09/27/2007 Farm Bureau Market Report

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Grain & Soybean Date: September 27, 2007 Soybeans Local Elevators: (Sep) EAST AR:  958 to 976 (NC) Summ. 949 to 976 River Elevators: (Sep) MISS: 967 to 983 ; AR & White 958 to 977 (NC) Summ. 958 to 983 Ark. Processor Bids: (Sep) 976 to 977  (NC) 976 to 977 Memphis:  (Sep) 976 to 985 (NC)  985 to - - - Riceland Foods:  (Sep) Stuttgart 977 ; Pendleton 976 ; West Memphis 983 Chicago Futures: Nov up 18 1/4 at  1009   Jan  up  19  at  1025 1/4   Mar up 18 1/4  at  1033 3/4   Jul up 14 1/2  at  1035   Nov '08 up 18  at  974   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gapped higher, shattering the $10 mark in the process. Export sales were a strong 27.4 million bushels. The cumulative sales total is ahead of last year’s pace, which is important to note since the crop is expected to be nearly 600 million bushels smaller than last year’s. 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. November set a new contract high, which opens the possibility for further upside potential. Wheat Cash bid for September at Memphis  873 to 892; Bids to farmers at Local Elevators 581-591; River Elevators 583-597; Chicago Futures: Dec up  15 3/4  at  933    Mar up 14 1/2  at  936 1/2    May up  18  at  841    Jul '08 up  23 1/2  at  670 1/2    Jul '09 up  15  at  609    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  760 to 766; Bids to farmers at River Elevators 691-748; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   376 3/4 to 379 3/4;   new crop at Memphis   395 to 400; Bids to farmers at River Elevators  358 to 368 Chicago Futures: Dec up  11 3/4  at  386 3/4    Mar up  1 1/2  at  402 1/4    May up  11 3/4  at  411 1/4    Dec '08 up  7 3/4  at  424 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat gapped to new all-time highs today. Wheat exporters continue to post impressive numbers compared to last year. Export sales are more than double what they were a year ago, and this week’s total of 55.6 million bushels was well above expectations. This may cause the USDA to further tighten 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 27, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 72 at  6217   Greenwood up  72 at 6217 New York Futures: Oct up  37  at  6350    Dec up  67  at  6662    Mar up  93  at  6995    May up  58  at  7070    Dec '08 up  65  at  7460  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton ended higher today, responding to sharply higher grain prices in Chicago. December ’08 set a new contract high as the battle for acres is ongoing. This year’s cotton crop is the smallest one in 18 years and further declines in acreage next year could result in extremely tight cotton supplies. The USDA is reporting export sales that total 32% of the total projection, up from 23% last year. Rice Long Grain Cash Bid for  Sep/Oct 1065  to  1076/cwt   Nov 1065/cwt  to  - - - Chicago Futures: Nov up  15  at  1175    Jan up  16  at  1209    Mar up  18  at  1230    May up  11  at  1233    - - -   - - -  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 for the second day in a row, climbing to $11.77. 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 27, 2007 Cattle As reported by Federal-State Market News, receipts were 3,399 head at sales in Charlotte, Green Forest & Ola.  Compared with last week, feeder steers sold unevenly, weights under 450 lbs firm to $4 higher, over 450 lbs weak to $5 lower. Feeder heifers sold unevenly $1 higher to $1 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 121 to 131   500 to 550 lbs. 111 to 121   600 to 700 lbs. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. 113 to 123 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 102 to 112 Slaughter Cows, Boners 42   to   48 Light Weight 30 to 36.75 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   61, high dressing 61-62.75 Midwest Steers   were steady   at   92   to   - - - Panhandle Steers   were steady   at   92   to   - - - 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 35 at 9690   Dec up 15 at 10020 Feeders: Oct down 42 at 11550   Jan down 35 at 11467 Cattle Comment Cattle futures ended mixed with nearby October under pressure from its premium to cash prices. Other contracts were higher, supported by expectations for tightening fed cattle supplies. Feeder contracts were under pressure from higher corn prices. Hogs Peoria: were     steady   at   37   to   37.5 Chicago Futures: Oct down 140 at 5890   Dec up 12 at 6252 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Lean hogs were also mixed. Nearby October was under pressure from concerns that hog supplies remain too large for the cash market to handle. 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 27, 2007 Eggs New York:  Ex. Lg. 124-128; Lg. 122-126; Med. 94-98; 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 Although, markets are being talked in a better position, product is still being discounted in order to stimulate any additional business. Supplies of all sizes were available and attractively priced. 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