10/05/2007 Farm Bureau Market Report

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Grain & Soybean Date: October 05, 2007 Soybeans Local Elevators: (Oct) EAST AR:  871 to 898 (NC) Summ. 871 to 904 River Elevators: (Oct) MISS: 893 to 906 ; AR & White 878 to 897 (NC) Summ. 893 to 950 Ark. Processor Bids: (Oct) 899 to 903  (NC) 905 to 945 Memphis:  (Oct) 888 1/2 to 890 1/2 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 899 ; Pendleton 898 ; West Memphis 900 Chicago Futures: Nov down 13 3/4 at  940 3/4   Jan  down  12 1/4  at  960   Mar down 13  at  971 1/4   Jul down 1/2  at  378 1/4   Nov '08 down 12 1/4  at  937   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybean prices fell sharply today as the market appears to have put in a major top last week. Soybean prices are expected to have a difficult time finding any kind of support be it technical or fundamental for any kind of rally in the near term. With today’s prices dropping below trendline support and the strong yield expectations for next weeks crop soybeans are having a difficult time finding any support. Downside retracement objectives and likely points of support are $9.36, $9.11, and $8.86. Wheat Cash bid for October at Memphis  826 to 844; Bids to farmers at Local Elevators 584-607; River Elevators 599-612; Chicago Futures: Dec down  16  at  890    Mar down 14  at  902    May up  1 1/2  at  832 1/2    Jul '08 up  7 1/2  at  686 1/2    Jul '09 up  10  at  625    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  665 to 667; 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 332 1/4;   new crop at Memphis   359 3/4 to - - -; Bids to farmers at River Elevators  313 to 323 Chicago Futures: Dec unchanged  1/4  at  342 1/4    Mar unchanged    at  359    May down  1/4  at  369 1/2    Dec '08 down  1 1/4  at  393 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended mixed again today. Old crop December fell below $9.00, a strong signal that a top has been put in for the time being. There was little news to react to today as traders cruised into the weekend. Next week’s supply/demand report is expected to show an increase in the export projection, since the cumulative sales total is already 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 05, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 17 at  5872   Greenwood down  17 at 5872 New York Futures: Oct up  76  at  6125    Dec down  29  at  6320    Mar down  11  at  6690    May down  61  at  6750    Dec '08 down  335  at  7240  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton prices continue to move sideways. Weakness in the grain market continues to plague the cotton market. However, the potential for another large drop in cotton acres in 2008 appears to be adding some support to the market, despite weak fundamentals. Relatively strong cotton prices coupled with a strengthening dollar has slowed export dramatically over the last few weeks. Rice Long Grain Cash Bid for  Oct/Nov 1045  to  1085/cwt   - - - - - -  to  - - - Chicago Futures: Nov down  12  at  1155    Jan down  13  at  1187    Mar down  12  at  1208    May down  12  at  1220    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice prices followed corn and soybean prices lower today. Weakness in the grain and oilseed markets continues to influence the rice market, despite the relatively strong demand for rice. While prices remain well above the support at $11.20, without a significant improvement in other markets it is unlikely rice will test the $12.45 upside objective we were hoping for earlier. Cattle & Hogs  Date: October 05, 2007 Cattle As reported by Federal-State Market News, receipts were 3,757 head at sales in Glenwood, Hope & Fayetteville.  Compared with last week, feeder steers sold unvenly, mostly steady, instances $1-2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 130   500 to 550 lbs. 110 to 120   600 to 700 lbs. 103 to 113  Medium & Large Frame 2   400 to 450 lbs. 112 to 122 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 98 to 108 Slaughter Cows, Boners 43   to   47 Light Weight 30 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   61, high dressing $61-63.50 Midwest Steers   were steady   at   92   to   - - - Panhandle Steers   were $1 higher   at   93   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 113 to 134   600 to 650 lbs. 113 to 126 Heifers 500 to 550 lbs. 105 to 119.50   600 to 650 lbs. 99 to 120.50 Chicago Futures: Live Cattle: Oct down 167 at 9367   Dec down 172 at 9612 Feeders: Oct down 105 at 11395   Jan down 132 at 11282 Cattle Comment Cattle futures were down over $1 in most contracts. Concerns that competition for consumer dollars from cheap pork will limit demand, weak packer margins and news that South Korea has halted all imports of U.S. beef all contributed to the sell-off. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Oct down 42 at 5822   Dec up 22 at 6030 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 05, 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. 93-96 Toms: 16-24 lbs. 93-96   Delmarva Broilers U.S. Grade A Trade sentiment was steady at best. Supplies of all items were as not as plentiful as before, but availability was at least adequate to available with mixed interest. 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