09/11/2007 Farm Bureau Market Report

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Grain & Soybean Date: September 11, 2007 Soybeans Local Elevators: (Sep) EAST AR:  836 to 858 (NC) Summ. 847 to 866 River Elevators: (Sep) MISS: 849 to 871 ; AR & White 843 to 862 (NC) Summ. 850 to 872 Ark. Processor Bids: (Sep) 846 to 858  (NC) 866 to 869 Memphis:  (Sep) 865 1/2 to 867 1/2 (NC)  878 1/2 to 880 1/2 Riceland Foods:  (NC) Stuttgart 858 ; Pendleton 858 ; West Memphis 858 Chicago Futures: Sep up 1 1/2 at  905   Nov  up  2 1/2  at  920 1/2   Jan up 2 1/2  at  935 1/2   Mar up 1 3/4  at  947 1/2   Nov '08 up 1/2  at  919   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were higher again today, but traded in a relatively narrow range ahead of tomorrow’s production report. This market is looking for direction from this 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. November has resistance at the July chart gap beginning at $9.22 ¾. Wheat Cash bid for September at Memphis  817 1/2 to 828 1/2; Bids to farmers at Local Elevators 513; River Elevators 498-528; Chicago Futures: Sep up  22  at  871    Dec up 29 1/2  at  890 1/2    Mar up  30  at  891 1/2    Jul '08 up  6  at  598    Jul '09 up  6  at  406 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  659 to 663; Bids to farmers at River Elevators 582-645; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   314 1/4 to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  299 to 309 Chicago Futures: Sep down  5 1/4  at  324 1/2    Dec down  4 3/4  at  341 1/4    Mar down  5 1/4  at  357 3/4    Dec '08 down  6 1/4  at  391 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Old crop wheat again pushed to new highs. Canada reported today that stocks there are down 29% from a year ago. World stocks have never been so tight. The market is at record highs, so there are no reference points on the charts. 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. Corn futures are chopping along mostly sideways, faced with a crop that will most likely be bigger than 13 billion bushels. Strength is due to tight feed grain supplies and growing demand for corn for ethanol production. Cotton & Rice  Date: September 11, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 60 at  5640   Greenwood up  60 at 5640 New York Futures: Oct up  60  at  5915    Dec up  64  at  6164    Mar up  80  at  6492    May up  90  at  6610    Dec '08 up  70  at  7045  This week's LDP rate for cotton is  1.10 cents   The estimate for next week is  1.20 cents Cotton Comment December cotton futures moved higher but is finding resistance at last week’s high of 61.85 cents. Informa released a surprising crop estimate today, pegging the crop at 18.1 million bales, up from the USDA estimate of 17.35 million. The big difference was a one million bale increase in the Texas crop estimate. Strength came from a report by Bloomberg News stating that cotton consumption is breaking records. Demand is growing especially in Asia, where the average Chinese citizen has four pairs of jeans and the average Indian citizen has two. Rice Long Grain Cash Bid for  Sep/Oct 1000  to  1033/cwt   Nov 1033/cwt  to  - - - Chicago Futures: Sep down  3  at  1105    Nov down  1  at  1133    Jan down  1  at  1163    Mar down  1  at  1188    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures traded higher in early dealings but closed slightly lower. Position evening ahead of tomorrow’s USDA report kept a lid on prices. 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 11, 2007 Cattle As reported by Federal-State Market News, receipts were 2,136 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold mostly firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 124 to 134   500 to 550 lbs. 116 to 126   600 to 700 lbs. 108 to 118  Medium & Large Frame 2   400 to 450 lbs. 116 to 126 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 109 to 119  Medium & Large Frame 2   400 to 450 lbs. 100 to 110 Slaughter Cows, Boners 45   to   48 Light Weight 32 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   58.50   to   64, high dressing 65-69.50 Midwest Steers   were steady   at   92   to   - - - Panhandle Steers   were $2-3.50 lower   at   92   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 117.25 to 124.50   600 to 650 lbs. 125.25 to 125.75 Heifers 550 to 600 lbs. 105 to 115   600 to 650 lbs. 108 to 113.50 Chicago Futures: Live Cattle: Oct steady at 9570   Dec down 15 at 9960 Feeders: Oct down 12 at 11832   Jan up 5 at 11672 Cattle Comment Cattle futures ended mixed after trading in a narrow range. Gains were limited by weakness in wholesale beef prices and concerns about the U.S. economy. December found support at $99.35, the low in the two previous sessions. Hogs Peoria: were     steady   at   39.5   to   40 Chicago Futures: Oct down 60 at 6585   Dec down 22 at 6810 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mostly lower. Concerns about large hog supplies and weakening pork prices added pressure. Strong packer demand offset that to some degree, but there are concerns about whether or not the pork market can handle the large supplies. Poultry  Date: September 11, 2007 Eggs New York:  Ex. Lg. 131-135; Lg. 129-133; Med. 92-96; Chicago:  Ex. Lg. 114-123; Lg. 113-122; Med. 80-89; Eastern Region Turkeys Hens: 8-16 lbs. 91-93 Toms: 16-24 lbs. 91-93   Delmarva Broilers U.S. Grade A Trade sentiment was mixed, ranging steady to weak. Supplies of all sizes were more than sufficient with heavy weights ample in the West. In production areas, live supplies were moderate at weights in a full range. The Composite Weighted Average price for 09/10/2007 was 80.37 compared to 80.56 a week earlier, and 69.86 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