09/10/2007 Farm Bureau Market Report

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Grain & Soybean Date: September 10, 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) 859 to 863 (NC)  873 to 874 Riceland Foods:  (NC) Stuttgart 863 ; Pendleton 863 ; West Memphis 869 Chicago Futures: Sep up 12 1/2 at  903 1/2   Nov  up  12 3/4  at  918   Jan up 13  at  933 1/4   Mar up 14 1/4  at  945 3/4   Nov '08 up 5 1/2  at  918 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted double digit gains. This market is looking for direction from the upcoming USDA report, 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. The market is clearly trying to buy acreage away from corn, which is bidding for acreage to satisfy growth in the ethanol industry. Wheat Cash bid for September at Memphis  784 to 789; Bids to farmers at Local Elevators 509; River Elevators 493-524; Chicago Futures: Sep up  9  at  849    Dec up 17 1/2  at  861    Mar up  18  at  861 1/2    Jul '08 up  1 1/2  at  592    Jul '09 down  2  at  412 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  654 to 670; Bids to farmers at River Elevators 561-657; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   311 to 315;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  301 to 351 Chicago Futures: Sep down  1 1/2  at  329 3/4    Dec down  1 1/2  at  346    Mar down  1  at  363    Dec '08 down  2 3/4  at  397 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Old crop wheat gapped to new highs, continuing the pattern of setting a new high on a daily basis. The market is at record highs, so there are no reference points on the charts. 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 has broken out of the recent up-trend, but has chart support between $5.50 and $5.70. Cotton & Rice  Date: September 10, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 65 at  5580   Greenwood up  65 at 5580 New York Futures: Oct up  65  at  5855    Dec up  75  at  6100    Mar up  72  at  6412    May up  70  at  6520    Dec '08 up  95  at  6975  This week's LDP rate for cotton is  1.10 cents   The estimate for next week is  1.35 cents Cotton Comment December Cotton futures moved higher after finding support near 60 cents Friday. A private estimate released this morning pegged the crop at 17.41 million bales, up from the previous USDA estimate of 17.35 million. 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. . .which means cotton is among the crops bidding for acreage to meet demand next year. Rice Long Grain Cash Bid for  Sep/Oct 1000  to  1034/cwt   Nov 1034/cwt  to  - - - Chicago Futures: Sep up  15  at  1108    Nov up  14  at  1134    Jan up  14  at  1164    Mar up  12  at  1187    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice showed good follow through today on Friday’s bullish key reversal. Tightening world stocks and a second consecutive year of smaller U.S. production may make the market susceptible to wide swings. 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 last week’s high of $11.36, and above that at the contract high of $11.58. Cattle & Hogs  Date: September 10, 2007 Cattle As reported by Federal-State Market News, receipts were 2,685 head at sales in Ash Flat.  Compared with last week, feeder steers uneven, mostly steady to $2 higher. Feeder heifers steady to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 130   500 to 550 lbs. 115 to 121   600 to 700 lbs. 107 to 117  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Slaughter Cows, Boners 43   to   48 Light Weight 36 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   62, high dressing 62.50-64 Midwest Steers   were $3-.50 lower   at   92   to   95.50 Panhandle Steers   were $1 higher to steady   at   94   to   95.50 Oklahoma City Feeders Steers 550 to 600 lbs. 118.25 to 126   600 to 650 lbs. 114.50 to 116.50 Heifers 600 to 650 lbs. 109 to 113.50   650 to 700 lbs. 109 to 114.24 Chicago Futures: Live Cattle: Oct down 40 at 9570   Dec up 30 at 9975 Feeders: Oct up 12 at 11845   Jan up 12 at 11667 Cattle Comment Cattle futures were mostly higher, supported by a tight supply outlook. Gains were limited by weakness in wholesale beef prices and concerns about the U.S. economy. December found support at Friday’s low of $99.35. Hogs Peoria: were 1     higher   at   39.5   to   40 Chicago Futures: Oct up 15 at 6645   Dec up 37 at 6832 Sheep St. Paul sheep shorn sluaghter lambs   at   n/a   to   - - - Hogs Comment Hog futures closed higher, but in the bottom half of the day’s trading range. Talk of further pork sales to China was supportive, but weakness in wholesale pork prices weighed on the market late in the day. Poultry  Date: September 10, 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 were unchanged in all areas when compared to previous week. Trade sentiment was mixed, but overall no better than steady to instances weak in the Midwest. Supplies of all sizes were more than sufficient to satisfy trade needs. In production areas, live supplies were moderate. ---------------------------------------- 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