10/15/2007 Farm Bureau Market Report

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Grain & Soybean Date: October 15, 2007 Soybeans Local Elevators: (Oct) EAST AR:  929 to 962 (NC) Summ. 935 to 968 River Elevators: (Oct) MISS: 942 to 956 ; AR & White 936 to 955 (NC) Summ. 947 to 994 Ark. Processor Bids: (Oct) 949 to 953  (NC) 959 to 991 Memphis:  (Oct) 952 to 958 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 953 ; Pendleton 962 ; West Memphis 954 Chicago Futures: Nov up 10 1/4 at  987   Jan  up  10 1/2  at  1005 3/4   Mar up 10 3/4  at  1018 1/2   Jul up 9  at  1027 1/2   Nov '08 up 15 1/2  at  976 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded higher throughout today’s session with higher crude oil values providing support. Corn was ultimately the leader of the grain and bean complex as wet weather delayed harvest. Last Friday’s smaller than expected yields continues to be a factor as both crops had production projections below trade expectations. Corn use was reduced but there is a strong feeling that feed usage and exports were understated. In any case, there appears to be additional upside potential for both corn and beans. Wheat Cash bid for October at Memphis  795 1/2 to 813 1/2; Bids to farmers at Local Elevators 576-591; River Elevators 583-592; Chicago Futures: Dec down  24  at  833 1/2    Mar down 20 1/2  at  852 1/2    May down  11 1/2  at  803 1/2    Jul '08 down  9 1/2  at  671    Jul '09 up  8  at  636    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  695 to 705; Bids to farmers at River Elevators 639-702; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   370 to 374;   new crop at Memphis   375 1/2 to 376 1/2; Bids to farmers at River Elevators  342 to 367 Chicago Futures: Dec up  11  at  362    Mar up  10 1/2  at  378 1/4    May up  10 1/2  at  388 3/4    Dec '08 up  8 1/4  at  408 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was sharply lower today, as the market again failed to develop any followthrough to Thursday’s upturn. Fundamentals remain bullish, but there are signs that the bull market is growing weary. Cotton & Rice  Date: October 15, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 55 at  5932   Greenwood down  55 at 5932 New York Futures: Dec down  55  at  6332    Mar down  44  at  6744    May down  42  at  6882    Jul down  29  at  7025    Dec '08 down  11  at  7329  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed the day lower as last week’s report appears to be negative in the near term. 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 million bale addition to China’s stocks and 3 million bale increase in their ’07 production projection looks 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  Nov 1043  to  1080/cwt   Dec 1080/cwt  to  - - - Chicago Futures: Nov down  11  at  1153    Jan down  11  at  1186    Mar down  9  at  1216    May down  8  at  1232    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed lower with November dropping to the bottom of a three week consolidation area. Last Friday, 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 15, 2007 Cattle As reported by Federal-State Market News, receipts were 2,197 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold unevenly, averaging mostly steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118 to 128   500 to 550 lbs. 105 to 115   600 to 700 lbs. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. 113 to 123 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. 97 to 107 Slaughter Cows, Boners 43   to   49 Light Weight 30 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   59, high dressing 60-64 Midwest Steers   were steady to $3 higher   at   88   to   93 Panhandle Steers   were $2 higher to $2.50 lower   at   91   to   92.50 Oklahoma City Feeders Steers 500 to 550 lbs. 116.50 to 122   550 to 600 lbs. 112 to 119.75 Heifers 550 to 600 lbs. 100 to 101.75   650 to 700 lbs. 103.25 to 106.75 Chicago Futures: Live Cattle: Oct up 70 at 9515   Dec up 75 at 9797 Feeders: Oct down 30 at 11310   Jan down 5 at 11385 Cattle Comment Cattle moved higher despite continued resistance by packers. Weak margins were partially offset by reduced showlists. The trade is anticipating a negative cattle on feed report on Friday – most expected placement to be up from year ago levels. Hogs Peoria: were     steady   at   36.5   to   37 Chicago Futures: Dec up 5 at 5832   Feb up 15 at 6525 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were narrowly mixed as the market failed to develop any firm trends despite recent strength in pork values. Good packer margins and strong export numbers appear to be supportive. Poultry  Date: October 15, 2007 Eggs New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 96-100; Chicago:  Ex. Lg. 101-109; Lg. 99-107; Med. 88-96; Eastern Region Turkeys Hens: 8-16 lbs. 94-96 Toms: 16-24 lbs. 94-96   Delmarva Broilers U.S. Grade A Trade sentiment was mixed, but mostly steady. In the parts structure, demand was mostly fair for early week trading. 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