11/29/2007 Farm Bureau Market Report

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Grain & Soybean Date: November 29, 2007 Soybeans Local Elevators: (Nov) EAST AR:  1056 to 1084 (NC) Summ. 1072 to - - - River Elevators: (Nov) MISS: 1061 to 1089 ; AR & White 1061 to 1074 (NC) Summ. 1073 to 1097 Ark. Processor Bids: (Nov) 1073 to 1074  (NC) 1097 to 1099 Memphis:  (Nov) 1098 to 1102 (NC)  982 to 983 Riceland Foods:  (NC) Stuttgart 1074 ; Pendleton 1084 ; West Memphis 1088 Chicago Futures: Jan up 1 3/4 at  1098 1/2   Mar  up  2  at  1115 1/2   May up 2 3/4  at  1122 1/2   Nov '08 up 6 1/2  at  1021   Nov '09 up 4  at  965   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were a bit higher following higher crude oil prices, but the reaction was limited because the cause was a pipeline explosion--a temporary situation. A strong export report was also a plus today. 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  671 1/2 to 672 1/2; Bids to farmers at Local Elevators 652-667; River Elevators 652-672; Chicago Futures: Dec up  10  at  869    Mar up 6 1/2  at  888 1/4    May up  10 1/2  at  882    Jul '08 up  18 1/2  at  746 1/2    Jul '09 up  15  at  724    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   387 1/2 to 397 1/2;   new crop at Memphis   399 3/4 to - - -; Bids to farmers at River Elevators  367 to 384 Chicago Futures: Dec down  3 3/4  at  383 1/2    Mar down  3 3/4  at  400 3/4    May down  3 1/2  at  411 1/2    Dec '08 down  4 3/4  at  430 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were sharply higher today. News that Argentina had suspended exports for 5 days to assess the damage from recent freezing weather is still supporting the market. 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. Cotton & Rice  Date: November 29, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 89 at  5904   Greenwood down  89 at 5904 New York Futures: Dec down  54  at  5939    Mar down  89  at  6504    May down  89  at  6670    Jul down  86  at  6830    Dec down  91  at  7275  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton gave back a portion of yesterday's big gains. 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 1152/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan up  2 1/2  at  1297    Mar up  3  at  1330    May up  3  at  1358    Sep up  22  at  1334    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures turned higher today thanks to an overall positive tone in Chicago. 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 29, 2007 Cattle As reported by Federal-State Market News, receipts were 4,167 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold firm to $6 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to 126   500 to 550 lbs. 106 to 116   600 to 700 lbs. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. 111 to 121 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. 92 to 102 Slaughter Cows, Boners 40   to   45 Light Weight 31 to 35 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   50   to   56, high dressing 56-61 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   were steady to $.50 lower   at   95   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 118 to 125   600 to 650 lbs. 110 to 116.50 Heifers 500 to 550 lbs. 108.50 to 111.50   600 to 650 lbs. 101 to 108 Chicago Futures: Live Cattle: Feb down 40 at 9665   Jun down 15 at 9340 Feeders: Jan down 50 at 10907   Mar down 55 at 10960 Cattle Comment Cattle futures were lower again today. Futures’ premium to cash prices and fund selling were limiting factors. Concerns about demand are outweighing the relatively tight supply situation. December violated support near $95 and now could test the November low of $93.80. Hogs Peoria: were $1     higher   at   29.5   to   30 Chicago Futures: Feb up 2 at 6285   Jun up 35 at 7622 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were a bit lower. Futures' premium to cash is limiting the upside. February seems to be building resistance just below $64. Poultry  Date: November 29, 2007 Eggs New York:  Ex. Lg. 159-163; Lg. 157-161; Med. 144-148; Chicago:  Ex. Lg. 151-159; Lg. 149-157; Med. 134-142; Eastern Region Turkeys Hens: 8-16 lbs. 88-92 Toms: 16-24 lbs. 88-92   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Supplies of all sizes were adequate to fully sufficient for trade needs. In production areas, live supplies were moderate at 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