12/13/2007 Farm Bureau Market Report

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Grain & Soybean Date: December 13, 2007 Soybeans Local Elevators: (Dec) EAST AR:  1099 to 1127 (NC) Summ. 1107 to - - - River Elevators: (Dec) MISS: 1116 to 1136 ; AR & White 1095 to 1111 (NC) Summ. 1109 to 1147 Ark. Processor Bids: (Dec) 1104 to 1117  (NC) 1123 to 1147 Memphis:  (Dec) 1131 to - - - (NC)  1014 1/2 to - - - Riceland Foods:  (Dec) Stuttgart 1117 ; Pendleton 1127 ; West Memphis 1136 Chicago Futures: Jan down 6 1/2 at  1145   Mar  down  5 3/4  at  1165   May down 3 1/4  at  1180   Nov down 10 1/4  at  1054   Nov '09 down 10  at  980   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were lower today as the market gave back a little of the recent gains. Overall corn and soybeans appear to still be bidding for acreage. Today’s export report was very good with 07/08 sales of corn near expectations, but there was also big 08/09 number which indicates early concern about the ’08 crop. Soybeans exports are about 11% above a year ago, while the USDA projection for the year shows a decline. Soybean futures requested a little technical concern with November making a big reversal during today’s trade. Be prepared for a downward correction at some point soon. Wheat Cash bid for new crop at Memphis  717 1/2 to - - -; Bids to farmers at Local Elevators 693-708; River Elevators 699-713; Chicago Futures: Mar up  13  at  953 1/2    May up 12 1/2  at  955 1/2    Jul '08 up  21  at  807 1/2    Sep up  18  at  811    Jul '09 up  16 1/2  at  757 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  830 to - - -; Bids to farmers at River Elevators 405-425; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   426 to 427;   new crop at Memphis   426 to - - -; Bids to farmers at River Elevators  402 to 425 Chicago Futures: Mar up  1 3/4  at  435    May up  1 3/4  at  446    Jul up  3 1/4  at  453    Dec '08 up  1 1/2  at  450 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended mixed with old crop contracts higher while new crop turned sharply lower. Export sales of 19 million bushels were reported this week by USDA, pushing the cumulative sales total to 10% above the total for the previous marketing year. The weak dollar has played a major factor in export demand, but the dollar was trading sharply higher today, and that pressured new crop futures. Cotton & Rice  Date: December 13, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 34 at  5966   Greenwood down  34 at 5966 New York Futures: Mar down  34  at  6491    May down  48  at  6636    Jul down  60  at  6793    Dec down  59  at  7250    Mar '09 down  54  at  7485  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton gave back part of yesterday’s upturn as the market appears reluctant to move above 65 cents. For now support starts around 63 but long term we could still see a push toward 61 cents. Tuesday’s report found another 130,000 bales of cotton putting ’07 production just a little under 19 million bales, and leaving projected ending stocks at 7.7 million bales. This likely means less acreage in ’08 – probably below 10 million acres. Texas acreage may be fairly stable, but look for cuts every where else. The biggest cuts may come in the mid-South where producers have a lot of flexibility and can plant corn, grain sorghum, rice or soybeans and/or even double crop soybeans with wheat. Higher corn, beans and wheat price levels mean less cotton in ’08. Rice Long Grain Cash Bid for  Jan 1193/cwt  to  - - -   Feb/Mar 1193  to  1254/cwt Chicago Futures: Jan down  10  at  1318    Mar down  10  at  1350    May down  8  at  1373    Sep up  2  at  1336    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures closed lower and continue to trade sideways just below Monday’s high. Overall fundamentals suggest a further tightening of U.S. and world stocks. Tuesday’s report increased exports and reduced ending stocks by 2 million cwt. Not a lot but with U.S. stocks now projected to be just 25.1 million cwt. Next year’s planting becomes even more important. On the international side, Thailand remains the only Asian provider and the market is quite strong with new crop just days away. Technically, futures remain in an uptrend despite weakness developing over the last several days. Support at $12.80 appears good. Resistance is the Monday high of $13.46. Long term charts are out of the picture, as we have exceeded old highs. Cattle & Hogs  Date: December 13, 2007 Cattle As reported by Federal-State Market News, receipts were 781 head at sales in Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly weak to $5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115 to 122   500 to 550 lbs. 103.50 to 106   600 to 700 lbs. 100 to 105  Medium & Large Frame 2   400 to 450 lbs. 108 to 115 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100 to 105  Medium & Large Frame 2   400 to 450 lbs. 88 to 98 Slaughter Cows, Boners 40   to   44 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   50.50   to   56.50, high dressing 58-62.50 Midwest Steers   were $.50 lower   at   93   to   - - - Panhandle Steers   were steady to $.50 lower   at   92   to   93 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 down 162 at 9517   Jun down 57 at 9322 Feeders: Jan down 14 at 1038   Mar down 14 at 1057 1/2 Cattle Comment Live cattle futures posted sharp losses and the charts are taking on a bearish appearance. News that major producers will be cutting back operations in order to improve margins continues to weigh on futures. February is now testing support in the $95 area. Hogs Peoria: were     steady   at   33   to   33.5 Chicago Futures: Feb down 32 at 6142   Jun down 35 at 7592 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were lower, under pressure from their premium to cash prices and carryover weakness from the cattle pits. Weaker wholesale pork prices were also a factor. Poultry  Date: December 13, 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. 80-89 Toms: 16-24 lbs. 80-89   Delmarva Broilers U.S. Grade A Trade sentiment was generally steady. Supplies of all sizes were usually sufficient to handle trade needs. In production areas, live supplies were moderate at mixed, but 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