12/03/2007 Farm Bureau Market Report

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Grain & Soybean Date: December 03, 2007 Soybeans Local Elevators: (Dec) EAST AR:  1037 to 1065 (NC) Summ. 1062 to - - - River Elevators: (Dec) MISS: 1054 to 1070 ; AR & White 1042 to 1050 (NC) Summ. 1054 to 1078 Ark. Processor Bids: (Dec) 1054 to 1055  (NC) 1078 to 1080 Memphis:  (Dec) 1083 3/4 to 1085 3/4 (NC)  975 1/2 to 976 1/2 Riceland Foods:  (Dec) Stuttgart 1055 ; Pendleton 1065 ; West Memphis 1069 Chicago Futures: Jan down 1 1/4 at  1078 3/4   March  unchanged  0  at  1097 1/2   May up 1/4  at  1106 1/4   Nov '08 up 4 3/4  at  1015 1/2   Nov '09 up 5  at  961   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rebounded from early weakness to close mixed. A good export report and higher corn values limited potential downside losses in soybeans. Technically, January soybeans touched trendline support just below $10.70 before rebounding to recoup most of the early decline. Ability to hold above trendline support will be a signal of additional upside potential. On the other hand, a close below this level will likely signal downside weakness. Wheat Cash bid for new crop at Memphis  682 to 684; Bids to farmers at Local Elevators 662-677; River Elevators 663-677; Chicago Futures: Dec down  12  at  855    March down 8 3/4  at  876 3/4    May down  8 1/2  at  872    July '08 down  5  at  757    July '09 down  5  at  727    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  721 to 810; Bids to farmers at River Elevators 609-673; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   395 1/2 to - - -;   New crop at Memphis   401 1/2 to - - -; Bids to farmers at River Elevators  376 to 393 Chicago Futures: Dec up  1 1/2  at  386    March up  2  at  403 1/2    May up  1  at  414    Dec '08 up  1  at  431 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat closed lower despite a good export report. July futures showed some weakness, as the market attempted to retrace a portion of the more than 75 cents that was gained over the last two weeks. Technically, the market is overbought and due a correction, but it may be short lived due to tight world stocks and dry conditions in the Midwest. Cotton & Rice  Date: December 03, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 1 at  5745   Greenwood down  1 at 5745 New York Futures: March down  1  at  6345    May down  8  at  6510    July down  19  at  6680    Dec '08 down  5  at  7113    March '09 down  15  at  7345  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton could not muster much upside movement after breaking major trendline support last Friday. The market continues to look at a growing U.S. supply. The feeling is that USDA will likely have to increase the Texas crop, once again, in the December supply demand report. The next major support for March futures is around 60 cents, the late August low. Rice Long Grain Cash Bid for  December 1151/cwt  to  - - -   January 1161/cwt  to  - - - Chicago Futures: Jan up  8 1/2  at  1295 1/2    March up  7  at  1329    May up  2  at  1355    Sept unchanged  0  at  1326    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment January rice futures made a little rebound after declining almost 50 cents last week. Current resistance is the recent high of $13.34. 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: December 03, 2007 Cattle As reported by Federal-State Market News, receipts were 3058 head at sales in Ash Flat and Springdale.  Compared with last week, feeder steers under 600 lbs sold $4 to $9 higher, over 600 lbs. firm to $4 higher. Feeder heifers sold $2 to $5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 130   500 to 550 lbs. 108 to 118   600 to 700 lbs. 98 to 108  Medium & Large Frame 2   400 to 450 lbs. 118 to 128 Heifers:  Medium & Large Frame 1   500 to 550 lbs. 95 to 105  Medium & Large Frame 2   350 to 400 lbs. 100 to 110 Slaughter Cows, Boners 40   to   45 Light Weight 30 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   51.5   to   57.5 Midwest Steers   were   at   93   to   95.50 Panhandle Steers   were   at   93   to   95.50 Oklahoma City Feeders Steers 500 to 550 lbs. 118 to 129.25   550 to 600 lbs. 119.5 to 121 Heifers 500 to 550 lbs. 111 to 116.50   550 to 600 lbs. 108 to 110 Chicago Futures: Live Cattle: Feb up 60 at 9637   June up 42 at 9345 Feeders: Jan up 35 at 10805   March up 50 at 10880 Cattle Comment Cattle futures firmed today after the live December tested key support around $94 in the last 2 sessions. Concerns about beef demand and expectations for bigger cattle supplies in the weeks ahead limited upside potential. January feeders rebounded after finding support just above $107. Hogs Peoria: were 50¢ to $2     higher   at   31   to   31.5 Chicago Futures: Feb down 107 at 6122   June down 25 at 7622 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures lost ground as traders took advantage of the premium above cash to lock in forward prices. Good packer demand limited the downturn, while big hog supplies aided the decline. Poultry  Date: December 03, 2007 Eggs New York:  Ex. Lg. 159-163; Lg. 157-161; Med. 144-148; Chicago:  Ex. Lg. 151-159; Lg. 149-157; Med. 136-144; Eastern Region Turkeys Hens: 8-16 lbs. 88-91 Toms: 16-24 lbs. 88-91   Delmarva Broilers U.S. Grade A Movement of ready to cook whole birds was light to moderate entering the week. Offerings were at least adequate to available for current trade needs. Live supplies were moderate; weights were mixed, but noted as mostly desirable. Processing schedules ranged moderate to moderately heavy. Less than trucklot asking prices were one cent lower at 67 to 81 cents. Trade sentiment was barely steady to weak. ---------------------------------------- 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