12/06/2007 Farm Buraeu Market Report

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Grain & Soybean Date: December 06, 2007 Soybeans Local Elevators: (Dec) EAST AR:  1052 to 1080 (NC) Summ. 1082 to - - - River Elevators: (Dec) MISS: 1069 to 1089 ; AR & White 1059 to 1067 (NC) Summ. 1075 to 1100 Ark. Processor Bids: (Dec) 1069 to 1070  (NC) 1090 to 1100 Memphis:  (Dec) 1093 3/4 to 1097 3/4 (NC)  995 3/4 to 996 3/4 Riceland Foods:  (Dec) Stuttgart 1070 ; Pendleton 1080 ; West Memphis 1089 Chicago Futures: Jan down 3/4 at  1098 3/4   Mar  up  1/4  at  1117 3/4   May down 2  at  1125 3/4   Nov '08 down 3  at  1035 3/4   Nov '09 down 4  at  976   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded in a narrow range before closing mixed. Export sales were positive for the week with substantial sales noted for the 08/09 crop. Overall weakness of the dollar is continuing to contribute to the strong export demand. Key chart points for old crop are $11.10 on the top and $10.68 on the bottom. For new crop November resistance is $10.42 while support is $10.04. Wheat Cash bid for new crop at Memphis  703 to - - -; Bids to farmers at Local Elevators 683-698; River Elevators 677-698; Chicago Futures: Dec up  7 1/4  at  871    Mar up 6 1/2  at  891 1/2    May up  4 1/2  at  891    Jul '08 up  6 1/4  at  778    Jul '09 up  2 1/2  at  747    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  736 to 754; Bids to farmers at River Elevators 643-705; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   405 to 406;   new crop at Memphis   408 1/2 to - - -; Bids to farmers at River Elevators  383 to 400 Chicago Futures: Dec up  1/2  at  394 1/2    Mar up  1/2  at  411 3/4    May up  1/4  at  422 1/2    Dec '08 up  1/2  at  436 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Despite the weak export sales today, wheat prices continue to climb higher. It was forecast today that the recent freeze in Argentina reduced their wheat production between 37 and 74 million bushels, while at the same time the government has extended their ban on wheat exports to protect the domestic industry. Adding to the tightness in the market, Statistics Canada reduced their production forecast some 23.5 million bushels today. U.S. wheat prices continue to strengthen as global wheat supplies continue to tighten. Cotton & Rice  Date: December 06, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 41 at  5853   Greenwood up  41 at 5853 New York Futures: Dec unchanged    at  5810    Mar up  41  at  6378    May up  38  at  6536    Jul up  51  at  6720    Dec '08 up  49  at  7160  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton managed a slight rebound today but remains in a downtrend. 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 1176/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan up  11  at  1321    Mar up  11  at  1354    May up  10  at  1376    Sep up  11  at  1338    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was higher again with January working toward the recent contract high as market continues 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 06, 2007 Cattle As reported by Federal-State Market News, receipts were 3,939 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to 124   500 to 550 lbs. 111 to 121   600 to 700 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. 107 to 117 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to 108  Medium & Large Frame 2   400 to 450 lbs. 93 to 103 Slaughter Cows, Boners 40   to   45 Light Weight 32 to 37 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   50   to   55, high dressing 55-60 Midwest Steers   were quoted   at   92   to   - - - Panhandle Steers   were quoted   at   92   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 117.50 to 129   600 to 650 lbs. 106 to 114.50 Heifers 500 to 550 lbs. 104.50 to 110   600 to 650 lbs. 92.50 to 102 Chicago Futures: Live Cattle: Feb up 22 at 9617   Jun up 2 at 9367 Feeders: Jan up 10 at 10635   Mar up 12 at 10757 Cattle Comment December live cattle prices posted gains early; however, they were unable to maintain those gains and closed the day up slightly. Weakness in the cash market continues to pressure cattle prices, which are trying to bounce off of recent lows. Hogs Peoria: were     steady   at   31   to   31.5 Chicago Futures: Feb up 10 at 6120   Jun down 25 at 7630 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Lean hog prices traded choppy today, to close the day down marginally. Prices continue to be pressured by weak cash prices and packer margins. Poultry  Date: December 06, 2007 Eggs New York:  Ex. Lg. 159-163; Lg. 157-161; Med. 149-153; Chicago:  Ex. Lg. 151-159; Lg. 149-157; Med. 136-144; Eastern Region Turkeys Hens: 8-16 lbs. 85-90 Toms: 16-24 lbs. 85-90   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady at best. 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