09/05/2007 Farm Bureau Market Report

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Grain & Soybean Date: September 05, 2007 Soybeans Local Elevators: (Sep) EAST AR:  781 to 803 (NC) Summ. 829 to 848 River Elevators: (Sep) MISS: 798 to 813 ; AR & White 791 to 810 (NC) Summ. 830 to 854 Ark. Processor Bids: (Sep) 803 to 811  (NC) 848 to 851 Memphis:  (Sep) 808 to 813 (NC)  851 to 853 Riceland Foods:  (NC) Stuttgart 803 ; Pendleton 803 ; West Memphis 802 Chicago Futures: Sep down 3 1/2 at  889   Nov  down  4 1/2  at  903   Jan down 4  at  918 1/2   Mar down 3 3/4  at  928 3/4   Nov '08 down 3 1/2  at  918   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans turned lower today. After recent gains, a corrective pullback can be expected. Losses were limited by ideas that soybean yields will be disappointing. 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  720 1/2 to 735 1/2; Bids to farmers at Local Elevators 546; River Elevators 526-556; Chicago Futures: Sep up  35 1/2  at  342 1/2    Dec up 30  at  835 1/2    Mar up  30  at  831 1/4    Jul '08 up  5 1/4  at  626 1/4    Jul '09 down  4  at  606    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  601 to 617; Bids to farmers at River Elevators 505-580; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   268 3/4 to 270 3/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  252 to 265 Chicago Futures: Sep down  8  at  328 3/4    Dec down  7 1/2  at  345 3/4    Mar down  7 1/2  at  361 3/4    Dec '08 down  4 1/2  at  396 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Old crop wheat was limit-up again today. News that Egypt purchased 470,000 tons of wheat, 360,000 of which came from the U.S., was the impetus for today’s move. 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 05, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 110 at  5560   Greenwood down  110 at 5560 New York Futures: Oct down  110  at  5835    Dec down  99  at  6058    Mar down  94  at  6391    May down  85  at  6485    Dec '08 down  70  at  6950  This week's LDP rate for cotton is  3.12 cents   The estimate for next week is  1.20 cents Cotton Comment Cotton futures turned lower on profit taking after recent big gains and improved crop ratings. December futures found support at the recent gap at $60.38, and have retracement objectives 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 1018/cwt  to  - - - Chicago Futures: Sep down  11  at  1092    Nov down  10 1/2  at  1118 1/2    Jan down  9  at  1148    Mar down  9  at  1175    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice ended lower, but traded within yesterday’s trading range. 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 may 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. 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 05, 2007 Cattle As reported by Federal-State Market News, receipts were 1,218 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to firm . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 130   500 to 550 lbs. 109 to 119   600 to 700 lbs. 106.50 to 114  Medium & Large Frame 2   400 to 450 lbs. 109 to 119 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 108 to 118  Medium & Large Frame 2   400 to 450 lbs. 98 to 108 Slaughter Cows, Boners 47   to   52 Light Weight 33 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   66, high dressing not tested Midwest Steers   were $1-$3.50 lower   at   92   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: Oct down 57 at 9705   Dec down 50 at 10055 Feeders: Oct up 15 at 11890   Jan down 5 at 11695 Cattle Comment Cattle futures were mostly lower on speculative profit taking and hedge selling. Deferred contracts are being supported by reduced placements, that will mean fewer market ready cattle this winter. The December live contract has resistance at this morning’s high of $101.45. Hogs Peoria: were     steady   at   39.5   to   40 Chicago Futures: Oct down 117 at 6590   Dec down 145 at 6795 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended lower on weaker cash hog prices and ideas that product prices will fall under burdensome supplies. The market is anticipating a big slaughter rate through the last quarter of the year, and that will limit the upside. Poultry  Date: September 05, 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. 90-93 Toms: 16-24 lbs. 90-93   Delmarva Broilers U.S. Grade A Trade sentiment was steady in the West and East, but barely steady to weak in the Midwest. Supplies of all sizes were sufficient to at least adequate for trade needs. In production areas, live supplies were moderate at weights in a full range. The Composite Weighted Average price for 09/03/07 was 80.56 compared to 79.75 a week earlier, and 69.32 a year ago. ---------------------------------------- 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