09/21/2007 Farm Bureau Market Report

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Grain & Soybean Date: September 21, 2007 Soybeans Local Elevators: (Sep) EAST AR:  922 to 940 (NC) Summ. 909 to 940 River Elevators: (Sep) MISS: 924 to 943 ; AR & White 924 to 943 (NC) Summ. 929 to 947 Ark. Processor Bids: (Sep) 941 to - - -  (NC) 941 to - - - Memphis:  (Sep) 940 to 949 (NC)  949 to 950 Riceland Foods:  (NC) Stuttgart 941 ; Pendleton 940 ; West Memphis 947 Chicago Futures: Nov down 9 1/2 at  979   Jan  down  9 3/4  at  994 1/2   Mar down 8 1/2  at  1002 1/2   Jul down 11 1/2  at  1002 3/4   Nov '08 down 11  at  942 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans hit some resistance yesterday as most old crop contracts moved above $10. November didn’t quite make it, and the market was under continued selling pressure today. However, strength in corn and wheat limited the slide and kept November above yesterday’s gap. That sets the market up to test yesterday’s high or to leave a two day island reversal top. In any case, downside will be limited over the long run as beans attempt to retrieve lost acres. A 5% to 7% increase in South American plantings will add some pressure. Wheat Cash bid for September at Memphis  823 to 828; Bids to farmers at Local Elevators 539-549; River Elevators 541-561; Chicago Futures: Dec up  24  at  874    Mar up 23 1/4  at  877 1/2    May up  24  at  767 1/2    Jul '08 up  17  at  629    Jul '09 up  14 1/2  at  585    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  733 to 756; Bids to farmers at River Elevators 659-727; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   351 1/2 to 357 1/2;   new crop at Memphis   380 to 395; Bids to farmers at River Elevators  338 to 352 Chicago Futures: Dec up  7 1/4  at  376 1/2    Mar up  6 3/4  at  392    May up  6 3/4  at  401 1/4    Dec '08 up  5  at  421 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were sharply higher today on news that Iraq has purchased 700,000 tons of U.S. hard red winter wheat. Kansas City futures were the upside leader, but Chicago was happy to follow. 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 21, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 121 at  6158   Greenwood up  121 at 6158 New York Futures: Oct up  130  at  6350    Dec up  123  at  6610    Mar up  131  at  6905    May up  156  at  7050    Dec '08 up  100  at  7450  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment December cotton made another strong upward move today and closed above 66 cents. This week’s export sales report improved, but not significantly as importers appear to have backed away from the market. Funds are likely still driving the market but if importers go home, it will be difficult to sustain the upturn. The market is technically overbought and due a correction. New mill buying would be expected at 62-63 cents. That doesn’t mean the long term outlook for cotton isn’t good. Price must move significantly higher to keep cotton in the acreage mix. The next upside chart objective is the contract high of 68.8 cents. Rice Long Grain Cash Bid for  Sep/Oct 1000  to  1042/cwt   Nov 1042/cwt  to  - - - Chicago Futures: Nov up  9  at  1152    Jan up  8  at  1184    Mar up  6  at  1206    May up  3  at  1220    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice challenged the contract high with a quick move to $11.55. The market retraced gains before again moving higher into the close. Tightening of U.S. and world stocks through the coming marketing is expected to keep the market firm and provide additional opportunities strength in soybeans and grains, particularly the tight wheat situations are also positive factors. Last week’s report indicates a smaller long grain production and reduced ending stocks. The next long term upside chart is the January ’97 high of $12.45. Cattle & Hogs  Date: September 21, 2007 Cattle As reported by Federal-State Market News, receipts were 11,030 head at sales in Arkansas this week.  Compared with last week, feeder steers sold weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 125 to 135   500 to 550 lbs. 107 to 117   600 to 700 lbs. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. 105 to 115 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 103 to 113  Medium & Large Frame 2   400 to 450 lbs. 94 to 104 Slaughter Cows, Boners 44   to   48 Light Weight 32 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   58.50   to   63, high dressing $63-66 Midwest Steers   were $4-3.50 higher   at   94   to   94.50 Panhandle Steers   were $4-3.50 higher   at   94   to   94.50 Oklahoma City Feeders Steers 500 to 550 lbs. 115 to 132.25   600 to 650 lbs. 111 to 128.50 Heifers 500 to 550 lbs. 108 to 122.50   600 to 650 lbs. 95 to 117.50 Chicago Futures: Live Cattle: Oct up 140 at 9670   Dec up 122 at 10017 Feeders: Oct up 95 at 11620   Jan up 77 at 11497 Cattle Comment Cattle futures recovered all of yesterday’s losses and then some as traders evened positions ahead of the Cattle on Feed report. The industry is expecting a big drop in placements again this month. October found resistance at the top of a chart gap at $96.75. Hogs Peoria: were     steady   at   38.5   to   39 Chicago Futures: Oct down 102 at 6135   Dec down 97 at 6380 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment The sell-off continued today in hog futures. Large hog supplies and rising pork production are weighing on futures. October hogs are trading at their lowest level this year. Poultry  Date: September 21, 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. Demand entering the weekend was slow to fair with limited trading, mostly for regular commitments. Supplies of all sizes were fully adequate to ample and discounted to help clear additional product. 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