09/04/2007 Farm Bureau Market Report

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Grain & Soybean Date: September 04, 2007 Soybeans Local Elevators: (Aug) EAST AR:  791 to 813 (NC) Summ. 834 to 855 River Elevators: (Aug) MISS: 805 to 818 ; AR & White 800 to 809 (NC) Summ. 824 to 861 Ark. Processor Bids: (Aug) 813 to 816  (NC) 855 to 856 Memphis:  (Aug) n/a to - - - (NC)  n/a to - - - Riceland Foods:  (NC) Stuttgart 855 ; Pendleton 855 ; West Memphis 861 Chicago Futures: Sep up 24 1/2 at  892 1/2   Nov  up  25  at  907 1/2   Jan up 24 1/2  at  922 1/2   Mar up 25  at  932 1/2   Nov '08 up 21  at  914 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans followed the wheat rally and ended sharply higher. November looks poised to retest resistance at the July chart gap at $9.22. Beans were willing to follow wheat because the yield potential of this year’s crop is in question. Hot, dry conditions in August in southern growing areas hurt yield potential there, and now there are reports of disease problems in the Mid-west due to excessive moisture. Wheat Cash bid for September at Memphis  n/a to - - -; Bids to farmers at Local Elevators 541; River Elevators 521-551; Chicago Futures: Sep up  40  at  807    Dec up 30  at  805 1/2    Mar up  30  at  801 1/4    Jul '08 up  20  at  621    Jul '09 up  10  at  600    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  n/a to - - -; Bids to farmers at River Elevators 509-591; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   n/a to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  251 to 272 Chicago Futures: Sep up  12 3/4  at  336 3/4    Dec up  13 1/4  at  353 1/4    Mar up  13 1/4  at  369 1/4    Dec '08 up  10  at  395    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was up the limit today, with old crop contracts back above $8. India purchased nearly 800,000 metric tons of wheat from Kazakhstan last week. At current prices, that suggests panic buying. The current supply situation is well known, but the cumulative sales total is nearly double the year-ago comparison, and that is providing support for futures. Cotton & Rice  Date: September 04, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 58 at  5670   Greenwood up  58 at 5670 New York Futures: Oct up  58  at  5945    Dec up  60  at  6157    Mar up  34  at  6465    May up  20  at  6570    Dec '08 up  26  at  7020  This week's LDP rate for cotton is  3.12 cents   The estimate for next week is  1.20 cents Cotton Comment Cotton futures ended higher but traded within Friday’s trading range. December futures have retracement values of 61.31, 62.72 and 64.14 cents. Strong export sales are supportive, and it appears traders wanted to get in the market before the recent bargain disappeared. It is no secret that producers are being swayed by high grain and soybean prices. Many cotton producers are contemplating planting wheat and double cropping soybeans, or putting additional acreage in corn. Great corn yields combined with strong levels could reduce ’08 planting significantly unless cotton futures move considerably higher. Rice Long Grain Cash Bid for  Sep/Oct 980  to  1029/cwt   Nov 1029/cwt  to  - - - Chicago Futures: Sep up  18  at  1103    Nov up  16  at  1129    Jan up  17  at  1157    Mar up  19  at  1184    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice gapped higher, following through on last week’s gains. Strength in wheat was also a factor. November has completed a 62% retracement, which could signal a move toward the contract high of $11.58. Tightening world stocks and a second consecutive year of smaller U.S. production make the market susceptible to wide swings. Potential tenders from Iraq and the Philippines have kept the market optimistic, while mills continue to operate on a very reduced schedule. With Vietnam having reached their export quota, Thailand and the U.S. are and will be the major sources for rice in the near term. Longer term rice prices may have to move higher to keep acreage in the U.S. from moving to wheat, corn and soybeans. Cattle & Hogs  Date: September 04, 2007 Cattle As reported by Federal-State Market News, receipts were 3,310 head at sales in Ash Flat, Springdale & Marshall.  Compared with last week, feeder steers sold mostly $1-$4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119 to 129   500 to 550 lbs. 113 to 123   600 to 700 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 121 to 131 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 103 to 113 Slaughter Cows, Boners 43.50   to   52 Light Weight 32 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   65.50, high dressing 65.50-69.50 Midwest Steers   were quoted   at   93   to   95.50 Panhandle Steers   were quoted   at   92   to   95 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 up 72 at 9762   Dec up 102 at 10105 Feeders: Oct up 142 at 11905   Jan up 147 at 11690 Cattle Comment December live cattle continue to trade just below resistance at the contract high. Deferred contracts are being supported by reduced placements that will mean fewer market ready cattle this winter. Hogs Peoria: were     steady   at   41.5   to   42 Chicago Futures: Oct up 25 at 6707   Dec up 57 at 6940 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended a bit higher supported by indications China will purchase more U.S. pork. The upside appears limited, however. The market is anticipating a big slaughter rate through the last quarter of the year, and that could mean weaker price levels. Poultry  Date: September 04, 2007 Eggs New York:  Ex. Lg. 131-135; Lg. 129-133; Med. 92-96; Chicago:  Ex. Lg. 121-129; Lg. 119-127; Med. 86-94; Eastern Region Turkeys Hens: 8-16 lbs. 89-93 Toms: 16-24 lbs. 89-93   Delmarva Broilers U.S. Grade A Majority prices were unchanged in all areas when compared to previous week. Trade sentiment was generally steady. Supplies of all sizes were adequate to well cleared with many plants down yesterday for the holiday. In production areas, live supplies were moderate. Weights were desirable to light, but mostly desirable. ---------------------------------------- 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/daily_rpt_email.asp ---------------------------------------- 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