09/20/2007 Farm Bureau Market Report

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Grain & Soybean Date: September 20, 2007 Soybeans Local Elevators: (Sep) EAST AR:  914 to 938 (NC) Summ. 919 to 950 River Elevators: (Sep) MISS: 939 to 952 ; AR & White 924 to 952 (NC) Summ. 932 to 957 Ark. Processor Bids: (Sep) 938 to 951  (NC) 951 to - - - Memphis:  (Sep) 949 1/2 to 953 1/2 (NC)  958 1/2 to 959 1/2 Riceland Foods:  (Sep) Stuttgart 951 ; Pendleton 951 ; West Memphis 957 Chicago Futures: Nov up 17 1/2 at  988 1/2   Jan  up  18 1/4  at  1004 1/4   Mar up 16  at  1011   May up 14 1/2  at  1009 1/2   Nov '08 up 14  at  953 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rode the rally of corn and ended the session with good gains. Most old crop contracts are above $10. A sharply weaker dollar made U.S. goods cheaper and coupled with an announced lowering of China’s import tariff on soybeans provided the impetus for today’s gains. November failed to hit $10, but was only a few cents short at the high. The market is technically overbought and due a downward correction. Wheat Cash bid for September at Memphis  799 to 801; Bids to farmers at Local Elevators 522-532; River Elevators 524-544; Chicago Futures: Dec up  5  at  850    Mar up 4 3/4  at  854 1/4    May up  9 1/2  at  843 1/2    Jul '08 up  13 1/2  at  612    Jul '09 up  7  at  430 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  717 to 740; Bids to farmers at River Elevators 646-713; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   344 1/4 to 347 1/4;   new crop at Memphis   363 to 388; Bids to farmers at River Elevators  331 to 344 Chicago Futures: Dec up  11  at  369 1/4    Mar up  10 1/2  at  385 1/4    May up  10  at  394 1/2    Dec '08 up  8  at  416 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat prices were higher across the board with new crop leading the way for a change. In fact, new crop July gapped higher and posted double digit gains. Another phenomenal export report fueled the rally this morning, with USDA reporting 52.9 million bushels of wheat sold to foreign buyers for delivery this marketing year. This brings our cumulative total to 214% of year ago sales. It is likely wheat futures have topped, but the downside could be limited for new crop contracts as wheat struggles to buy acres away from other crops. Cotton & Rice  Date: September 20, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 95 at  6037   Greenwood up  95 at 6037 New York Futures: Oct up  77  at  6210    Dec up  83  at  6475    Mar up  87  at  6780    May up  80  at  6890    Dec '08 up  103  at  7350  This week's LDP rate for cotton is  .75 cents   The estimate for next week is  0 cents Cotton Comment Cotton firmed slightly after losing ground late yesterday. A good export sales report was supportive, however it was not exceptional. China was a buyer, but again fairly insignificant amounts. A slower harvest pace is supportive but overall fundamentals suggest ’07 cotton will have trouble moving much higher at this time. ’08 cotton will likely have good upward potential. Rice Long Grain Cash Bid for  Sep/Oct 1000  to  1043/cwt   Nov 1043/cwt  to  - - - Chicago Futures: Nov up  13  at  1143    Jan up  13  at  1176    Mar up  10  at  1200    May up  6  at  1217    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended the day on a firm note with November extending gains above $11.40 and leaving the contract high of $11.58 as the next major resistance. Tightening global stocks and strength in wheat are positive factors which could give the market further upside potential. Cattle & Hogs  Date: September 20, 2007 Cattle As reported by Federal-State Market News, receipts were 2,642 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers sold mostly $1-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117 to 127   500 to 550 lbs. 113 to 123   600 to 700 lbs. 111 to 121  Medium & Large Frame 2   400 to 450 lbs. 116 to 126 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 104 to 114  Medium & Large Frame 2   400 to 450 lbs. 104 to 114 Slaughter Cows, Boners 42   to   49 Light Weight 34 to 40 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   57   to   62, high dressing 62-63 Midwest Steers   were quoted   at   90   to   91 Panhandle Steers   were quoted   at   90   to   91 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 20 at 9530   Dec down 50 at 9895 Feeders: Oct down 102 at 11525   Jan down 77 at 11420 Cattle Comment Cattle futures were lower after trading higher in early dealings. Strength in corn futures and negative packer margins were just too much for the market to handle. Tomorrow’s Cattle on Feed report is expected to be positive. 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 82 at 6237   Dec down 42 at 6477 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mixed. 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 hogs are trading at their lowest level this year. Poultry  Date: September 20, 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 mostly weak. Supplies of all sizes were at least fully adequate and frequently discounted to help move additional product. In production areas, live supplies were moderate at mostly desirable, but heavier 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