09/25/2007 Farm Bureau Market Report

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Grain & Soybean Date: September 25, 2007 Soybeans Local Elevators: (Sep) EAST AR:  914 to 932 (NC) Summ. 913 to 932 River Elevators: (Sep) MISS: 929 to 949 ; AR & White 914 to 933 (NC) Summ. 914 to 949 Ark. Processor Bids: (Sep) 933 to 935  (NC) 933 to 935 Memphis:  (Sep) 935 to 943 (NC)  943 to 945 Riceland Foods:  (Sep) Stuttgart 933 ; Pendleton 932 ; West Memphis 939 Chicago Futures: Nov down 5 3/4 at  973   Jan  down  5 1/2  at  989   Mar down 6  at  996 3/4   Jul down 6  at  999 1/2   Nov '08 down 5 1/2  at  936   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed the day down again. Prices remained strong most of the day; however a late round of selling caused prices to close down on the day. Reports of increased plantings in South America continue to pressure the market down. Downside potential is limited given the tight supplies in the U.S. The $1.75 rise in soybean prices over the last month has put the market in an overbought situation from a technical perspective. Declines experienced over the last few days are an attempt to ease some of those pressures. Wheat Cash bid for September at Memphis  836 1/4 to 843 1/4; Bids to farmers at Local Elevators 548-558; River Elevators 549-559; Chicago Futures: Dec up  9 1/2  at  887 1/4    Mar up 8 3/4  at  892    May up  10 1/2  at  793    Jul '08 unchanged    at  637 1/2    Jul '09 unchanged    at  590    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  733 to 739; Bids to farmers at River Elevators 643-700; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   351 3/4 to 357 3/4;   new crop at Memphis   384 to 389; Bids to farmers at River Elevators  336 to 347 Chicago Futures: Dec down  1 3/4  at  371 3/4    Mar down  1 3/4  at  387 1/4    May down  2 1/4  at  396 1/4    Dec '08 down  2 1/2  at  414 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment December wheat continues to post gains. Prices exceeded the magic $9 level early; however fell back to just under $8.90 by the close. Private forecasters continue to drop the Australian production number causing importers to come to the U.S. for Wheat. USDA continues to report large tenders of U.S. wheat forcing prices higher. Cotton & Rice  Date: September 25, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 15 at  6158   Greenwood down  15 at 6158 New York Futures: Oct down  16  at  6308    Dec down  15  at  6608    Mar down  10  at  6915    May down  15  at  7025    Dec '08 down  1  at  7400  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton prices closed with marginal losses today. Weakness in the grain and oilseed market made it difficult for cotton to sustain yesterday’s modest gains. The market continues to be overbought and runs the risk of a correction. Prices are not expected to rebound as importers are not buying and the funds are in a profit taking mode after last month's run up in prices. Rice Long Grain Cash Bid for  Sep/Oct 1038  to  1076/cwt   Nov 1038/cwt  to  - - - Chicago Futures: Nov down  1 1/2  at  1148    Jan down  1  at  1181    Mar down  1  at  1205    May down  6  at  1212    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice closed the day mixed posting only modest losses. Prices continue to remain around the contract high of $11.58, but are unable to close above that resistance. Weakening in soybean and corn prices did not help rice prices today. Tight U.S. and world stocks will limit the downside potential and will provide support. Cattle & Hogs  Date: September 25, 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 $2-$5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119 to 129   500 to 550 lbs. 109 to 119   600 to 700 lbs. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. 107 to 117 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 101 to 111  Medium & Large Frame 2   400 to 450 lbs. 91 to 101 Slaughter Cows, Boners 42   to   47.50 Light Weight 30 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   62.50, high dressing $62.50-65 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 117.50 to 129   600 to 650 lbs. 112 to 122.50 Heifers 500 to 550 lbs. 110.50 to 116   600 to 650 lbs. 103 to 111 Chicago Futures: Live Cattle: Oct down 7 at 9757   Dec down 27 at 10050 Feeders: Oct down 17 at 11607   Jan down 35 at 11490 Cattle Comment Live cattle gave back some of the gains from yesterday’s strong move, after some speculative price taking. Tight packer and feedlot margins continue to pressure beef prices. Hogs Peoria: were $1.5     lower   at   37   to   38.5 Chicago Futures: Oct down 52 at 6100   Dec down 102 at 6230 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Lean hog prices continued to decline today. Weak cash market fundamentals, combined with 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 25, 2007 Eggs New York:  Ex. Lg. 129-133; Lg. 127-131; 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. Supplies of all sizes were at least adequate to ample and attractively priced to help clear additional product. In production areas, live supplies were moderate at desirable to heavy 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