10/08/2007 Farm Bureau Market Report

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Grain & Soybean Date: October 08, 2007 The report is shorter today due to some facilities being closed in observance of the Columbus Day holiday. Soybeans Local Elevators: (Oct) EAST AR:  n/a to - - - (NC) Summ. n/a to - - - River Elevators: (Oct) MISS: n/a to - - - ; AR & White n/a to - - - (NC) Summ. n/a to - - - Ark. Processor Bids: (Oct) n/a to - - -  (NC) n/a to - - - Memphis:  (Oct) n/a to - - - (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 884 ; Pendleton 883 ; West Memphis 885 Chicago Futures: Nov down 15 at  925 1/2   Jan  down  18  at  942   Mar down 15 1/2  at  955 3/4   Jul down 12 1/4  at  969 3/4   Nov '08 down 20 3/4  at  916 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were hit by another round of liquidation as wheat led today’s downturn. Fundamentals are really unchanged, but the market seems to have run its course and funds are now taking profits. November has retracement objectives at $9.11 and $8.86. The latter will be key support – a close below this level could see a move toward the last major low in mid-August of $8.04 ½. Wheat Cash bid for October at Memphis  n/a to - - -; Bids to farmers at Local Elevators n/a; River Elevators n/a; Chicago Futures: Dec down  30  at  860    Mar down 30  at  872    May down  30  at  802 1/2    Jul '08 down  29 1/4  at  657 1/4    Jul '09 down  22  at  603    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  n/a to - - -; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   n/a to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  n/a to - - - Chicago Futures: Dec down  2 1/2  at  339 3/4    Mar down  2 3/4  at  356 1/4    May down  2 1/2  at  367    Dec '08 down  2 1/2  at  391    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Old crop wheat was down the limit, and new crop wasn’t far behind. Technical selling and fund liquidation of long positions sparked today’s sell-off. It now appears the market has run out of buyers at these record high prices, and that the bullish supply side situation has been fully factored into prices. New crop July has a downside objective between $6.38 and $6.54 ½. Cotton & Rice  Date: October 08, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis  n/a at  - - -   Greenwood   n/a at - - - New York Futures: Oct down  72  at  5950    Dec down  79  at  6243    Mar down  65  at  6621    May down  49  at  6750    Dec '08 down  56  at  7165  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton retested last week’s low and ended the session sharply lower. It appears importers are biding their time and waiting for the market to work lower. There is potential for renewed buying interest but it may take a drop to 60 cents to get things moving. Once that happens we should see another bounce in price. China will either have to buy substantial cotton or use existing stocks. Sooner or later they will have to re-enter the market which means price could move substantially higher but it may be the ’08 crop before that happens. Rice Long Grain Cash Bid for  Oct/Nov 1063  to  1080/cwt   - - - - - -  to  - - - Chicago Futures: Nov up  18  at  1173    Jan up  18  at  1205    Mar up  27  at  1235    May up  30  at  1250    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice made a strong rebound with November moving within 2 cents of the recent contract high. A close above that level will again open the market to challenge the January ’97 high of $12.45. Good immediate demand has helped buffer the impact of a good harvest and the likelihood of this month’s U.S. production report increasing. Overall world stocks will decline again this year and Vietnam has yet to lift their export ban. Cattle & Hogs  Date: October 08, 2007 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were steady to $.50 higher   at   92   to   92.50 Panhandle Steers   were $2 lower to steady   at   91   to   93 Oklahoma City Feeders Steers 500 to 550 lbs. 116 to 124.25   600 to 650 lbs. 117.25 to 119.50 Heifers 550 to 600 lbs. 103.50 to 108   650 to 700 lbs. 100 to 104.25 Chicago Futures: Live Cattle: Oct up 5 at 9372   Dec up 12 at 9625 Feeders: Oct down 10 at 11385   Jan up 70 at 11352 Cattle Comment Cattle futures ended mixed. Lower corn prices were supportive, but weak beef values and negative packer margins limited the upside. Competition from cheap pork was also a negative. December has nearby support at $96.10, the low two days in a row. Below that, support is near $94. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Oct down 55 at 5767   Dec down 82 at 5947 Sheep St. Paul sheep shorn slaughter lambs   at   - - -   to   - - - Hogs Comment Hogs were lower again today. 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 08, 2007 Eggs New York:  Ex. Lg. n/a; Lg. n/a; Med. n/a; Chicago:  Ex. Lg. n/a; Lg. n/a; Med. n/a; Eastern Region Turkeys Hens: 8-16 lbs. n/a Toms: 16-24 lbs. n/a   Delmarva Broilers U.S. Grade A n/a ---------------------------------------- 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