10/10/2007 Farm Bureau Market Report

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Grain & Soybean Date: October 10, 2007 Soybeans Local Elevators: (Oct) EAST AR:  895 to 918 (NC) Summ. 901 to 924 River Elevators: (Oct) MISS: 916 to 935 ; AR & White 907 to 934 (NC) Summ. 913 to 977 Ark. Processor Bids: (Oct) 919 to 923  (NC) 925 to 972 Memphis:  (Oct) 933 1/4 to - - - (NC)  n/a to - - - Riceland Foods:  (NC) Stuttgart 919 ; Pendleton 918 ; West Memphis 920 Chicago Futures: Nov up 18 at  968 1/4   Jan  up  18  at  986 3/4   Mar up 17 3/4  at  998 1/4   Jul up 14  at  1006   Nov '08 up 9 3/4  at  945 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted strong gains today, recapturing all of what was lost Monday. Rumors that Friday’s report will cut this year’s acreage between 1 million and 2 million acres were the impetus for today’s move. Support is coming from dry conditions in Brazil and the related planting progress. That crop is still expected to set a new record, however. 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  811 to 831; Bids to farmers at Local Elevators 571-586; River Elevators 578-592; Chicago Futures: Dec up  7 1/2  at  853    Mar up 10  at  868 1/2    May up  13  at  813    Jul '08 up  5 1/4  at  665 3/4    Jul '09 up  6  at  611    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  674 to 683; Bids to farmers at River Elevators 616-679; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   348 1/4 to 354 1/4;   new crop at Memphis   365 to - - -; Bids to farmers at River Elevators  327 to 341 Chicago Futures: Dec up  4 3/4  at  347 1/4    Mar up  4 3/4  at  364 1/4    May up  5  at  374 1/4    Dec '08 up  4 1/4  at  397 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was a follower today and ended higher thanks to strength in soybeans. Export sales to both Egypt and Iraq contributed to the strength in wheat as well. New crop July has a downside objective between $6.38 and $6.54 ½. Cotton & Rice  Date: October 10, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 123 at  5971   Greenwood up  123 at 5971 New York Futures: Dec up  123  at  6421    Mar up  125  at  6795    May up  125  at  6920    Jul up  126  at  7040    Dec '08 up  98  at  7348  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was higher, but December stayed within the bounds of the recent consolidation area between 64.30 cents and 62.15 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 1058  to  1080/cwt   - - - - - -  to  - - - Chicago Futures: Nov down  2 1/2  at  1168    Jan down  3  at  1201    Mar down  3  at  1229    May down  3  at  1244    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was lower, but within the bounds of the recent consolidation area. 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 showing a bigger crop. Overall world stocks will decline again this year and Vietnam has yet to lift their export ban. Cattle & Hogs  Date: October 10, 2007 Cattle As reported by Federal-State Market News, receipts were 441 head at sales in Ola & Pocahontas.  Compared with last week, feeder steers sold near steady on a light test . Steers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 115   500 to 550 lbs. 100 to 110   600 to 650 lbs. 90.50 to 100  Medium & Large Frame 2   400 to 450 lbs. 102 to 107 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 97 to 105  Medium & Large Frame 2   400 to 450 lbs. 90 to 97 Slaughter Cows, Boners 36   to   42 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   n/a   to   - - - Midwest Steers   were quoted   at   89   to   90 Panhandle Steers   were quoted   at   89   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 115 to 124.25   600 to 650 lbs. 115.25 to 119.50 Heifers 500 to 550 lbs. 106 to 114   600 to 650 lbs. 106 to 110.25 Chicago Futures: Live Cattle: Oct up 20 at 9410   Dec up 12 at 9662 Feeders: Oct down 5 at 11320   Jan down 32 at 11315 Cattle Comment Cattle futures ended mixed. Stronger corn prices provided pressure for feeders. December live futures charted a bullish reversal today, signaling that prices have bottomed for the time being. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Oct up 10 at 5737   Dec up 5 at 5977 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were also mixed. Stronger packer demand and good product movement gave the market a boost. December has tough resistance at $60.90. Poultry  Date: October 10, 2007 Eggs New York:  Ex. Lg. 111-115; Lg. 109-113; 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 93-96   Delmarva Broilers U.S. Grade A Trade sentiment was mostly about steady. Supplies of all sizes were usually 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