12/04/2007 Farm Bureau Market Report

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Grain & Soybean Date: December 04, 2007 Soybeans Local Elevators: (Dec) EAST AR:  1050 to 1078 (NC) Summ. 1075 to - - - River Elevators: (Dec) MISS: 1067 to 1082 ; AR & White 1051 to 1062 (NC) Summ. 1066 to 1091 Ark. Processor Bids: (Dec) 1067 to 1068  (NC) 1091 to 1093 Memphis:  (Dec) 1090 1/2 to 1091 1/2 (NC)  993 1/4 to 994 1/4 Riceland Foods:  (Dec) Stuttgart 1068 ; Pendleton 1078 ; West Memphis 1082 Chicago Futures: Jan up 12 3/4 at  1091 1/2   Mar  up  12  at  1109 1/2   May up 12 1/4  at  1118 1/2   Nov '08 up 17 3/4  at  1033 1/4   Nov '09 up 13 1/2  at  974 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rode another wave of buying to solid gains. Strength in corn and further weakness in the dollar contributed to the continued followthrough on yesterday’s move. January futures bounced off trendline support and may challenge last week’s contract high. Wheat Cash bid for new crop at Memphis  699 1/2 to - - -; Bids to farmers at Local Elevators 680-695; River Elevators 680-695; Chicago Futures: Dec up  17  at  875    Mar up 17 1/4  at  894    May up  19  at  891    Jul '08 up  17 1/2  at  774 1/2    Jul '09 up  15  at  742    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  734 to 752; Bids to farmers at River Elevators 623-686; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   403 1/4 to 405 1/4;   new crop at Memphis   407 3/4 to - - -; Bids to farmers at River Elevators  383 to 399 Chicago Futures: Dec up  8  at  394    Mar up  7 3/4  at  411 1/4    May up  7 3/4  at  421 3/4    Dec '08 up  6  at  437 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat didn’t take long in moving to a new contract high. This is a strong sign of near term gains with $8 the next major upside mark. Dry conditions in the Midwest and concerns about a possible La Nina weather pattern are driving the market along with tight world stocks and further weakness in the dollar. Cotton & Rice  Date: December 04, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 5 at  5750   Greenwood up  5 at 5750 New York Futures: Dec up  11  at  5835    Mar up  5  at  6350    May up  1  at  6511    Jul up  7  at  6687    Dec '08 down  2  at  7111  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton made minor gains but the overall tenor of the market is weak. Last Friday’s penetration of trendline support makes the market vulnerable to further declines. The next support is just above 60 cents. Recent declines and the weakness in the dollar are beginning to increase export activity. It will take strong buying to stabilize old crop and give it an opportunity to increase. On the other hand, the weaker this market is going into planting time, the strong the market will be later. Rice Long Grain Cash Bid for  Dec 1159/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan up  8 1/2  at  1304    Mar up  6  at  1335    May up  5  at  1360    Sep up  1  at  1327    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures are rebounding after the market made a minor downward correction the past two weeks. January essentially made a 38% retracement of the November gains and is now attempting to retest resistance at the $13.34 contract high. U.S. rough and milled rice sales are moving at a good pace. While Thailand continues to dominate the overall export market. Producers there are ignoring the government intervention as they move rice directly into a strong cash situation. Vietnam and India remain out of the market as export bans are still in effect. Vietnam should have rice available in 60 days or so. Cattle & Hogs  Date: December 04, 2007 Cattle As reported by Federal-State Market News, receipts were 1,648 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 122 to 132   500 to 550 lbs. 110 to 120   600 to 700 lbs. 101 to 111  Medium & Large Frame 2   400 to 450 lbs. 112 to 122 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. 87 to 97 Slaughter Cows, Boners 40   to   45 Light Weight 37 to 43, lightweight lean cows 30-35 Bulls, Yield Grade   1   1000   to   2100 lbs.   51   to   56.50, high dressing 57-61.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 118 to 129.25   600 to 650 lbs. 103 to 115.50 Heifers 500 to 550 lbs. 101 to 111   600 to 650 lbs. 94 to 102 Chicago Futures: Live Cattle: Feb down 7 at 9630   Jun up 32 at 9377 Feeders: Jan down 105 at 10700   Mar down 77 at 10802 Cattle Comment Cattle were mostly lower but short showlists limited the decline. Beef movement is slow considering the big supplies of pork that are available. Until cutout values improve significantly, packer bids won’t improve. While live cattle futures are attempting to stabilize, feeders could be headed a couple of dollars lower. Hogs Peoria: were     steady   at   30   to   31.5 Chicago Futures: Feb down 90 at 6032   Jun down 57 at 7565 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Big supplies and big kills pushed hogs sharply lower. Overall supplies tend to peak in December but this year’s numbers are exceptionally large. The market is actually doing a fairly good job considering the day to day numbers. February futures will likely retest support near $58. Poultry  Date: December 04, 2007 Eggs New York:  Ex. Lg. 159-163; Lg. 157-161; Med. 146-150; Chicago:  Ex. Lg. 151-159; Lg. 149-157; Med. 136-144; Eastern Region Turkeys Hens: 8-16 lbs. 87-91 Toms: 16-24 lbs. 87-91   Delmarva Broilers U.S. Grade A Trade sentiment was overall steady at best. Supplies of all sizes were more than sufficient to satisfy 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