09/24/2007 Farm Bureau Market Report

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Grain & Soybean Date: September 24, 2007 Soybeans Local Elevators: (Sep) EAST AR:  924 to 942 (NC) Summ. 919 to 942 River Elevators: (Sep) MISS: 934 to 949 ; AR & White 920 to 939 (NC) Summ. 920 to 949 Ark. Processor Bids: (Sep) 9941 to 943  (NC) 941 to 943 Memphis:  (Sep) 942 3/4 to 948 3/4 (NC)  948 3/4 to 952 3/4 Riceland Foods:  (Sep) Stuttgart 943 ; Pendleton 942 ; West Memphis 949 Chicago Futures: Nov down 1/4 at  978 3/4   Jan  unchanged    at  994 1/2   Mar up 1/4  at  1002 3/4   Jul up 2 3/4  at  1005 1/2   Nov '08 down 1  at  941 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended mixed. Nearby November was down fractionally after closing the gap left last week, and finding support at $9.72, the bottom of that gap. 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  826 3/4 to 833 3/4; Bids to farmers at Local Elevators 548-558; River Elevators 549-570; Chicago Futures: Dec up  3 3/4  at  877 3/4    Mar up 5 3/4  at  883 1/4    May up  15  at  782 1/2    Jul '08 up  8 1/2  at  637 1/2    Jul '09 down  4  at  432    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  726 to 737; Bids to farmers at River Elevators 645-721; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   347 1/2 to 359 1/2;   new crop at Memphis   385 1/2 to 390 1/2; Bids to farmers at River Elevators  337 to 349 Chicago Futures: Dec down  3  at  373 1/2    Mar down  3  at  389    May down  2 3/4  at  298 1/2    Dec '08 down  4 1/2  at  416 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures posted solid gains, but new crop July failed to move above resistance at the contract high of $6.38. Iraq is said to be back in the market for wheat, just days after buying 700,000 tons of U.S. wheat. This strong demand despite historically high wheat prices is keeping a floor under futures. The expectation for Australia to harvest about half their normal crop is also supportive. Cotton & Rice  Date: September 24, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 15 at  6173   Greenwood up  15 at 6173 New York Futures: Oct down  24  at  6324    Dec up  15  at  6623    Mar up  21  at  6925    May down  10  at  7040    Dec '08 down  38  at  7401  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton ended mixed, with December closing a bit higher. Funds are likely still driving the market, but if importers balk at current prices, 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 1039  to  1076/cwt   Nov 1039/cwt  to  - - - Chicago Futures: Nov down  2 1/2  at  1149 1/2    Jan down  2  at  1182    Mar unchanged    at  1206    May down  2  at  1218    - - - down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice ended lower after failing to move above the $11.58 contract high on Friday. Tightening of U.S. and world stocks through the coming marketing year is expected to keep the market firm and provide additional opportunities. Strength in soybeans and grains, particularly the tight wheat situation, is also positive. 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 24, 2007 Cattle As reported by Federal-State Market News, receipts were 2,676 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold unevenly, mostly steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115 to 125   500 to 550 lbs. 106 to 116   600 to 700 lbs. 103 to 113  Medium & Large Frame 2   400 to 450 lbs. 113 to 123 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100 to 118  Medium & Large Frame 2   400 to 450 lbs. 113 to 123 Slaughter Cows, Boners 44   to   49 Light Weight 33 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   62.50, high dressing $62.50-63.50 Midwest Steers   were $4.50 to $.50 higher   at   89.50   to   95 Panhandle Steers   were $2 to .25 higher   at   92   to   94.75 Oklahoma City Feeders Steers 500 to 550 lbs. 117.50 to 129   600 to 650 lbs. 114.50 to 122.50 Heifers 550 to 600 lbs. 112 to 116   600 to 650 lbs. 104.50 to 108 Chicago Futures: Live Cattle: Oct up 95 at 9765   Dec up 60 at 10077 Feeders: Oct up 5 at 11625   Jan up 27 at 11525 Cattle Comment Live cattle futures gapped higher today in reaction to Friday’s Cattle on Feed report. Placements were 94% of the year ago total, which is positive but within trade expectations. December needs to move above the contract high of $101.45 to suggest further upside potential. Hogs Peoria: were     steady   at   38.5   to   39 Chicago Futures: Oct down 5 at 11625   Dec down 47 at 6332 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Carryover strength from cattle futures helped give hogs a boost. Weak cash market fundamentals, however, limited gains. Falling wholesale pork prices and record-high stocks of frozen pork are causing concern. October hogs are trading at their lowest level this year. Poultry  Date: September 24, 2007 Eggs New York:  Ex. Lg. 131-135; Lg. 129-135; 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 following the weekend was slow to fair with trading usually limited to regular commitments. Supplies of all sizes were at least 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