12/10/2007 Farm Bureau Market Report

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Grain & Soybean Date: December 10, 2007 Soybeans Local Elevators: (Dec) EAST AR:  1079 to 1107 (NC) Summ. 1095 to - - - River Elevators: (Dec) MISS: 1096 to 1116 ; AR & White 1080 to 1091 (NC) Summ. 1096 to 1127 Ark. Processor Bids: (Dec) 1096 to 1097  (NC) 1117 to 1127 Memphis:  (Dec) 1119 3/4 to 1120 3/4 (NC)  1015 1/4 to 1016 1/4 Riceland Foods:  (Dec) Stuttgart 1097 ; Pendleton 1107 ; West Memphis 1116 Chicago Futures: Jan up 6 at  1125 3/4   Mar  up  5 1/2  at  1144 1/4   May up 7 3/4  at  1154 1/4   Nov '08 up 1 3/4  at  1055 1/4   Nov '09 up 5  at  990   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans again followed wheat higher. 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. USDA is expected to cut its ending stocks estimate in tomorrow’s report, also a plus for prices today. Wheat Cash bid for new crop at Memphis  734 1/2 to 739 1/2; Bids to farmers at Local Elevators 715-725; River Elevators 714-745; Chicago Futures: Mar up  8  at  929 1/2    May up 11 1/2  at  930    Jul up  16 1/2  at  824 1/2    Sep up  16 1/2  at  827 1/2    Jul '08 up  8  at  770    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  764 to 773; Bids to farmers at River Elevators 654-716; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   411 3/4 to - - -;   new crop at Memphis   411 1/2 to - - -; Bids to farmers at River Elevators  389 to 406 Chicago Futures: Mar up  1/2  at  400 1/2    May up  1/4  at  428    Jul up  1/4  at  435 1/4    Dec '08 up  3/4  at  439 3/4    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. USDA is expected to cut its ending stocks estimate in tomorrow’s report. New crop July is trading above $8—record high prices. Cotton & Rice  Date: December 10, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 92 at  5945   Greenwood up  92 at 5945 New York Futures: Mar up  12  at  6467    May up  27  at  6640    Jul up  30  at  6810    Dec '08 up  20  at  7235    Mar '09 up  55  at  7470  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures ended mostly higher. 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  Dec 1186/cwt  to  - - -   Feb/Mar 1254/cwt  to  - - - Chicago Futures: Jan down  7  at  1331    Mar down  6  at  1364    May down  6  at  1386    Sep unchanged    at  1345    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were lower today as traders evened positions ahead of tomorrow’s report. 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 10, 2007 Cattle As reported by Federal-State Market News, receipts were 1,908 head at sales in Springdale.  Compared with last week, feeder steers sold steady to $6 lower, mostly $2-4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 125 to 134   500 to 550 lbs. 115 to 119   600 to 700 lbs. 85 to 93  Medium & Large Frame 2   350 to 400 lbs. 93 to 103 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 102 to 110  Medium & Large Frame 2   350 to 400 lbs. 93 to 103 Slaughter Cows, Boners 41   to   45 Light Weight 30 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   57, high dressing 58-64 Midwest Steers   were $1-2 higher   at   90   to   94 Panhandle Steers   were $2-2.50 higher   at   89   to   94.50 Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Feb up 37 at 9712   Jun up 20 at 9425 Feeders: Jan up 17 at 10612   Mar up 25 at 10770 Cattle Comment Live cattle futures were higher on ideas winter weather will disrupt marketings. February found solid support around $96. 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. Hogs Peoria: were     steady   at   33   to   33.5 Chicago Futures: Feb up 165 at 6335   Jun up 45 at 7755 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were higher thanks to the winter storm in the Midwest that is disrupting marketings. Improved product demand and expectations for smaller supplies of market ready hogs were also supportive. However, this is likely to be short-lived as product demand tends to soften through the end of the holidays. Poultry  Date: December 10, 2007 Eggs New York:  Ex. Lg. 159-163; Lg. 157-161; Med. 149-153; Chicago:  Ex. Lg. 151-159; Lg. 149-157; Med. 141-149; 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 all sizes were usually sufficient to statisfy 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