10/11/2007 Farm Bureau Market Report

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Grain & Soybean Date: October 11, 2007 Soybeans Local Elevators: (Oct) EAST AR:  921 to 947 (NC) Summ. 927 to 953 River Elevators: (Oct) MISS: 930 to 949 ; AR & White 928 to 947 (NC) Summ. 942 to 991 Ark. Processor Bids: (Oct) 944 to 948  (NC) 954 to 986 Memphis:  (Oct) 945 1/2 to 946 1/2 (NC)  n/a to - - - Riceland Foods:  (NC) Stuttgart 948 ; Pendleton 947 ; West Memphis 949 Chicago Futures: Nov up 13 1/4 at  981 1/2   Jan  up  14 1/4  at  1001   Mar up 12 1/2  at  1010 3/4   Jul up 11 1/4  at  1017 1/4   Nov '08 up 4 1/2  at  950   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rallied from a weaker start to close with good gains ahead of tomorrow’s report. Yield expectations vary from 41 to 43 bushels per acre, while there is increasing believe that acreage will be reduced significantly. In any case the overall bean supply could be reduced. That and dry weather in South America has prompted a rally of almost 60 cents since Monday. Major resistance will be seen at $10 and the contract high of $10.17. Support starts at this week’s low of $9.23. Overall trend remains up. Wheat Cash bid for October at Memphis  843 to 861; Bids to farmers at Local Elevators 591-606; River Elevators 598-612; Chicago Futures: Dec up  29 1/2  at  883    Mar up 30  at  898 1/2    May up  24  at  837    Jul '08 up  20 1/4  at  686    Jul '09 up  17  at  628    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  671 to 680; Bids to farmers at River Elevators 616-679; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   349 3/4 to 350 3/4;   new crop at Memphis   361 1/2 to - - -; Bids to farmers at River Elevators  324 to 343 Chicago Futures: Dec down  3 1/2  at  343 3/4    Mar down  3 1/2  at  360 3/4    May down  3 1/2  at  370 3/4    Dec '08 down  3 1/2  at  393 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Nearby wheat futures were up the limit in reaction to weakness in the dollar. News that Iraq and Morocco are in the market for wheat was also supportive. July found resistance at $6.88. A close above that level would bring about a challenge of the contract high of $6.95. Cotton & Rice  Date: October 11, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 2 at  5973   Greenwood up  2 at 5973 New York Futures: Dec down  48  at  6373    Mar down  31  at  6764    May down  30  at  6890    Jul down  35  at  7005    Dec '08 down  18  at  7300  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was lower as 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. Tomorrow’s report could be seen as a slight upward adjustment in production, perhaps a couple of hundred thousand bales or so. Rice Long Grain Cash Bid for  Oct/Nov 1062  to  1080/cwt   Dec 1062/cwt  to  - - - Chicago Futures: Nov up  4  at  1172    Jan up  5  at  1206    Mar up  5  at  1234    May up  5  at  1249    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice remained in the 3 week consolidation zone while firming slightly today. Overall world fundamentals continue to show a tightening supply situation. Vietnam’s export ban remains intact, and India earlier this week announced a ban on white rice exports. This firmed Thai prices and allowed them to move some old ’04 and ’05 intervention stocks into the market with little impact on price. Tight holding by U.S. farmers has kept futures firm while cash bids remain below expectations. If cash bids don’t rise, farmers may consider delivering against futures to bring things back into balance. Cattle & Hogs  Date: October 11, 2007 Cattle As reported by Federal-State Market News, receipts were 2,693 head at sales in Charlotte, Green Forest & Ola.  Compared with last week, feeder steers sold unevenly, about steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118 to 128   500 to 550 lbs. 111 to 121   600 to 700 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 115 to 125 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 104 to 114  Medium & Large Frame 2   400 to 450 lbs. 95 to 105 Slaughter Cows, Boners 43   to   49 Light Weight 32 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   59.50, high dressing untested Midwest Steers   were steady   at   89   to   90 Panhandle Steers   were steady to $1 higher   at   89   to   90 Oklahoma City Feeders Steers 500 to 550 lbs. 118 to 124.50   600 to 650 lbs. 103 to 115 Heifers 500 to 550 lbs. 102 to 107   600 to 650 lbs. n/a to - - - Chicago Futures: Live Cattle: Oct up 57 at 9467   Dec up 115 at 9777 Feeders: Oct up 115 at 11435   Jan up 157 at 11472 Cattle Comment Cattle futures posted strong gains after charting a bullish key reversal yesterday. This is a strong signal that the market has charted at least a short-term bottom. Indications that market-ready fed cattle supplies will be manageable throughout the winter are providing underlying support, but weak beef demand may limit the upside. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Oct up 17 at 5755   Dec up 77 at 6055 Sheep St. Paul sheep shorn slaughter lambs   at   - - -   to   - - - Hogs Comment Hogs followed cattle futures higher. Stronger packer demand and good product movement gave the market a boost. December has tough resistance at today’s high of $61.05. Poultry  Date: October 11, 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 lbs. 93-96   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady to about steady. Supplies of all sizes were usually at least 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_marketing/email/ ---------------------------------------- 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