09/18/2007 Farm Bureau Market Report

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Grain & Soybean Date: September 18, 2007 Soybeans Local Elevators: (Sep) EAST AR:  895 to 919 (NC) Summ. 896 to 925 River Elevators: (Sep) MISS: 915 to 926 ; AR & White 905 to 926 (NC) Summ. 906 to 934 Ark. Processor Bids: (Sep) 912 to 919  (NC) 920 to 925 Memphis:  (Sep) 923 1/2 to 929 1/2 (NC)  929 1/2 to 935 1/2 Riceland Foods:  (Sep) Stuttgart 919 ; Pendleton 919 ; West Memphis 924 Chicago Futures: Nov up 1 at  969 1/2   Jan  up  1  at  984 1/2   Mar down 1  at  992   Jul down 1/4  at  998 1/4   Nov '08 down 1 1/4  at  928 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded in a narrow range before closing mixed. November left yesterday’s gap open and while the market remains on an uptrend, technically it is heavily overbought and due a downward correction. Downside retracement objectives start at $9.10. This year’s smaller crop, strong soy oil prices and the need for additional acreage next year will buffer downside pressures. Wheat Cash bid for September at Memphis  809 to 820; Bids to farmers at Local Elevators 508; River Elevators 505-528; Chicago Futures: Dec down  6  at  869    Mar down 4 1/2  at  872 1/2    May down  4 1/2  at  748 1/2    Jul '08 down  3  at  593    Jul '09 down  2  at  358    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  683 to 704; 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 1/2 to 376 1/2; Bids to farmers at River Elevators  298 to 327 Chicago Futures: Dec unchanged    at  352 1/4    Mar unchanged    at  369    May down  3/4  at  379    Dec '08 up  1/4  at  404 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were higher early, but turned around to close lower. Australia released its official crop estimate today. They say farmers there will harvest 15.5 million metric tons. The USDA estimated their crop at 21 million metric tons last week. The market still looks to have topped, despite today’s supply side news. The world supply situation has never been this tight, however, so it is difficult to predict what the market will do. 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 18, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 42 at  6010   Greenwood up  42 at 6010 New York Futures: Oct up  58  at  6225    Dec up  42  at  6485    Mar up  30  at  6773    May up  25  at  6900    Dec '08 up  2  at  7325  This week's LDP rate for cotton is  .75 cents   The estimate for next week is  0 cents Cotton Comment Cotton reversed early declines to post modest gains and push closer to 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  1031/cwt   Nov 1031/cwt  to  - - - Chicago Futures: Nov up  18 1/2  at  1131    Jan up  20  at  1163    Mar up  19  at  1188    May up  17  at  1207    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures made strong gains late in the session with November in position to test resistance between $11.40 and $11.58. Last week’s USDA reports indicated another year of world utilization outpacing production. This will further reduce world stocks, at a time when the other major food grain, wheat, is at critical supply levels. U.S. long grain stocks are projected at about half of beginning stocks and simply adds fuel to the fire that suggests the market has upside potential. Cattle & Hogs  Date: September 18, 2007 Cattle As reported by Federal-State Market News, receipts were 2,234 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold mostly steady to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 123 to 133   500 to 550 lbs. 110 to 120   600 to 700 lbs. 104 to 114  Medium & Large Frame 2   400 to 450 lbs. 114 to 124 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 108 to 118  Medium & Large Frame 2   400 to 450 lbs. 97 to 107 Slaughter Cows, Boners 43   to   48.50 Light Weight 33 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   61, high dressing 61-65 Midwest Steers   were $1-2.50 lower   at   90   to   91 Panhandle Steers   were $1 higher to $2.50 lower   at   90   to   91 Oklahoma City Feeders Steers 500 to 550 lbs. 118 to 128   600 to 650 lbs. 118 to 124 Heifers 500 to 550 lbs. 110 to 116   600 to 650 lbs. 102 to 108.75 Chicago Futures: Live Cattle: Oct up 67 at 9565   Dec up 90 at 9945 Feeders: Oct up 95 at 11645   Jan up 72 at 11492 Cattle Comment Cattle futures were higher, with October having found support near $94.50. Stronger beef prices and cash cattle offerings were supportive. Feeders could test support at the recent low of $114.20. Hogs Peoria: were     steady   at   38.5   to   39 Chicago Futures: Oct down 115 at 6387   Dec down 115 at 6600 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were sharply lower again today. 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 is testing the July low of $63.47. Poultry  Date: September 18, 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 to fair with trading usually limited to regular commitments. 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