09/17/2007 Farm Bureau Market Report

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Grain & Soybean Date: September 17, 2007 Soybeans Local Elevators: (Sep) EAST AR:  894 to 923 (NC) Summ. 895 to 924 River Elevators: (Sep) MISS: 909 to 922 ; AR & White 903 to 922 (NC) Summ. 903 to 924 Ark. Processor Bids: (Sep) 894 to 918  (NC) 917 to 924 Memphis:  (Sep) 916 1/2 to 923 1/2 (NC)  928 1/2 to 934 1/2 Riceland Foods:  (Sep) Stuttgart 918 ; Pendleton 918 ; West Memphis 923 Chicago Futures: Nov up 13 3/4 at  968 1/2   Jan  up  14 1/4  at  983 1/2   Mar up 13 1/4  at  993   Jul up 11  at  998 1/2   Nov '08 up 4 1/2  at  929 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Potential damaging frost in the upper Midwest boosted soybeans and kept the recent up-move intact. The gap higher open also gave corn a little bump and kept those price levels steady to firm. The overall bullish outlook continues with good buying support coming from index funds. November futures are not far from that magical $10 level, with the market gaining over $1.60 since bottoming in mid-August. Basis levels remain wide as demand for barges and elevator space is extremely strong. Wheat Cash bid for September at Memphis  815 to 822; Bids to farmers at Local Elevators 511; River Elevators 508-531; Chicago Futures: Dec up  29  at  875    Mar up 23  at  877    May up  10  at  753    Jul '08 up  8 1/2  at  596    Jul '09 up  5  at  560    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  683 to 684; Bids to farmers at River Elevators 611-682; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   322 1/4 to - - -;   new crop at Memphis   351 to 366; Bids to farmers at River Elevators  293 to 327 Chicago Futures: Dec up  3 1/4  at  352 1/4    Mar up  3  at  369    May up  3 1/2  at  379 3/4    Dec '08 up  4 1/4  at  404    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures posted sharp gains with old crop contracts gapping higher. The tightening supply situation is well known and likely accounted for in the market. However, Australia is expected to again cut its crop estimate due to the ongoing drought. The market still looks to have topped. 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 17, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 126 at  5968   Greenwood up  126 at 5968 New York Futures: Oct up  75  at  6167    Dec up  82  at  6443    Mar up  79  at  6743    May up  90  at  6875    Dec '08 up  58  at  7323  This week's LDP rate for cotton is  .75 cents   The estimate for next week is  -.60 cents Cotton Comment Cotton continued to creep higher with December pushing 64 cents and within points of the August high of 65 cents. Last week’s export sales report suggest the market is running out of buyers at this level and we could see price begin to drift lower. Obviously, China can and will use their own stocks and some reports suggest their ’07 harvest will exceed current projections. Look for ’07 to ease lower from this level while ’08 December will remain firm as cotton attempts to hold acreage, not only in the U.S., but in other parts of the world. Rice Long Grain Cash Bid for  Sep/Oct 1000  to  1012/cwt   Nov 1012/cwt  to  - - - Chicago Futures: Nov down  5 1/2  at  1112 1/2    Jan down  5  at  1143    Mar down  5  at  1169    May down  5  at  1190    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was a little lower again today. Seasonal patterns suggest lower values as harvest peaks, however downside would appear limited as overall fundamentals are supportive. Tightening world stocks and strength in wheat would offer support for rice as the marketing year progresses. Potential loss of acreage in ’08 should also be support as rice will have to be extremely competitive to hold plantings. November futures have support at $11.05, $10.94 and $10.83, with resistance at last week’s high of $11.40 and the contract high of $11.58. Cattle & Hogs  Date: September 17, 2007 Cattle As reported by Federal-State Market News, receipts were 1,890 head at sales in Ash Flat.  Compared with last week, feeder steers sold unevenly, mostly steady to $5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119 to 129   500 to 550 lbs. 109 to 119   600 to 700 lbs. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. 110 to 116 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 104 to 114  Medium & Large Frame 2   400 to 450 lbs. 105 to 106 Slaughter Cows, Boners 42   to   48 Light Weight 32 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   62.50, high dressing 63-65 Midwest Steers   were $1 lower to $1.50 higher   at   91   to   93.50 Panhandle Steers   were $3 lower to $1.50 higher   at   89   to   93.50 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 27 at 9497   Dec down 60 at 9855 Feeders: Oct down 135 at 11550   Jan down 115 at 11420 Cattle Comment Cattle gave back all of Friday’s gains in today’s trade. Disappointing cash sales and weakness in wholesale beef prices added pressure. Feeder futures could retest resistance at the recent low of $114.20 for October. Hogs Peoria: were $1     lower   at   38.5   to   39 Chicago Futures: Oct down 52 at 6502   Dec down 147 at 6715 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were sharply lower. Large hog supplies and rising pork production are causing concern. China rejected shipments of U.S. pork recently, and that is a negative since the market was counting on Chinese demand to help work through burdensome supplies. October could work toward a retest of the July low of $63.47. Poultry  Date: September 17, 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 steady at best. Supplies of all sizes were more than sufficient to satisfy trade needs. 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