09/19/2007 Farm Bureau Market Report

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Grain & Soybean Date: September 19, 2007 Soybeans Local Elevators: (Sep) EAST AR:  896 to 920 (NC) Summ. 897 to 926 River Elevators: (Sep) MISS: 921 to 935 ; AR & White 906 to 935 (NC) Summ. 914 to 935 Ark. Processor Bids: (Sep) 920 to - - -  (NC) 925 to 926 Memphis:  (Sep) 922 to 936 (NC)  941 to - - - Riceland Foods:  (Sep) Stuttgart 920 ; Pendleton 920 ; West Memphis 925 Chicago Futures: Nov up 1 1/2 at  971   Jan  up  1 1/2  at  986   Mar up 3  at  995   Jul '08 up 2  at  1000 1/4   Nov '08 up 11 1/4  at  939 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment There was very little action in the soybean market today. Soybeans opened the day down, looking as though they were beginning the downward correction that has been talked about for sometime now; however, prices soon strengthened and closed the day up slightly. Prices continue to march towards the $10 level, despite the market being overbought. While the market is overbought, the downward potential of soybean prices is small given the small crop and increasing demand this year. Wheat Cash bid for September at Memphis  791 to 796; Bids to farmers at Local Elevators 514; River Elevators 510-531; Chicago Futures: Dec down  24  at  845    Mar down 23  at  849 1/2    May down  14 1/2  at  734    Jul '08 up  5 1/2  at  598 1/2    Jul '09 up  2  at  560    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  693 to 720; Bids to farmers at River Elevators 627-693; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   333 1/4 to 336 1/4;   new crop at Memphis   355 1/2 to 380 1/2; Bids to farmers at River Elevators  307 to 330 Chicago Futures: Dec up  6  at  358 1/4    Mar up  5 3/4  at  374 3/4    May up  1 1/2  at  995    Dec '08 up  4  at  408 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Nearby wheat prices continued to slip today, closing the day down sharply; however July ’08 prices increased a nickel. Despite the news of a drought stricken Australian crop and tight world supplies, nearby wheat prices continue to fall. July ’08 prices remain strong as we move closer to the ’08 planting season. ’08 Wheat prices continue to move closer to the $6 level in an effort to pull acres away from other grains. Cotton & Rice  Date: September 19, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 68 at  5942   Greenwood down  68 at 5942 New York Futures: Oct down  60  at  6165    Dec down  90  at  6395    Mar down  78  at  6695    May down  80  at  6820    Dec '08 down  75  at  7250  This week's LDP rate for cotton is  .75 cents   The estimate for next week is  0¢ cents Cotton Comment Cotton prices found resistance today. After opening above the August high of the 65 cent level, price strengthened, only to have prices decline and close the day down slightly. Cotton harvest continues to be slow with the USDA reporting only 6 percent of cotton harvested this year compared to 13 percent last year and 9 percent 5-year average. Tomorrow’s export sales report could push prices lower if sales continue at last week slower pace. Rice Long Grain Cash Bid for  Sep/Oct 1000  to  1030/cwt   Nov 1030/cwt  to  - - - Chicago Futures: Nov down  1  at  1130    Jan unchanged    at  1163    Mar up  2  at  1190    May up  4  at  1211    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment At the opening bell rice looked to be continuing yesterdays’ gains and looked like it might test resistance between $11.40 and $11.58, however, prices were never able to gather any steam and closed the day down slightly. Rice prices continue to have support from tightening global stocks and higher grain price which rice will have to compete for acres with in ’08. 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 19, 2007 Cattle As reported by Federal-State Market News, receipts were 1,134 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $2-4 lower, heifers steady to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to 125   500 to 550 lbs. 107 to 115   600 to 650 lbs. 103 to 114  Medium & Large Frame 2   400 to 450 lbs. 98 to 105 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 114  Medium & Large Frame 2   400 to 450 lbs. 98 to 105 Slaughter Cows, Boners 44.50   to   48.50 Light Weight 30 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   61.50, high dressing untested Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 118 to 128   600 to 650 lbs. 118 to 124 Heifers 500 to 550 lbs. 108.50 to 116.85   600 to 650 lbs. 105 to 110.50 Chicago Futures: Live Cattle: Oct down 15 at 9550   Dec steady at 9945 Feeders: Oct down 17 at 11627   Jan up 5 at 11497 Cattle Comment Cattle futures ended mixed as traders evened positions ahead of the cattle on feed report that will be released Friday. The industry is expecting a big drop in placements again this month. October has support near $94.50. Hogs Peoria: were     steady   at   38.5   to   39 Chicago Futures: Oct down 67 at 6320   Dec down 80 at 6520 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures continue to be under pressure from a bearish fundamental situation. Large hog supplies and rising pork production are causing concern. China rejected shipments of U.S. pork recently, saying that they won’t allow pork with trace amounts of a feed additive that is approved for use in the U.S., but not in China, into their country. October is testing the July low of $63.47. Poultry  Date: September 19, 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 weak to barely steady. Demand was slow to fair with trading confined to regular commitments. In production areas, live supplies were moderate at mostly desirable, heavier trending 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