09/07/2007 Farm Bureau Market Report

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Grain & Soybean Date: September 07, 2007 Soybeans Local Elevators: (Sep) EAST AR:  820 to 842 (NC) Summ. 831 to 850 River Elevators: (Sep) MISS: 820 to 842 ; AR & White 830 to 840 (NC) Summ. 832 to 856 Ark. Processor Bids: (Sep) 813 to 842  (NC) 850 to 853 Memphis:  (Sep) 841 1/4 to 845 1/4 (NC)  855 1/4 to 860 1/4 Riceland Foods:  (Sep) Stuttgart 842 ; Pendleton 842 ; West Memphis 842 Chicago Futures: Sep up 13 at  891   Nov  up  12 3/4  at  905 1/4   Jan up 12 1/4  at  920 1/4   Mar up 12 1/2  at  931 1/2   Nov '08 up 8 1/2  at  913   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans recovered all of yesterday’s losses. Weekly export sales of nearly 20 million bushels gave the market a boost. The 2006/2007 marketing year came to a close with a sales total a bit above the USDA projection, also a plus for futures. Next week’s report will be important for soybeans. This market is looking for direction since it is yet unclear how much hot, dry conditions in the South hurt the crop here, and how much rain in parts of the corn belt helped the crop there. Wheat Cash bid for September at Memphis  765 1/2 to 771 1/2; Bids to farmers at Local Elevators 509; River Elevators 493-524; Chicago Futures: Sep up  24  at  840    Dec up 19 1/2  at  843 1/2    Mar up  19 1/2  at  843 1/2    Jul '08 down  13  at  593 1/2    Jul '09 down  7  at  572    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  649 to 656; Bids to farmers at River Elevators 557-561; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   305 1/2 to 306 1/2;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  300 to 309 Chicago Futures: Sep up  8  at  331 1/4    Dec up  8 1/4  at  347 1/2    Mar up  8 1/4  at  364    Dec '08 up  7 3/4  at  400 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Old crop wheat was sharply higher, but new crop contracts posted losses. 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, you can expect sharp declines in a hurry. New crop July broke out of the recent up-trend, but has chart support between $5.50 and $5.70. Cotton & Rice  Date: September 07, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 26 at  5515   Greenwood down  26 at 5515 New York Futures: Oct down  26  at  5790    Dec down  17  at  6025    Mar down  11  at  6340    May down  10  at  6450    Dec '08 down  35  at  6880  This week's LDP rate for cotton is  1.10 cents   The estimate for next week is  1.34 cents Cotton Comment Cotton futures were a bit lower, but closed at the top of the day’s trading range. December seems to have found support near the 60 cent mark. 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 1020/cwt  to  - - - Chicago Futures: Sep up  10  at  1093    Nov up  10  at  1120    Jan up  8  at  1150    Mar up  4  at  1175    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice charted a bullish reversal today after posting losses two days in a row. 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. November has initial resistance at this week’s high of $11.36, and above that at the contract high of $11.58. Cattle & Hogs  Date: September 07, 2007 Cattle As reported by Federal-State Market News, receipts were 8,500 head at sales in Arkansas this week.  Compared with last week, feeder steers sold steady to 2 higher, heifers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 126 to 136   500 to 550 lbs. 113 to 123   600 to 700 lbs. 109 to 119  Medium & Large Frame 2   400 to 450 lbs. 105 to 115 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 112 to 122  Medium & Large Frame 2   400 to 450 lbs. 105 to 115 Slaughter Cows, Boners 45   to   51 Light Weight 32 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   61.50   to   65, high dressing 66.50-68.50 Midwest Steers   were $3 higher   at   95   to   - - - Panhandle Steers   were $3-$3.50 higher   at   95   to   few 95.50 Oklahoma City Feeders Steers 500 to 550 lbs. 119 to 132   600 to 650 lbs. 114 to 128.50 Heifers 500 to 550 lbs. 110.50 to 123.50   600 to 650 lbs. 109.50 to 118 Chicago Futures: Live Cattle: Oct down 70 at 9610   Dec down 77 at 9945 Feeders: Oct down 82 at 11832   Jan down 92 at 11655 Cattle Comment Cattle futures were lower across the board on profit taking and concerns about the U.S. economy. Traders are concerned that a recession would cut into beef demand. Losses were limited by the tight cattle supply situation. Hogs Peoria: were $1     lower   at   38.5   to   39 Chicago Futures: Oct up 30 at 6630   Dec up 2 at 6795 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended mixed, with pressure here coming from concerns about the U.S. economy as well. Stronger-than-expected cash hog values were supportive, but large hog supplies are expected to keep a lid on futures. Poultry  Date: September 07, 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. 91-93 Toms: 16-24 lbs. 91-93   Delmarva Broilers U.S. Grade A Majority prices in the major terminal markets were unchanged when compared to the previous week. Trade sentiment was generally steady, but cautious. In production areas, live supplies were moderate. Weights were 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