12/12/2007 Farm Bureau Market Report

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Grain & Soybean Date: December 12, 2007 Soybeans Local Elevators: (Dec) EAST AR:  1105 to 1133 (NC) Summ. 1121 to - - - River Elevators: (Dec) MISS: 1118 to 1142 ; AR & White 1100 to 1117 (NC) Summ. 1114 to 1153 Ark. Processor Bids: (Dec) 1110 to 1123  (NC) 1129 to 1153 Memphis:  (Dec) 1136 1/2 to 1137 1/2 (NC)  1024 1/4 to - - - Riceland Foods:  (Dec) Stuttgart 1123 ; Pendleton 1133 ; West Memphis 1142 Chicago Futures: Jan up 16 at  1151 1/2   Mar  up  16 1/4  at  1170 3/4   May up 17 3/4  at  1183 1/4   Jul up 19 1/4  at  1185 3/4   Nov '09 down 1  at  990   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans again set new highs on strength from higher crude oil and stock prices. Goldman Sachs today announced their 12 month price projection for soybeans is now $14.50—which generated bullish enthusiasm in the soybean pit. For that to happen, though, we will probably need to see production problems in South America. That is a possibility with a La Nina weather pattern expected to bring dry conditions. Wheat Cash bid for new crop at Memphis  738 1/2 to - - -; Bids to farmers at Local Elevators 719-729; River Elevators 715-734; Chicago Futures: Mar up  30  at  940 1/2    May up 30  at  943    Jul up  22 1/2  at  828 1/2    Sep up  20  at  829    Jul '09 up  14  at  774    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  800 to 827; Bids to farmers at River Elevators 715-734; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   425 1/4 to - - -;   new crop at Memphis   424 to - - -; Bids to farmers at River Elevators  404 to 423 Chicago Futures: Mar up  9 1/4  at  433 1/4    May up  9 3/4  at  444 1/4    Jul up  8 3/4  at  449 3/4    Dec '08 up  7  at  449 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted limit gains after a surprising turn lower yesterday. USDA’s ending stocks estimate was cut to 280 million bushels thanks to a 25 million bushel increase in the export estimate. Goldman Sachs also had a hand in the wheat market as well, having boosted their price projection for wheat to $7.50 from $6. Cotton & Rice  Date: December 12, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 112 at  6000   Greenwood up  112 at 6000 New York Futures: Mar up  112  at  6525    May up  92  at  6684    Jul up  91  at  6853    Dec up  109  at  7309    Mar up  104  at  7539  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures rallied higher today on support from corn and soybeans. Yesterday’s report was mildly bearish as expected. USDA did raise U.S. production, leaving ending stocks up 100,000 bales from last month’s report. Rising prices in the other commodities carried over today, though, since higher prices are the only way cotton will be able to maintain acreage, since current estimates suggest a 10 million acre or less crop. Rice Long Grain Cash Bid for  Jan 1203/cwt  to  - - -   Feb/Mar 1203  to  1254/cwt Chicago Futures: Jan up  1  at  1328    Mar up  3  at  1360    May up  2  at  1381    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 rode the wave higher today. There is little change in the fundamental situation. India and Vietnam continue to hold embargos on rice exports. Yesterday’s report reflected the tight supply situation. 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. January has resistance beginning at the contract high of $13.46. Cattle & Hogs  Date: December 12, 2007 Cattle As reported by Federal-State Market News, receipts were 1,326 head at sales in Conway & Ola.  Compared with last week, feeder steers sold weak to $5 lower, heifers steady to $2 lower in a lightly tested trade due to winter weather curtailing livestock movement . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113 to 123   500 to 550 lbs. 102 to 112   600 to 650 lbs. 97 to 105  Medium & Large Frame 2   400 to 450 lbs. 102 to 112 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to 108  Medium & Large Frame 2   400 to 450 lbs. 80 to 90 Slaughter Cows, Boners 38   to   44 Light Weight 32 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   55, high dressing 55-57.50 Midwest Steers   were quoted   at   93.50   to   - - - Panhandle Steers   were quoted   at   92   to   93.50 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 down 45 at 9680   Jun down 30 at 9380 Feeders: Jan down 77 at 10520   Mar down 70 at 10715 Cattle Comment Live cattle futures ended lower as winter weather pressure eased. News that major producers will be cutting back operations was also a factor. Feeders were lower under pressure from weakness in fed cattle and strength in the corn pit. Hogs Peoria: were     steady   at   33   to   33.5 Chicago Futures: Feb down 127 at 6175   Jun down 72 at 7627 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. Improved product demand and prices provided underlying support. Poultry  Date: December 12, 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. 84-89 Toms: 16-24 lbs. 84-89   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. 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. 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