11/28/2007 Farm Bureau Market Report

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Grain & Soybean Date: November 28, 2007 Soybeans Local Elevators: (Nov) EAST AR:  1055 to 1083 (NC) Summ. 1076 to - - - River Elevators: (Nov) MISS: 1072 to 1087 ; AR & White 1059 to 1072 (NC) Summ. 1071 to 1096 Ark. Processor Bids: (Nov) 1072 to 1073  (NC) 1096 to 1098 Memphis:  (Nov) 1091 3/4 to 1094 3/4 (NC)  987 1/2 to 988 1/2 Riceland Foods:  (Nov) Stuttgart 1073 ; Pendleton 1083 ; West Memphis 1087 Chicago Futures: Jan up 5 3/4 at  1096 3/4   Mar  up  5 3/4  at  1113 1/2   May up 5 1/2  at  1119 3/4   Nov '08 up 2  at  1027 1/2   Nov '09 down 1  at  969   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans recovered a portion of yesterday's losses, but the upside appears limited. Soy oil prices look toppy and 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 new crop at Memphis  653 to 654; Bids to farmers at Local Elevators 633-648; River Elevators 634-653; Chicago Futures: Dec up  30  at  859    Mar up 30  at  881 3/4    May up  30  at  871 1/2    Jul '08 up  8  at  728    Jul '09 up  11  at  709    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  724 to 817; Bids to farmers at River Elevators 611-673; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   392 1/4 to 401 1/4;   new crop at Memphis   404 to - - -; Bids to farmers at River Elevators  371 to 387 Chicago Futures: Dec up  4  at  387 1/2    Mar up  3 3/4  at  404 1/2    May up  4 1/4  at  415    Dec '08 up  5 1/4  at  434 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment December wheat was up the limit today on news that Argentina had suspended exports for 5 days to assess the damage from recent freezing weather. The market is hyper-reactive to news like this because world stocks are so tight. Dry weather in the U.S. southern Plains is also supportive. The USDA now says that only 44% of the winter crop is in the good to excellent category. July set a new contract high today, giving the chart a bullish appearance. Cotton & Rice  Date: November 28, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 153 at  5993   Greenwood up  153 at 5993 New York Futures: Dec up  156  at  5993    Mar up  153  at  6593    May up  146  at  6759    Jul up  145  at  6916    Dec up  143  at  7366  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton posted sharp gains today with March bouncing off trendline support near 64.40 cents. Technical buying and carryover strength from the stock market were both supportive. Cotton is also still in the race for acres in 2008. 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 1149/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan down  13 1/2  at  1294 1/2    Mar down  12  at  1327    May down  14  at  1355    Sep down  5  at  1312    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were sharply lower again today in follow through selling from yesterday's bearish price action. The downside could be limited. Tight world and U.S. stocks are responsible for recent strong gains. Vietnam and India are 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 28, 2007 Cattle As reported by Federal-State Market News, receipts were 1,366 head at sales in Conway, Ola & Pocahontas.  Compared with last week, feeder steers sold mostly $4-7 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110 to 120   500 to 550 lbs. 106 to 113   600 to 650 lbs. 95 to 104  Medium & Large Frame 2   400 to 450 lbs. 99 to 109 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 99 to 109  Medium & Large Frame 2   400 to 450 lbs. 88 to 98 Slaughter Cows, Boners 42   to   46 Light Weight 28 to 31 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   57, high dressing 57.50-59 Midwest Steers   were $2 higher   at   95   to   95.50 Panhandle Steers   were $2-2.50 higher   at   95   to   95.50 Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Feb down 90 at 9705   Jun down 62 at 9355 Feeders: Jan down 100 at 10957   Mar down 85 at 11015 Cattle Comment Cattle futures were lower across the board. Futures’ premium to cash prices and fund selling were limiting factors. Concerns about demand are outweighing the relatively tight supply situation. December has support around $95. Hogs Peoria: were     steady   at   28.5   to   29 Chicago Futures: Feb up 62 at 6282   Jun up 5 at 7587 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were higher again today. However, futures’ premium to cash could limit the upside. February seems to be building resistance just below $64. Poultry  Date: November 28, 2007 Eggs New York:  Ex. Lg. 159-163; Lg. 157-161; Med. 143-147; Chicago:  Ex. Lg. 151-159; Lg. 149-157; Med. 134-142; Eastern Region Turkeys Hens: 8-16 lbs. 89-92 Toms: 16-24 lbs. 89-92   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Supplies of all sizes were more than sufficient to satisfy trade needs. In production areas, live supplies were moderate at mostly desirable to heavy 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