09/13/2007 Farm Bureau Market Report

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Grain & Soybean Date: September 13, 2007 Soybeans Local Elevators: (Sep) EAST AR:  856 to 878 (NC) Summ. 867 to 886 River Elevators: (Sep) MISS: 881 to 893 ; AR & White 866 to 893 (NC) Summ. 866 to 878 Ark. Processor Bids: (Sep) 866 to 878  (NC) 886 to 889 Memphis:  (Sep) 891 1/4 to - - - (NC)  901 1/4 to 905 1/4 Riceland Foods:  (Sep) Stuttgart 890 ; Pendleton 890 ; West Memphis 895 Chicago Futures: Sep up 3 at  928   Nov  up  2 3/4  at  941 1/4   Jan up 2 1/2  at  956 1/4   Mar up 2 3/4  at  967 1/2   Nov '08 up 6 1/4  at  918 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans showed good resiliency in making small gains, while corn and wheat declined. A much smaller crop and prospects of ending stocks falling to around 200 million bushels remains a supportive factor. However, the market has known this for a long time and harvest is likely to move the market lower. Downside should be limited, as it is obvious that additional acres will be needed in ’08. Support starts at $9.15 to $9.05 and then down to $8.80. Wheat Cash bid for September at Memphis  785 to 787; Bids to farmers at Local Elevators 497; River Elevators 494-512; Chicago Futures: Sep down  14 1/2  at  825 1/2    Dec down 15 1/2  at  845    Mar down  11  at  950 1/2    Jul '08 down  10  at  582    Jul '09 down  9  at  555    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  671 to 675; Bids to farmers at River Elevators 593-655; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   316 3/4 to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  297 to 312 Chicago Futures: Sep down  9  at  330 3/4    Dec down  9 3/4  at  346 3/4    Mar down  9 1/4  at  363 3/4    Dec '08 down  6 1/4  at  397 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures continued lower today after bearish chart action yesterday. This comes despite the fact that USDA reported export sales of 78.4 million bushels last week, bringing the cumulative sales total to more than double the year-earlier comparison. The USDA only bumped their export projection 25 million bushels in yesterday’s report because of the risk of cancellations if prices break. Cotton & Rice  Date: September 13, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 15 at  5775   Greenwood up  15 at 5775 New York Futures: Oct up  15  at  6025    Dec up  28  at  6285    Mar up  14  at  6585    May up  15  at  6710    Dec '08 up  50  at  7185  This week's LDP rate for cotton is  1.10 cents   The estimate for next week is  .75 cents Cotton Comment Cotton traded in a narrow range before ending the session slightly higher and closing right on the 50% retracement objective. The next upside objective is just over 64 cents with support between 60 and 61 cents yesterday. USDA pegged ’07 cotton production at 17.8 million bales, up almost a half million bales from August. Usage was unchanged with ending stocks raised 400,000 bales to 6.2 million bales. World production was raised 1.26 million bales which was offset by a similar reduction in beginning stocks. China’s projected import needs were lowered by 1 million bales. Rice Long Grain Cash Bid for  Sep/Oct 1000  to  1017/cwt   Nov 1017/cwt  to  - - - Chicago Futures: Sep down  7  at  1093    Nov down  11  at  1117    Jan down  12  at  1148    Mar down  12  at  1174    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice lost a little ground today as the market followed wheat lower. Yesterday’s high of $11.40 and the contract high of $11.56 offer potential upside objectives. However, the pressure of harvest may bring near term weakness with initial support ranging from $11.05 to $10.95. Yesterday’s USDA report showed a slight downward revision in beginning stocks, and a small upward adjustment in production. Use for 07/08 was also reduced, with the net effect being essentially no change in projected ending stocks for all rice. On the other hand, long grain numbers saw a slight revision downward in ending stocks. This is an overall tightening which was expected as a result of the second consecutive year of smaller production. Cattle & Hogs  Date: September 13, 2007 Cattle As reported by Federal-State Market News, receipts were 1,904 head at sales in Charlotte & Ratcliff.  Compared with last week, feeder steers sold unevenly, steers mostly steady, heifers mostly steady to $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. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. 100 to 110 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. 97 to 107 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 quoted   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 5 at 9467   Dec down 37 at 9862 Feeders: Oct down 17 at 11652   Jan down 25 at 11525 Cattle Comment Cattle futures were mostly lower. Weaker beef prices and weakness in wholesale beef prices were factors. Losses were limited by expectations for tight fed cattle supplies this fall and winter. Hogs Peoria: were     steady   at   39.5   to   40 Chicago Futures: Oct up 20 at 6540   Dec up 85 at 6885 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures recovered some of yesterday’s big losses. Strength came from active packer demand and an increase in wholesale pork prices. Concerns about large hog supplies limited gains. Poultry  Date: September 13, 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. 92-96 Toms: 16-24 lbs. 92-96   Delmarva Broilers U.S. Grade A Trade sentiment was barely steady to weak. Demand was mostly slow with light trading usually limited to regular commitments. Supplies of all sizes were usually adequate to ample and often discounted to help clear. In the parts structure, trading was mostly fair at best for late week trading. In production areas, live supplies were moderate at mixed, but mostly desirable weights. ---------------------------------------- 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