10/04/2007 Farm Bureau Market Report

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Grain & Soybean Date: October 04, 2007 Soybeans Local Elevators: (Oct) EAST AR:  896 to 921 (NC) Summ. 902 to 927 River Elevators: (Oct) MISS: 912 to 923 ; AR & White 894 to 913 (NC) Summ. 916 to 962 Ark. Processor Bids: (Oct) 921 to 922  (NC) 928 to 957 Memphis:  (Oct) 912 1/4 to 924 1/4 (NC)  n/a to - - - Riceland Foods:  (NC) Stuttgart 922 ; Pendleton 921 ; West Memphis 923 Chicago Futures: Nov up 3 1/4 at  954 1/4   Jan  up  2 3/4  at  972 1/4   Mar up 3  at  984 1/2   Jul up 5 1/4  at  996 1/4   Nov '08 down 1/4  at  949 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continue to try and get back some of Tuesday’s losses, but today’s choppy trade only allowed modest gains. Soybean prices remain just above trendline support; however, bearish news of good yields continues to pressure prices lower. As suggested yesterday, further declines over the next 3 to 4 weeks are likely as next weeks crop report will further pressure prices. Downside retracement objectives and likely points of support are $9.36, $9.11, and $8.86. Wheat Cash bid for October at Memphis  840 to 869; Bids to farmers at Local Elevators 584-599; River Elevators 591-604; Chicago Futures: Dec down  21  at  906    Mar down 19 1/2  at  916    May down  15  at  831    Jul '08 up  6 1/2  at  679    Jul '09 up  3  at  615    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  667 to 688; Bids to farmers at River Elevators 593-655; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   330 1/4 to 334 1/4;   new crop at Memphis   360 1/2 to - - -; Bids to farmers at River Elevators  313 to 323 Chicago Futures: Dec down  2 1/4  at  342 1/4    Mar down  2  at  359    May down  1 3/4  at  369 3/4    Dec '08 down  3/4  at  394 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended mixed with old crop contracts down sharply, but new crop contracts ended higher. USDA said today that 58.7 million bushels of wheat were sold for export last week. That number was within trade expectations, but brings the cumulative sales total to 80% of the USDA projection for the entire marketing year, which is only 4 months old. New crop July has found support at $6.54 ½, the top of the recent chart gap, and resistance is at the contract high of $6.95. Cotton & Rice  Date: October 04, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 6 at  5899   Greenwood up  6 at 5899 New York Futures: Oct up  6  at  6049    Dec up  6  at  6349    Mar up  10  at  6701    May unchanged    at  6811    Dec '08 down  13  at  7205  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment There was little change in the cotton market today. Today’s export sales report continues to post very weak numbers down 25 percent from last week and 42 percent over the last month. High prices and a strengthening dollar continue to weaken cotton exports. Rice Long Grain Cash Bid for  Oct/Nov 1057  to  1080/cwt   - - - - - -  to  - - - Chicago Futures: Nov up  4  at  1167    Jan up  4  at  1200    Mar up  2  at  1220    May up  4  at  1232    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed the day with modest gains well off of the daily high. Weakness in the grain and oilseed markets made it impossible for rice to maintain early gains, despite a marketing year high sales week for rice exports. Strong export demand continues to support rice prices. The next major upside chart objective is the January ’97 high of $12.45. Cattle & Hogs  Date: October 04, 2007 Cattle As reported by Federal-State Market News, receipts were 2,485 head at sales in Charlotte, Green Forest & Ola.  Compared with last week, feeder steers sold unevenly, about steady. Feeder heifers sold mostly steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 130   500 to 550 lbs. 97 to 107   600 to 700 lbs. 95 to 105  Medium & Large Frame 2   400 to 450 lbs. 98 to 108 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 104 to 114  Medium & Large Frame 2   400 to 450 lbs. 98 to 108 Slaughter Cows, Boners 42   to   48 Light Weight 31 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   58, high dressing 62-63 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 up 25 at 9535   Dec up 45 at 9785 Feeders: Oct up 10 at 11500   Jan up 12 at 11415 Cattle Comment Cattle futures were higher across the board. Cash fundamentals are positive, with declining stocks of market ready cattle expected throughout fall and winter. Concerns that competition for consumer dollars from cheap pork will limit demand for beef remain a negative. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Oct down 2 at 5865   Dec down 52 at 6007 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended mixed on ideas the market is oversold and support from futures’ discount to cash prices. Cash fundamentals remain bearish and it is likely declines will continue. Support for October begins at the recent low of $57.30. Poultry  Date: October 04, 2007 Eggs New York:  Ex. Lg. 116-120; Lg. 114-118; Med. 96-100; Chicago:  Ex. Lg. 114-122; Lg. 112-120; Med. 88-96; Eastern Region Turkeys Hens: 8-16 lbs. 92-96 Toms: 16-24 lbs. 92-96   Delmarva Broilers U.S. Grade A Trade sentiment was overall no better than steady. Supplies of all sizes were more than sufficient to satisfy trade needs. 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