12/07/2007 Farm Bureau Market Report

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Grain & Soybean Date: December 07, 2007 The market report will be shorter today due to the Farm Bureau Center closing early. The full report will be available on Monday, December 10, 2007. Soybeans Local Elevators: (Dec) EAST AR:  n/a to - - - (NC) Summ. n/a to - - - River Elevators: (Dec) MISS: n/a to - - - ; AR & White n/a to - - - (NC) Summ. n/a to - - - Ark. Processor Bids: (Dec) n/a to - - -  (NC) n/a to - - - Memphis:  (Dec) n/a to - - - (NC)  n/a to - - - Riceland Foods:  (Dec) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a Chicago Futures: Jan up 19 3/4 at  1118 1/2   Mar  up  18 1/4  at  1136   May up 19 1/4  at  1145   Nov '08 up 13 3/4  at  1149 1/2   Nov '09 up 5 1/2  at  981 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rode the wave created by wheat and hit new contract highs. The overall market is being bolstered by new congressional mandates for bio fuels. The weaker dollar, while possibly bottoming, is still enticing strong exports and the U.S. is the major source for the time being. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators n/a; River Elevators n/a; Chicago Futures: Dec up  32 1/2  at  903 1/2    Mar up 30  at  921 1/2    May up  27 1/2  at  918 1/2    Jul '08 up  30  at  808    Jul '09 up  15  at  762    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  n/a to - - -; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   n/a to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  n/a to - - - Chicago Futures: Dec up  4 3/4  at  399 1/2    Mar up  5 1/4  at  417 1/4    May up  5 1/4  at  427 3/4    Dec '08 up  4  at  440 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat continues to find strength in the poor Midwest moisture level and indications this is not going to improve significantly in the near future. Early morning gains carried new crop July above $8.00, a record level. Cotton & Rice  Date: December 07, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis  n/a at  - - -   Greenwood   n/a at - - - New York Futures: Mar up  52  at  6430    May up  14  at  6550    Jul up  30  at  6750    Dec up  20  at  7180    n/a up  - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Early trading was to the positive side in the cotton market but gains declined near mid-day. Overall fundamentals for cotton continue to look negative. While export sales have increased in recent weeks, USDA may still need to adjust projected utilization. At the same time, the Texas crop may have grown also. The bottom line is projected ending stocks are likely to increase from the November supply/demand report, possibly approaching 8 million bales. Rising wheat and bean prices may sway producers to move additional acreage from cotton. Current estimates suggest a 10 million acre or less crop. So, the lower the market goes now, the better price will be at some point in the future. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan up  17  at  1338    Mar up  16  at  1370    May up  16  at  1392    Sep up  7  at  1345    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Amidst the strong gains in soybeans and wheat, rice was noticeable as it was mixed in the early going. However, look for rice to also test resistance at recent highs as the overall tightness of world stocks provides underlying support. There has been little change in fundamentals as U.S. rice, both rough and milled, continues to move at a good pace. Thailand remains the major exporter as they have the only other available rice. Vietnam and India’s export bans remain in place. Higher grain futures may be pulling acreage from rice, so higher price levels will be needed if that uptrend continues. Cattle & Hogs  Date: December 07, 2007 Cattle As reported by Federal-State Market News, receipts were 14,215 head at sales in Arkansas this week.  Compared with last week, feeder steers under 450 lbs. sold steady to $2 higher, heavier weights sold weak to $5 lower. Feeder heifers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 122 to 132   500 to 550 lbs. 106 to 116   600 to 700 lbs. 96 to 104  Medium & Large Frame 2   400 to 450 lbs. 109 to 119 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 103 to 113  Medium & Large Frame 2   400 to 450 lbs. 93 to 103 Slaughter Cows, Boners 42   to   47 Light Weight 30 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   56.50, high dressing 57-58 Midwest Steers   were $1 lower to steady   at   91   to   92 Panhandle Steers   were $1 lower to steady   at   91   to   92 Oklahoma City Feeders Steers 500 to 550 lbs. 114 to 129.25   600 to 650 lbs. 103 to 116.50 Heifers 500 to 550 lbs. 98 to 116.50   600 to 650 lbs. 92.50 to 106 Chicago Futures: Live Cattle: Feb up 57 at 9675   Jun up 37 at 9405 Feeders: Jan down 40 at 10595   Mar down 12 at 10745 Cattle Comment Live cattle futures bounced off solid support around $96 to post impressive early gains. The upturn came despite exceptionally large beef supplies and heavy competition from pork. The market is beginning to anticipate lighter placements in the months ahead as futures are not higher enough to cover feed lot costs. Feeders were pushed a little lower as a result. Hogs Peoria: were $2     higher   at   33   to   33.5 Chicago Futures: Feb up 50 at 6170   Jun up 80 at 7710 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were supported by improved carcass values in yesterday’s trade. However, this is likely to be short-lived as product demand tends to soften through the end of the holidays. Poultry  Date: December 07, 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. 84-90 Toms: 16-24 lbs. 85-90   Delmarva Broilers U.S. Grade A Trade sentiment was generally steady. 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