11/30/2007 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: November 30, 2007 Soybeans Local Elevators: (Nov) EAST AR:  1038 to 1066 (NC) Summ. 1054 to - - - River Elevators: (Nov) MISS: 1055 to 1071 ; AR & White 1043 to 1051 (Nov) Summ. 1055 to 1079 Ark. Processor Bids: (Nov) 1055 to 1056  (NC) 1079 to 1081 Memphis:  (Nov) 1086 to 1087 (NC)  970 3/4 to 971 3/4 Riceland Foods:  (Nov) Stuttgart 1056 ; Pendleton 1066 ; West Memphis 1070 Chicago Futures: Jan down 21 at  1077   Mar  down  20  at  1095   May down 18 1/4  at  1104   Nov '08 down 11 1/4  at  1010 3/4   Nov '09 down 9  at  956   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment January soybeans worked back toward trendline support as they ended lower today. That support starts around $10.65. A move below that level would suggest topping action. Sharp losses in crude oil have contributed to the decline which started after the market moved above $11 and made 34 year highs. As tempting as it is to suggest the market may want to move to that 10973 high above $13, reality indicates the market has never spent much time above $11. Wheat Cash bid for new crop at Memphis  687 to 692; Bids to farmers at Local Elevators 667-682; River Elevators 674-682; Chicago Futures: Dec down  2  at  867    Mar down 5 1/4  at  883    May down  3  at  879    Jul '08 up  13 1/2  at  760    Jul '09 up  8  at  732    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  719 to 812; Bids to farmers at River Elevators 605-668; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   388 1/2 to 394 1/2;   new crop at Memphis   401 1/2 to - - -; Bids to farmers at River Elevators  368 to 380 Chicago Futures: Dec up  1  at  384 1/2    Mar up  3/4  at  401 1/2    May up  1 1/2  at  413    Dec '08 up  1/4  at  430 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Old crop wheat futures ended lower but new crop July set a new contract high for the third day in a row. 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 30, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 158 at  5746   Greenwood down  158 at 5746 New York Futures: Dec down  119  at  5820    Mar down  158  at  6346    May down  152  at  6518    Jul down  131  at  6699    Dec down  157  at  7118  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was hit by another round of selling as the market failed to followthrough on a mid week rebound. It appears the next supply demand report may have to account for an even larger Texas crop which would mean projected stocks would also rise. China remains the major importer and they may wait for the market to move lower. March futures broke trendline support just under 65 cents and may be headed to the next support around 61 cents. Further weakness would suggest bigger declines in ’08 plantings. Many are pointing to 10 million acres or lower in ’08. Rice Long Grain Cash Bid for  Nov/Dec 1142/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan down  11  at  1286    Mar down  7  at  1323    May unchanged    at  1358    Sep down  4  at  1330    - - - down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continues to trim recent gains with January dropping almost 50 cents this week. Thai farmers are not bothering with using the government intervention program since the market is so strong. Thailand has authorized the purchase of up to 9 mmt but that appears to be unnecessary considering the firm market undertone at the same time bans remain in place in India and Vietnam. U.S. exports, both milled and rough, continue at a good pace. January futures have downside retracement objectives of $12.78 and $12.61. Cattle & Hogs  Date: November 30, 2007 Cattle As reported by Federal-State Market News, receipts were 10,560 head at sales in Arkansas this week.  Compared with last week, feeder steers under 500 lbs. sold $3-5 higher, heavier weights sold firm to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 130   500 to 550 lbs. 111 to 121   600 to 700 lbs. 96 to 106  Medium & Large Frame 2   400 to 450 lbs. 104 to 114 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. 97 to 107 Slaughter Cows, Boners 41   to   46 Light Weight 28 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   57, high dressing 58-62 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 115 to 132.50   600 to 650 lbs. 107 to 117.50 Heifers 500 to 550 lbs. 99 to 113   600 to 650 lbs. 91 to 108 Chicago Futures: Live Cattle: Feb down 87 at 9577   Jun down 37 at 9302 Feeders: Jan down 137 at 10770   Mar down 130 at 10830 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. February futures have support around $95.40-$95.45. Hogs Peoria: were     steady   at   29.5   to   30 Chicago Futures: Feb down 55 at 6230   Jun up 25 at 7647 Sheep St. Paul sheep s horn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended mixed. Futures' premium to cash is limiting the upside. February seems to be building resistance just below $64. Poultry  Date: November 30, 2007 Eggs New York:  Ex. Lg. 159-163; Lg. 157-161; Med. 144-148; Chicago:  Ex. Lg. 151-159; Lg. 149-152; 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 steady in the West, but weak in the Midwest and Eastern region as majority prices in the major terminal markets trend unchanged to lower. Supplies of all sizes were usually sufficient to satisfy trade 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