09/06/2007 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: September 06, 2007 Soybeans Local Elevators: (Sep) EAST AR:  771 to 793 (NC) Summ. 819 to 838 River Elevators: (Sep) MISS: 792 to 808 ; AR & White 781 to 804 (NC) Summ. 819 to 844 Ark. Processor Bids: (Sep) 793 to 801  (NC) 838 to 841 Memphis:  (Sep) 819 1/2 to 827 1/2 (NC)  842 1/2 to 847 1/2 Riceland Foods:  (Sep) Stuttgart 830 ; Pendleton 830 ; West Memphis 830 Chicago Futures: Sep down 11 at  878   Nov  down  10 1/2  at  892 1/2   Jan down 10 1/2  at  908   Mar down 9 3/4  at  919   Nov '08 down 13 1/2  at  904 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were lower again today. After recent gains, a corrective pullback was due and 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. A private estimate released today pegged the national average yield at 42.4 bushels/acre. USDA estimates will be updated next Thursday. Wheat Cash bid for September at Memphis  738 to 743; Bids to farmers at Local Elevators 527; River Elevators 506-537; Chicago Futures: Sep down  26 1/2  at  816    Dec down 11 1/2  at  824    Mar down  7 1/4  at  824    Jul '08 down  19 3/4  at  606 1/2    Jul '09 down  4 1/4  at  407 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  625 to 633; Bids to farmers at River Elevators 502-605; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   289 1/4 to 294 1/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  257 to 274 Chicago Futures: Sep down  5 1/2  at  323 1/4    Dec down  6 1/2  at  339 1/4    Mar down  6  at  355 3/4    Dec '08 down  4  at  392 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Profit taking pulled wheat lower after two consecutive days of limit gains. Early losses were tempered by news that Algeria bought 500,000 tons of milling wheat, most of which is U.S. origin hard red winter, and Morocco purchased 125,000 tons of U.S. hard red winter as well. The tight supply situation has been well known for some time and should be factored in to prices at this point. The market is due for a correction, and if exports slow down, expect sharp declines in a hurry. Cotton & Rice  Date: September 06, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 19 at  5541   Greenwood down  19 at 5541 New York Futures: Oct down  19  at  5816    Dec down  16  at  6042    Mar down  20  at  6351    May down  25  at  6460    Dec '08 down  35  at  6915  This week's LDP rate for cotton is  3.12 cents   The estimate for next week is  1.10 cents Cotton Comment Cotton futures turned lower on profit taking and concerns the housing slump will adversely affect consumer spending. December futures could be headed to close the recent chart gap to 58.40 cents before turning higher. 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 1010/cwt  to  - - - Chicago Futures: Sep down  9  at  1083    Nov down  8 1/2  at  1110    Jan down  6  at  1142    Mar down  4  at  1171    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice also succumbed to the overall negative vibe in Chicago today. Weakness in wheat and concerns about the economy were the focus of the market today. 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 06, 2007 Cattle As reported by Federal-State Market News, receipts were 1,363 head at sales in Charlotte & Ratcliff.  Compared with last week, feeder steers sold unevenly, steers mostly steady to 3 lower, heifers mostly 1-3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119 to 129   500 to 550 lbs. 111 to 121   600 to 700 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 112 to 118 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 92 to 102 Slaughter Cows, Boners 45   to   50 Light Weight 36 to 42.50 Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   64, high dressing 64-69.50 Midwest Steers   were steady   at   92   to   - - - Panhandle Steers   were quoted   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 25 at 9680   Dec down 32 at 10022 Feeders: Oct up 25 at 11915   Jan up 52 at 11747 Cattle Comment Cattle futures were mixed. Deferred contracts are being supported by reduced placements, which will mean fewer market ready cattle this winter. Firm beef prices were also a positive, but futures’ premium to cash prices limited the upside. The December live contract has resistance at yesterday’s high of $101. Hogs Peoria: were     steady   at   39.5   to   40 Chicago Futures: Oct up 10 at 6600   Dec down 2 at 6792 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended mixed. Stronger-than-expected cash hog values were supportive, but large hog supplies are expected to keep a lid on futures. Poultry  Date: September 06, 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 to about steady in the East and West, but barely steady to weak in the Midwest. Supplies of all sizes were at least adequate to satisfy trade needs. In production areas, live supplies were moderate. Weights were adequate to instances heavy in the Midwest. According to the National Agricultural Statistics Service (NASS) for the week ending 01-Sep-2007, broiler egg sets were up 2%, and chick placements were up 2% when compared to a year ago. Based on the preliminary chick placements, the number of fryers available for marketing during the week ending 13-Oct-2007 is estimated at 164.0 million head, this compares to 164.0 million head a week earlier. ---------------------------------------- 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