10/09/2007 Farm Bureau Market Report

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Grain & Soybean Date: October 09, 2007 Soybeans Local Elevators: (Oct) EAST AR:  877 to 900 (NC) Summ. 883 to 906 River Elevators: (Oct) MISS: 898 to 907 ; AR & White 883 to 902 (NC) Summ. 895 to 959 Ark. Processor Bids: (Oct) 901 to 905  (NC) 907 to 954 Memphis:  (Oct) 905 1/4 to 910 1/4 (NC)  n/a to - - - Riceland Foods:  (NC) Stuttgart 901 ; Pendleton 900 ; West Memphis 902 Chicago Futures: Nov up 24 3/4 at  950 1/4   Jan  up  26 3/4  at  968 3/4   Mar up 24 3/4  at  980 3/4   Jul up 22 1/4  at  992 1/4   Nov '08 up 19 1/2  at  935 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Just as quickly as it turned lower the soybean market is making a rebound. Support is coming from day conditions in Brazil and the related planting progress. In addition funds appear to be buying back some of their liquidated positions. Friday’s report will be a key to future price movement. Fundamentals are a little negative with a big soybean acreage planned in South America, and the corn and ethanol situation slowing down. November soybeans have retracement objectives at $9.11 and $8.86. Resistance starts at $9.50 and then at $9.75. Wheat Cash bid for October at Memphis  785 1/2 to 806 1/2; Bids to farmers at Local Elevators 566-581; River Elevators 573-586; Chicago Futures: Dec down  14 1/2  at  845 1/2    Mar down 13 1/2  at  858    May down  2 1/2  at  800    Jul '08 up  3 1/4  at  660 1/2    Jul '09 up  2  at  605    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  656 to 660; Bids to farmers at River Elevators 311-323; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   331 1/2 to 337 1/2;   new crop at Memphis   360 to - - -; Bids to farmers at River Elevators  311 to 323 Chicago Futures: Dec up  2 3/4  at  342 1/2    Mar up  3 1/4  at  359 1/2    May up  2 1/4  at  369 1/4    Dec '08 up  2  at  393    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended mixed, with old crop contracts continuing lower, while new crop posted small gains. 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 09, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 24 at  5848   Greenwood down  24 at 5848 New York Futures: Oct down  2  at  5948    Dec up  55  at  6298    Mar up  49  at  6670    May up  45  at  6795    Dec '08 up  55  at  7220  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton got a little bump in early trading, but essentially remained in a consolidation area just above 62.25 cents. 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 1060  to  1080/cwt   - - - - - -  to  - - - Chicago Futures: Nov down  2 1/2  at  1170 1/2    Jan down  1  at  1204    Mar down  3  at  1232    May down  3  at  1247    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice remained in a consolidation pattern in the early trade. The contract high of $11.78 is current resistance. 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 futures ended mixed. Lower corn prices were supportive. Cattle & Hogs  Date: October 09, 2007 Cattle As reported by Federal-State Market News, receipts were 3,960 head at sales in Ash Flat, Springdale & Fort Smith.  Compared with last week, feeder steers sold weak to $4 lower, heifers mostly steady, instance 2-4 lower on lightweight calves . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115 to 125   500 to 550 lbs. 107 to 117   600 to 700 lbs. 101 to 111  Medium & Large Frame 2   400 to 450 lbs. 114 to 124 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. 96 to 106 Slaughter Cows, Boners 43   to   48 Light Weight 32 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   59, high dressing 59.50-64.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 115 to 124.25   600 to 650 lbs. 115.25 to 119.25 Heifers 500 to 550 lbs. 106 to 114   600 to 650 lbs. 106 to 110.25 Chicago Futures: Live Cattle: Oct up 17 at 9390   Dec up 25 at 9650 Feeders: Oct down 60 at 11325   Jan down 5 at 11347 Cattle Comment Cattle futures ended mixed. 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 and below that near $94. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Oct down 20 at 5747   Dec up 25 at 5972 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were also mixed. Cash fundamentals remain bearish and it is likely declines will continue. October tested support at $57.30 before closing near the middle of the day’s trading range. Poultry  Date: October 09, 2007 Eggs New York:  Ex. Lg. 114-118; Lg. 112-116; Med. 96-100; Chicago:  Ex. Lg. 106-114; Lg. 104-112; Med. 90-98; 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, mostly about steady. Supplies of all sizes were usually sufficient and more manageable than previous week. 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