09/26/2007 Farm Bureau Market Report

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Grain & Soybean Date: September 26, 2007 Soybeans Local Elevators: (Sept) EAST AR:  932 to 950 (NC) Summ. 931 to 950 River Elevators: (Sept) MISS: 949 to 959 ; AR & White 939 to 959 (NC) Summ. 939 to 960 Ark. Processor Bids: (Sept) 951 to 953  (NC) 951 to 953 Memphis:  (Sept) 960 3/4 to 966 3/4 (NC)  966 3/4 to 970 3/4 Riceland Foods:  (Sept) Stuttgart 951 ; Pendleton 950 ; West Memphis 957 Chicago Futures: Nov up 17 3/4 at  990 3/4   Jan  up  17 1/4  at  1006 1/4   March up 18 3/4  at  1015 1/2   July up 21  at  1020 1/2   Nov '08 up 20  at  956   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans led the way higher in Chicago, posting double digit gains. Funds were active buyers, and the overall weakness in the dollar is creating strong demand for U.S. commodities worldwide. Rain across the corn belt is slowing harvest during a critical time, which was also supportive. Dry conditions in key growing areas in Brazil are also supportive, as is, of course, the need for soybeans to compete for acres next spring. Wheat Cash bid for September at Memphis  960 3/4 to 966 3/4; Bids to farmers at Local Elevators 557-567; River Elevators 559-574; Chicago Futures: Dec up  30  at  917 1/4    March up 30  at  922    May up  30  at  823    July '08 up  9 1/2  at  647    July '09 up  4  at  594    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  739 to 745; Bids to farmers at River Elevators 670-727; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   365 to 368;   New crop at Memphis   386 1/2 to 391 1/2; Bids to farmers at River Elevators  348 to 358 Chicago Futures: Dec up  3 1/4  at  375    March up  3 1/2  at  390 3/4    May up  3 1/4  at  399 1/2    Dec '08 up  2 1/4  at  416 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat prices through the May contract were up the limit today. U.S. wheat exports continue to post impressive numbers compared to last year. Export sales are more than double what they were a year ago. Despite high prices U.S. wheat exports are continue to strengthen, due to tight global supplies. This may cause the USDA to further tight 2007 U.S. wheat stocks. Prices for 2008 wheat remain above $6, but are having difficultly keeping pace with the impressive gains in this year’s market as supplies are forecast to increase next year. Cotton & Rice  Date: September 26, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 13 at  6145   Greenwood down  13 at 6145 New York Futures: Oct up  5  at  6313    Dec down  13  at  6595    March down  13  at  6902    May down  13  at  7012    Dec '08 down  5  at  7395  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton prices ended lower again today. 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. USDA is reporting 13% of the crop has now been harvested, and more than 50% of what remains in fields is now rated good to excellent. However, another tropical depression in the Gulf could bring heavy rains to the Delta, hurting the quality of the cotton here. Rice Long Grain Cash Bid for  Sept 1050  to  1076/cwt   Oct 1050  to  1076/cwt Chicago Futures: Nov up  12  at  1160    Jan up  12  at  1193    March up  7  at  1212    May up  10  at  1222    - - - unchanged  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice set a new contract high, climbing to $11.62 before closing at $11.60. Carryover strength from soybeans and tight U.S. and world stocks were supportive for rice. A 90,000 metric ton purchase of U.S. rice by Iraq and a 145,000 metric ton purchase of paddy rice by Costa Rica were further evidence of strong demand. Haiti and Ghana continue to be active customers of U.S. milled rice as well. The next long term chart objective is the January '97 high of $12.45. Cattle & Hogs  Date: September 26, 2007 Cattle As reported by Federal-State Market News, receipts were 1767 head at sales in Conway, Ola & Pocahontas.  Compared with last week, feeder steers sold $1 to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118 to 128   500 to 550 lbs. 109 to 117   600 to 650 lbs. 106 to 113  Medium & Large Frame 2   400 to 450 lbs. 106 to 116 Heifers:  Medium & Large Frame 1   500 to 550 lbs. 100 to 108  Medium & Large Frame 2   400 to 450 lbs. 95 to 105 Slaughter Cows, Boners 44   to   48 Light Weight 28 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   62 Midwest Steers   were   at   92   to   - - - Panhandle Steers   were   at   92   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 117.5 to 129   550 to 600 lbs. 119.5 to 126 Heifers 500 to 550 lbs. 110.5 to 116   550 to 600 lbs. 110 to 114 Chicago Futures: Live Cattle: Oct down 32 at 9725   Dec down 45 at 10005 Feeders: Oct down 15 at 11592   Jan up 12 at 11502 Cattle Comment October live cattle prices continued to decline today stopping just short of closing the gap left after last week’s cattle on feed report. As the October contract moves to a close it is finding little support to maintain earlier gains. However, other contracts continue to trade above $100, as supplies are forecast to tighten into the winter months. Hogs Peoria: were 50¢ higher to $1.5     lower   at   37   to   37.5 Chicago Futures: Oct down 70 at 6030   Dec up 10 at 6240 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Lean hogs continue to struggle closing down again today. Hog prices remain weak due to weak cash and wholesale prices. The market is preparing for Friday’s Hogs and Pigs Report from the USDA, which is expected to show increased hog supplies. Poultry  Date: September 26, 2007 Eggs New York:  Ex. Lg. 126-130; Lg. 124-128; Med. 92-96; Chicago:  Ex. Lg. 121-129; Lg. 119-127; Med. 86-94; Eastern Region Turkeys Hens: 8-16 lbs. 92-94 Toms: 16-24 lbs. 92-94   Delmarva Broilers U.S. Grade A Southern broiler undertone was weak. Retail and food service demand was light to fair with traders buying on an as needed basis. Supplies of all sizes were at least adequate to ample and attractively priced to help clear additional product. In the parts structure, trading was slow and unaggressive. 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