15  at  829    March up 17 3/4  at  851 3/4    May up  14  at  841 1/2    July '08 up  10  at  720    July '09 up  3 1/2  at  698    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  717 to 810; Bids to farmers at River Elevators 604-668; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   388 1/2 to 393 1/2;   New crop at Memphis   398 3/4 to - - -; Bids to farmers at River Elevators  367 to 379 Chicago Futures: Dec down  2 1/4  at  383 1/2    March down  2 1/2  at  400 3/4    May down  2 1/2  at  410 3/4    Dec '08 down  1 1/2  at  429 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ignored weakness in corn and beans to climb higher. The USDA now says that only 44% of the winter crop is in the good to excellent category. 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 27, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 52 at  5840   Greenwood down  52 at 5840 New York Futures: Dec down  24  at  5837    March down  52  at  6440    May down  55  at  6613    July down  50  at  6771    Dec '09 down  65  at  7223  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was lower again today with March testing long-term uptrending support near today’s close of 64.40 cents. 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 1163/cwt  to  - - -   Jan/Feb 1173/cwt  to  - - - Chicago Futures: Jan down  13  at  1308    March down  13  at  1339    May down  11  at  1369    Sept unchanged  0  at  1317    - - -   - - -  at  - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment January rice futures gapped lower today. Friday’s contract high of $13.34 now stands in the way of a challenge of resistance 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 27, 2007 Cattle As reported by Federal-State Market News, receipts were 939 head at sales in Fort Smith and Marshall.  Compared with last week, feeder steers were $4 to $7 higher, heifers $2 to $5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 130   500 to 550 lbs. 112 to 122   600 to 700 lbs. 101 to 111  Medium & Large Frame 2   400 to 450 lbs. 102 to 112 Heifers:  Medium & Large Frame 1   500 to 550 lbs. 94 to 104  Medium & Large Frame 2   400 to 450 lbs. 88 to 98 Slaughter Cows, Boners 40   to   44 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   57.5 Midwest Steers   were 50¢ to $3 lower   at   93   to   93.50 Panhandle Steers   were $2 higher to $2.50 lower   at   93   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 122.50 to 129   550 to 600 lbs. 115 to 122.50 Heifers 500 to 550 lbs. 108 to 113   550 to 600 lbs. 102.25 to 111.50 Chicago Futures: Live Cattle: Feb down 57 at 9795   June down 32 at 9417 Feeders: Jan down 37 at 11057   March down 25 at 11100 Cattle Comment Cattle futures were lower across the board. Futures’ premium to cash prices and fund selling were limiting factors. December has support around $95. Hogs Peoria: were     steady   at   28.5   to   29 Chicago Futures: Feb down 37 at 6220   June up 2 at 7582 Sheep St. Paul n/a   at   - - -   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 27, 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 Movement of ready-to-cook whole birds was seasonally light and unaggressive for early week business. Seller offerings were generally sufficient on all sizes. Live supplies were moderate; weights ranged light to heavy, but were noted as mostly desirable. Processing schedules were moderate to moderately heavy. Less than trucklot asking prices were 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