09/28/2007 Farm Bureau Market Report

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Grain & Soybean Date: September 28, 2007 Soybeans Local Elevators: (Sep) EAST AR:  940 to 958 (NC) Summ. 939 to 958 River Elevators: (Sep) MISS: 951 to 965 ; AR & White 944 to 963 (NC) Summ. 940 to 965 Ark. Processor Bids: (Sep) 958 to 959  (NC) 958 to 959 Memphis:  (Sep) 967 1/4 to 969 1/4 (NC)  967 1/4 to 969 1/4 Riceland Foods:  (Sep) Stuttgart 959 ; Pendleton 958 ; West Memphis 965 Chicago Futures: Nov down 17 3/4 at  991 1/4   Jan  down  16 3/4  at  1008 1/2   Mar down 15 1/2  at  1018 1/2   Jul down 13  at  1022   Nov '08 down 10  at  964   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted double digit losses today. The USDA bumped the marketing year carry-in by 18 million bushels in today’s report. This bearish surprise could be just the excuse this overbought market needed to turn lower. Yesterday’s spike above $10 for November could be at least a short term top. Profit taking by funds added fuel to the fire during the sell-off today. Dry conditions in key growing areas in Brazil are supportive, as is, of course, the need for soybeans to compete for acres next spring. Wheat Cash bid for September at Memphis  879 to 912; Bids to farmers at Local Elevators 591-601; River Elevators 593-608; Chicago Futures: Dec up  6  at  939    Mar up 10 1/2  at  947    May up  11 1/2  at  852 1/2    Jul '08 up  10 1/2  at  681    Jul '09 up  3  at  612    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  738 to 754; Bids to farmers at River Elevators 666-729; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   359 to 373;   new crop at Memphis   387 1/2 to 392 1/2; Bids to farmers at River Elevators  348 to 364 Chicago Futures: Dec down  13 3/4  at  373    Mar down  13  at  389 1/4    May down  12  at  399 1/4    Dec '08 down  4 3/4  at  419 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat once again moved to new highs. The USDA cut this year’s production estimate by 47 million bushels, mostly in white wheat and non-durum spring wheat. This was particularly bullish in light of the already tight stocks situation. Cotton & Rice  Date: September 28, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 33 at  6050   Greenwood up  33 at 6050 New York Futures: Oct up  54  at  6367    Dec down  182  at  6485    Mar down  156  at  6840    May down  133  at  6975    Dec '08 down  117  at  7340  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton posted sharp losses with December violating the recent up-trend. Sharp losses in corn and soybeans were the impetus for the move. Losses could be limited, though, as cotton needs to compete for acres. 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. Rice Long Grain Cash Bid for  Sep/Oct 1063  to  1076/cwt   Nov 1063/cwt  to  - - - Chicago Futures: Nov down  2  at  1173    Jan unchanged    at  1209    Mar unchanged    at  1230    May up  7  at  1240    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended mixed with nearby November down two cents. Carryover weakness from corn and beans added pressure. Tight U.S. and world stocks continue to be supportive. 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. We will need to move above yesterday’s high of $11.77 to suggest a move toward the next long term chart objective at the January '97 high of $12.45. Cattle & Hogs  Date: September 28, 2007 Cattle As reported by Federal-State Market News, receipts were 13,370 head at sales in Arkansas this week.  Compared with last week, feeder steers sold unevenly, bulk of the sales steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 123 to 133   500 to 550 lbs. 102 to 112   600 to 700 lbs. 94 to 104  Medium & Large Frame 2   400 to 450 lbs. 108 to 118 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 104 to 114  Medium & Large Frame 2   400 to 450 lbs. 100 to 110 Slaughter Cows, Boners 43   to   49 Light Weight 30 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   60.50, high dressing 61-63 Midwest Steers   were $4-4.50 higher   at   96   to   96.50 Panhandle Steers   were $4 higher   at   96   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 up 5 at 9695   Dec down 40 at 9980 Feeders: Oct up 80 at 1163   Jan up 65 at 11532 Cattle Comment Cattle futures ended mixed again today. Expectations for tightening fed cattle supplies and weakness in corn prices were supportive. October is establishing resistance at this week’s high of $97.92 ½. Hogs Peoria: were     steady   at   37   to   37.5 Chicago Futures: Oct steady at 5890   Dec down 27 at 6225 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Lean hogs were mostly lower. Today’s report is expected to show some herd expansion, with the average trade guess showing an inventory of 100.8% of last year’s total. Cash fundamentals remain bearish and it is likely declines will continue. Poultry  Date: September 28, 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 Trade sentiment was weak. Demand for late week business was slow to fair with trading usually confined to 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 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