12/11/2007 Farm Bureau Market Report

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Grain & Soybean Date: December 11, 2007 Soybeans Local Elevators: (Dec) EAST AR:  1089 to 1117 (NC) Summ. 1105 to - - - River Elevators: (Dec) MISS: 1106 to 1126 ; AR & White 1090 to 1101 (NC) Summ. 1104 to 1137 Ark. Processor Bids: (Dec) 1101 to 1107  (NC) 1121 to 1137 Memphis:  (Dec) 1121 1/2 to 1125 1/2 (NC)  1016 1/2 to - - - Riceland Foods:  (Dec) Stuttgart 1106 ; Pendleton 1116 ; West Memphis 1125 Chicago Futures: Jan up 9 3/4 at  1135 1/2   Mar  up  10 1/4  at  1154 1/2   May up 11 1/4  at  1165 1/2   Nov '08 up 1 1/4  at  1056 1/2   Nov '09 up 1  at  991   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans moved to new highs again today in reaction to the monthly supply/demand report. USDA bumped exports 20 million bushels and the domestic crush by 5 million, leaving ending stocks of only 185 million bushels. The world stocks estimate was cut by 4%. Wheat Cash bid for new crop at Memphis  716 to - - -; Bids to farmers at Local Elevators 696-706; River Elevators 693-726; Chicago Futures: Mar down  19  at  910 1/2    May down 15 3/4  at  947 3/4    Jul down  18 1/2  at  806    Sep down  14 1/2  at  809    Jul '09 down  10  at  760    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  784 to 791; Bids to farmers at River Elevators 664-727; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   418 to - - -;   new crop at Memphis   416 1/4 to - - -; Bids to farmers at River Elevators  395 to 412 Chicago Futures: Mar up  6 1/4  at  424    May up  6 1/2  at  434 1/2    Jul up  5 3/4  at  441    Dec '08 up  2 1/2  at  442 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned lower despite a bullish report. USDA’s ending stocks estimate was cut to 280 million bushels thanks to a 25 million bushel increase in the export estimate. With new crop July trading at record high prices, it is apparent that the tight supply situation is well known and already built in to current prices. Cotton & Rice  Date: December 11, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 57 at  5888   Greenwood down  57 at 5888 New York Futures: Mar down  55  at  6415    May down  36  at  6595    Jul down  63  at  6740    Dec down  30  at  7200    Mar down  10  at  7460  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures turned lower. As expected, USDA did raise U.S. production in today’s report, leaving ending stocks up 100,000 bales from last month’s report. Rising wheat and bean prices may sway producers to move additional acreage from cotton at current price levels. 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  Jan 1201/cwt  to  - - -   Feb/Mar 1201  to  1254/cwt Chicago Futures: Jan down  5  at  1326    Mar down  7  at  1357    May down  7  at  1379    Sep down  11  at  1334    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures ended lower despite a bullish report. The USDA raised the export estimate by 2 million hundredweight and that carried over into the ending stocks estimate. The world ending stocks estimate was also lower; 72.17 million metric tons, down nearly 2 million metric tons from last month. Higher grain futures may be pulling acreage from rice, so higher price levels will be needed if that uptrend continues. Cattle & Hogs  Date: December 11, 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 $3-8 lower, heifers weak to $5 lower. Winter weather hampered movement and depressed sales . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to 124   500 to 550 lbs. 104 to 114   600 to 700 lbs. 97 to 105  Medium & Large Frame 2   400 to 450 lbs. 102 to 112 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 97 to 107  Medium & Large Frame 2   400 to 450 lbs. 80 to 90 Slaughter Cows, Boners 40   to   44 Light Weight 32 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   56, high dressing 56-59 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - 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 12 at 9725   Jun up 15 at 9410 Feeders: Jan down 15 at 10597   Mar up 15 at 10785 Cattle Comment Live cattle futures were higher on ideas winter weather will hurt cattle performance. 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: n/a       at   - - -   to   - - - Chicago Futures: Feb down 32 at 6302   Jun down 55 at 7700 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment The winter weather in the Midwest has lasted too long and now traders are worried a backlog of market ready hogs will develop. Improved product demand and prices provided underlying support. Poultry  Date: December 11, 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 mostly steady. Supplies of all sizes were usually 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