09/14/2007 Farm Bureau Market Report

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Grain & Soybean Date: September 14, 2007 Soybeans Local Elevators: (Sep) EAST AR:  880 to 909 (NC) Summ. 881 to 910 River Elevators: (Sep) MISS: 895 to 909 ; AR & White 890 to 909 (NC) Summ. 890 to 919 Ark. Processor Bids: (Sep) 880 to 904  (NC) 903 to 910 Memphis:  (Sep) 904 3/4 to 909 3/4 (NC)  914 3/4 to 920 3/4 Riceland Foods:  (NC) Stuttgart 904 ; Pendleton 904 ; West Memphis 909 Chicago Futures: Sep up 13 at  941   Nov  up  13 1/2  at  954 3/4   Jan up 13  at  969 1/4   Mar up 12 1/4  at  979 3/4   Nov '08 up 6 3/4  at  925   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the week on a positive note with November futures closing just below the contract high. Concern about ’08 acreage and a tightening situation are keeping the market firm. That may not be enough to keep the uptrend intact as harvest activities expand. However, downside risk should be limited. Support starts around $9.00. Wheat Cash bid for September at Memphis  786 to 793; Bids to farmers at Local Elevators 503; River Elevators 499-518; Chicago Futures: Sep up  12 1/2  at  838    Dec up 1  at  846    Mar up  3 1/2  at  854    Jul '08 up  5 1/2  at  587 1/2    Jul '09 up  2 1/4  at  414 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  675 to 679; Bids to farmers at River Elevators 605-663; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   319 to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  297 to 314 Chicago Futures: Sep up  5 3/4  at  336 1/2    Dec up  2 1/4  at  349    Mar up  2 1/4  at  366    Dec '08 up  2 1/2  at  399 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat made a little gain as the market turned sharply lower on Wednesday. The tightening supply situation is well known and likely accounted for in the market. Old crop futures could slip to retracement objectives starting at $7.34. New crop July has likely peaked and rallies should be used as opportunities to lock-in a price for ’08 production. Cotton & Rice  Date: September 14, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 67 at  5842   Greenwood up  67 at 5842 New York Futures: Oct up  67  at  6092    Dec up  76  at  6361    Mar up  79  at  6664    May up  75  at  6785    Dec '08 up  80  at  7265  This week's LDP rate for cotton is  .75 cents   The estimate for next week is  -.32 cents Cotton Comment Cotton has firmed despite this week’s increased production estimate, and that was the case again today, as December gapped higher and closed just below 64 cents. Additional resistance is in position around 65 cents. The market is beginning to feel the need to protect potential plantings in ’08 and that will take improved prices as producers consider soybeans, corn and wheat. Lower input costs for wheat and soybeans are getting strong consideration as producers start looking ahead. Rice Long Grain Cash Bid for  Sep/Oct 1000  to  1018/cwt   Nov 1018/cwt  to  - - - Chicago Futures: Sep up  6  at  1099    Nov up  1  at  1118    Jan unchanged    at  1148    Mar unchanged    at  1174    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice started the session steady after trading to both sides of yesterday’s close. The pressure of harvest may still weigh on the market in the short run. However, like cotton rice will need to see strong prices, or acreage could move to grain or soybeans. The market fundamentals, including tightening world stocks suggest upside potential later this year. Cattle & Hogs  Date: September 14, 2007 Cattle As reported by Federal-State Market News, receipts were 12,010 head at sales in Arkansas this week.  Compared with last week, feeder steers sold weak to $4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 124 to 134   500 to 550 lbs. 109 to 119   600 to 700 lbs. 103 to 113  Medium & Large Frame 2   400 to 450 lbs. 108 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 43   to   49 Light Weight 32 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   63.50, high dressing 63.50-67.50 Midwest Steers   were steady   at   92   to   - - - Panhandle Steers   were steady   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 up 57 at 9525   Dec up 52 at 9915 Feeders: Oct up 32 at 11685   Jan up 10 at 11535 Cattle Comment Cattle futures reversed recent declines and closed mostly lower. Improving demand expectations provided support. On the other hand, the stalemate between packers and feedlots continue with bids $3-$4 apart. Packers will remain reluctant bidders until cash beef values show improvement. Feeder futures found trendline support and could rally toward recent the high just below $120. Hogs Peoria: were     steady   at   39.5   to   40 Chicago Futures: Oct up 15 at 6555   Dec down 22 at 6862 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mixed with support coming from pork exports to China. That is helping absorb large hog supplies for now. Seasonal increases will add pressure later in the fall. Poultry  Date: September 14, 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. 92-96 Toms: 16-24 lbs. 92-96   Delmarva Broilers U.S. Grade A Trade sentiment was barely steady to weak. Supplies of all sizes were at least adequate to often discounted to help clear. 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