12/05/2007 Farm Bureau Market Report

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Grain & Soybean Date: December 05, 2007 Soybeans Local Elevators: (Dec) EAST AR:  1058 to 1086 (NC) Summ. 1083 to - - - River Elevators: (Dec) MISS: 1070 to 1090 ; AR & White 1059 to 1070 (NC) Summ. 1075 to 1099 Ark. Processor Bids: (Dec) 1070 to 1076  (NC) 1091 to 1099 Memphis:  (Dec) 1094 1/2 to 1098 1/2 (NC)  998 3/4 to 999 3/4 Riceland Foods:  (Dec) Stuttgart 1076 ; Pendleton 1086 ; West Memphis 1090 Chicago Futures: Jan up 8 at  1099 1/2   Mar  up  8  at  1117 1/2   May up 9 1/4  at  1127 3/4   Nov '08 up 5 1/2  at  1038 3/4   Nov '09 up 5 1/2  at  980   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans made good gains for the third day in a row and at one point was only 4 cents or so below the recent contract high. Weather in Argentina and delayed plantings earlier in Brazil are contributing to slightly lower production estimates. With the current stocks situation, it doesn’t take much to make the market nervous. A January close above $11.10 would set off another round of buying. Current support is Monday’s low of $10.68 ½. Wheat Cash bid for new crop at Memphis  696 3/4 to - - -; Bids to farmers at Local Elevators 677-692; River Elevators 673-692; Chicago Futures: Dec down  11 1/4  at  863 3/4    Mar down 9  at  885    May down  4 1/2  at  886 1/2    Jul '08 down  2 3/4  at  771 3/4    Jul '09 down  2 1/2  at  744 1/2    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 686-704; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   405 1/4 to - - -;   new crop at Memphis   407 3/4 to - - -; Bids to farmers at River Elevators  385 to 399 Chicago Futures: Dec unchanged    at  394    Mar unchanged    at  411 1/4    May up  1/2  at  422 1/4    Dec '08 down  1 3/4  at  435 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat traded lower today but a late rally reduced the decline. New crop July was just 2 ¾ cents lower at the close. Yesterday’s strong close appeared an upside breakout, but today’s lower close may mean the market will move into another trading range. In any case, there will be strong support at the old high just under $7. Cotton & Rice  Date: December 05, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 62 at  5812   Greenwood up  62 at 5812 New York Futures: Dec down  25  at  5810    Mar down  10  at  6340    May down  6  at  6505    Jul down  12  at  6675    Dec up  4  at  7115  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was mostly lower for the day as 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 stronger the market will be later. Rice Long Grain Cash Bid for  Dec 1165/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan up  6  at  1310    Mar up  8  at  1343    May up  6  at  1366    Sep up  2  at  1329    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures started the day lower like it has the last several, but also ended the day higher. The market is continuing to rebound after 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 05, 2007 Cattle As reported by Federal-State Market News, receipts were 1,600 head at sales in Conway, Ola & Pocahontas.  Compared with last week, feeder steers sold near steady, heifers steady to $1 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112 to 122   500 to 550 lbs. 102 to 112   600 to 650 lbs. 94 to 103  Medium & Large Frame 2   400 to 450 lbs. 105 to 113 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to 108  Medium & Large Frame 2   400 to 450 lbs. 87 to 97 Slaughter Cows, Boners 40   to   44 Light Weight 27 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   56, high dressing 56-58 Midwest Steers   were quoted   at   92   to   - - - Panhandle Steers   were quoted   at   92   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 35 at 9595   Jun down 12 at 9365 Feeders: Jan down 75 at 10625   Mar down 57 at 10745 Cattle Comment Cattle futures were lower with pressure coming from a declining wholesale beef market. Beef is in heavy competition with big supplies of pork and poultry. Losses are big limited by prospects of tighter market ready supplies of cattle. Feeders are continuing to follow live cattle and January may decline to old support around $104.50. Hogs Peoria: were     steady   at   31   to   31.5 Chicago Futures: Feb up 77 at 6110   Jun up 90 at 7655 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs rebounded to close higher for the day. However, big supplies and weaker packer margins could push February futures toward the $58.15 contract low. Poultry  Date: December 05, 2007 Eggs New York:  Ex. Lg. 159-163; Lg. 157-161; Med. 147-151; 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 mostly steady to about steady. Supplies of all sizes were more than 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