Grain & Soybean Date: September 27, 2007 Soybeans
Local Elevators:
(Sep) EAST AR: 958 to 976
(NC) Summ. 949 to 976
River Elevators:
(Sep) MISS: 967 to 983 ; AR & White 958 to 977
(NC) Summ. 958 to 983
Ark. Processor Bids: (Sep) 976 to 977 (NC) 976 to 977
Memphis: (Sep) 976 to 985 (NC) 985 to - - -
Riceland Foods: (Sep) Stuttgart 977 ; Pendleton 976 ; West Memphis 983
Chicago Futures: | Nov | up | 18 1/4 | at | 1009 |
| Jan | up | 19 | at | 1025 1/4 |
| Mar | up | 18 1/4 | at | 1033 3/4 |
| Jul | up | 14 1/2 | at | 1035 |
| Nov '08 | up | 18 | at | 974 |
| Today's Arkansas LDP rate for soybeans is: | 0¢ |
Soybean Comment
Soybeans gapped higher, shattering the $10 mark in the process. Export sales were a strong 27.4 million bushels. The cumulative sales total is ahead of last years pace, which is important to note since the crop is expected to be nearly 600 million bushels smaller than last years. Rain across the corn belt is slowing harvest during a critical time, which was also supportive. Dry conditions in key growing areas in Brazil are also supportive, as is, of course, the need for soybeans to compete for acres next spring. November set a new contract high, which opens the possibility for further upside potential.
Wheat
Cash bid for September at Memphis 873 to 892;
Bids to farmers at Local Elevators | 581-591; |
River Elevators | 583-597; |
Chicago Futures: | Dec | up | 15 3/4 | at | 933 |
| Mar | up | 14 1/2 | at | 936 1/2 |
| May | up | 18 | at | 841 |
| Jul '08 | up | 23 1/2 | at | 670 1/2 |
| Jul '09 | up | 15 | at | 609 |
| Today's Arkansas LDP rate for wheat is: | 0¢ |
Grain Sorghum
Cash bid for September at Memphis 760 to 766;
Bids to farmers at River Elevators | 691-748; |
Today's Arkansas LDP rate for sorghum is: | 0¢ |
Corn
Cash bid for | September at Memphis 376 3/4 to 379 3/4; |
| new crop at Memphis 395 to 400; |
Bids to farmers at River Elevators | 358 to 368 |
Chicago Futures: | Dec | up | 11 3/4 | at | 386 3/4 |
| Mar | up | 1 1/2 | at | 402 1/4 |
| May | up | 11 3/4 | at | 411 1/4 |
| Dec '08 | up | 7 3/4 | at | 424 1/4 |
| Today's Arkansas LDP rate for corn is: | 0¢ |
Grain Comment
Wheat gapped to new all-time highs today. Wheat exporters continue to post impressive numbers compared to last year. Export sales are more than double what they were a year ago, and this weeks total of 55.6 million bushels was well above expectations. This may cause the USDA to further tighten 2007 U.S. wheat stocks. Prices for 2008 wheat remain above $6, but are having difficultly keeping pace with the impressive gains in this years market as supplies are forecast to increase next year.
Cotton & Rice Date: September 27, 2007
Cotton
Spot Price, Grade 41 Staple 34: | Memphis up 72 at 6217 |
| Greenwood up 72 at 6217 |
New York Futures: | Oct | up | 37 | at | 6350 |
| Dec | up | 67 | at | 6662 |
| Mar | up | 93 | at | 6995 |
| May | up | 58 | at | 7070 |
| Dec '08 | up | 65 | at | 7460 |
This week's LDP rate for cotton is | 0 cents |
| The estimate for next week is | 0 cents |
Cotton Comment Cotton ended higher today, responding to sharply higher grain prices in Chicago. December 08 set a new contract high as the battle for acres is ongoing. This years cotton crop is the smallest one in 18 years and further declines in acreage next year could result in extremely tight cotton supplies. The USDA is reporting export sales that total 32% of the total projection, up from 23% last year.
Rice
Long Grain Cash Bid for | Sep/Oct | 1065 | to | 1076/cwt |
| Nov | 1065/cwt | to | - - - |
Chicago Futures: | Nov | up | 15 | at | 1175 |
| Jan | up | 16 | at | 1209 |
| Mar | up | 18 | at | 1230 |
| May | up | 11 | at | 1233 |
| - - - | | - - - | at | - - - |
Today's Arkansas LDP rate for long grain rice is | 0¢ |
medium grain rice is | 0¢ |
Rice Comment November rice set a new contract high for the second day in a row, climbing to $11.77. Carryover strength from soybeans and tight U.S. and world stocks were supportive for rice. A 90,000 metric ton purchase of U.S. rice by Iraq and a 145,000 metric ton purchase of paddy rice by Costa Rica were further evidence of strong demand. Haiti and Ghana continue to be active customers of U.S. milled rice as well. The next long term chart objective is the January '97 high of $12.45.
Cattle & Hogs Date: September 27, 2007 Cattle
As reported by Federal-State Market News, receipts were 3,399 head at sales in Charlotte, Green Forest & Ola. Compared with last week, feeder steers sold unevenly, weights under 450 lbs firm to $4 higher, over 450 lbs weak to $5 lower. Feeder heifers sold unevenly $1 higher to $1 lower .
Steers: |
Medium & Large Frame 1 | 400 | to | 450 lbs. | 121 | to | 131 |
|
| 500 | to | 550 lbs. | 111 | to | 121 |
|
| 600 | to | 700 lbs. | 102 | to | 112 |
|
Medium & Large Frame 2 | 400 | to | 450 lbs. | 113 | to | 123 |
Heifers: |
Medium & Large Frame 1 | 400 | to | 450 lbs. | 105 | to | 115 |
|
Medium & Large Frame 2 | 400 | to | 450 lbs. | 102 | to | 112 |
Slaughter Cows, Boners 42 to 48
Light Weight 30 to 36.75
Bulls, Yield Grade 1 1000 to 2100 lbs. 55 to 61, high dressing 61-62.75
Midwest Steers were steady at 92 to - - -
Panhandle Steers were steady at 92 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: | Oct | down | 35 | at | 9690 |
| Dec | up | 15 | at | 10020 |
Feeders: | Oct | down | 42 | at | 11550 |
| Jan | down | 35 | at | 11467 |
Cattle Comment
Cattle futures ended mixed with nearby October under pressure from its premium to cash prices. Other contracts were higher, supported by expectations for tightening fed cattle supplies. Feeder contracts were under pressure from higher corn prices.
Hogs Peoria: were steady at 37 to 37.5
Chicago Futures: | Oct | down | 140 | at | 5890 |
| Dec | up | 12 | at | 6252 |
Sheep St. Paul sheep shorn slaughter lambs at n/a to - - -
Hogs Comment
Lean hogs were also mixed. Nearby October was under pressure from concerns that hog supplies remain too large for the cash market to handle. The market is preparing for Fridays Hogs and Pigs Report from the USDA, which is expected to show increased hog supplies.
Poultry Date: September 27, 2007 Eggs
New York: | Ex. Lg. 124-128; Lg. 122-126; Med. 94-98; |
Chicago: | Ex. Lg. 121-129; Lg. 119-127; Med. 86-94; |
Eastern Region Turkeys Hens: | 8-16 lbs. | 92-96 |
Toms: | 16-24 lbs. | 92-96 |
| | |
Delmarva Broilers U.S. Grade AAlthough, markets are being talked in a better position, product is still being discounted in order to stimulate any additional business. Supplies of all sizes were available and attractively priced. In production areas, live supplies were moderate at desirable to heavy weights.
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