10/12/2007 Farm Bureau Market Report

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Grain & Soybean Date: October 12, 2007 Soybeans Local Elevators: (Oct) EAST AR:  919 to 942 (NC) Summ. 925 to 948 River Elevators: (Oct) MISS: 932 to 944 ; AR & White 924 to 931 (NC) Summ. 937 to 985 Ark. Processor Bids: (Oct) 939 to 943  (NC) 949 to 980 Memphis:  (Oct) 941 3/4 to - - - (NC)  n/a to - - - Riceland Foods:  (NC) Stuttgart 943 ; Pendleton 944 ; West Memphis 952 Chicago Futures: Nov down 4 3/4 at  976 3/4   Jan  down  5 3/4  at  995 1/4   Mar down 3  at  1007 3/4   Jul down 1 1/4  at  1018 1/2   Nov '08 down 11  at  961   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans failed to hold early gains and ended the session mixed with old contracts lower. USDA made several adjustments in the soybean supply demand number including 400,000 acres less in planted acreage. That left ’07 production 21 million bushels less than the previous month. Overall projected stocks were unchanged at 215 million bushels. At the same time corn plantings were increased 700,000 acres, but projected yield actually declined instead of increasing as was expected. Reduced usage pushed projected stocks to 2 billion bushels. However, the market traded stronger all day as traders reacted to the smaller yield number. Wheat Cash bid for October at Memphis  600 1/2 to 610 1/2; Bids to farmers at Local Elevators 586-601; River Elevators 593-606; Chicago Futures: Dec down  25 1/2  at  857 1/2    Mar down 25 1/2  at  873    May down  14  at  815    Jul '08 down  5 1/2  at  680 1/2    Jul '09 unchanged    at  621    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  684 to 686; Bids to farmers at River Elevators 611-673; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   357 to 358;   new crop at Memphis   368 to - - -; Bids to farmers at River Elevators  331 to 350 Chicago Futures: Dec up  7 1/4  at  351    Mar up  7  at  367 3/4    May up  7 1/2  at  378 1/4    Dec '08 up  6 1/2  at  400 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was battered after making limit gains yesterday. The decline came despite further tightening of U.S. and world stocks and a further reduction in Australia’s production. The U.S. stocks will be the lowest in almost 60 years. Old crop December support starts at this week’s low of $8.41. New crop July support is $6.56 ½. Cotton & Rice  Date: October 12, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 14 at  5987   Greenwood up  14 at 5987 New York Futures: Dec up  14  at  6387    Mar up  24  at  6788    May up  34  at  6924    Jul up  49  at  7054    Dec '08 up  40  at  7340  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed the day with minor gains after what would generally be considered a bearish report. U.S. production was raised 340,000 bales to 18.15 million bales, however that was offset partially by a 220,000 bale decrease in beginning stocks. On the world side an almost 4 and 3 million bale increase in their ’07 production projection look bearish. USDA left their import requirements unchanged and increased their use by 1.5 million bales to 55 million bales. Current resistance for December is just above 66 cents with support at 62 cents. The market appears to have some near term downside potential. Rice Long Grain Cash Bid for  Oct/Nov 1054  to  1080/cwt   - - - - - -  to  - - - Chicago Futures: Nov down  8  at  1164    Jan down  9  at  1197    Mar down  9  at  1225    May down  9  at  1240    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed lower with most of the declines coming late in the session. USDA raised U.S. production by 5.3 million cwt, with 3.8 million cwt of that in long grain. The good news is that projected exports increased 6 million cwt with all of that in long grain. Net result was projected ending stocks are now just 13.5 million cwt. World rice numbers were basically unchanged. November futures are testing support just below $11.60, inability to hold here could see a move to the 38% retracement objective at $11.27. Resistance remains at $11.78. Long term supply fundamentals suggest additional upside potential. Cattle & Hogs  Date: October 12, 2007 Cattle As reported by Federal-State Market News, receipts were 8,630 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 106 to 114   500 to 550 lbs. 99 to 109   600 to 700 lbs. 92 to 102  Medium & Large Frame 2   400 to 450 lbs. 112 to 122 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 106 to 114  Medium & Large Frame 2   400 to 450 lbs. 96 to 106 Slaughter Cows, Boners 43   to   48 Light Weight 34 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   58.50, high dressing 60-63.50 Midwest Steers   were steady   at   89   to   90 Panhandle Steers   were steady   at   89   to   90 Oklahoma City Feeders Steers 500 to 550 lbs. 112 to 126.50   600 to 650 lbs. 103 to 116.50 Heifers 500 to 550 lbs. 100 to 116   600 to 650 lbs. 99 to 108.85 Chicago Futures: Live Cattle: Oct down 22 at 9445   Dec down 55 at 9722 Feeders: Oct down 97 at 11337   Jan down 82 at 11390 Cattle Comment Cattle futures were mostly lower as the market reacted to stronger corn and soybean prices. Weaker beef prices contributed to the negative undertone. Cutout values plunged over 200 the last two days, reducing packer margins and forcing adjustments in slaughter rates. December live cattle made test support at Wednesday’s low of $95.55. November feeder futures remain in a downtrend, having lost over $6 since topping right after Labor day. Hogs Peoria: were $1     higher   at   36.5   to   37 Chicago Futures: Oct up 7 at 5762   Dec down 225 at 5827 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were pushed sharply lower by rising concerns about record supplies. December futures became the lead contract, after October expired at noon, and ended the day 2.25 cents lower. This left the charts in an extremely negative position and suggests further losses in the near term. Poultry  Date: October 12, 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 mixed, but mostly steady. Supplies of all sizes were usually 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