10/16/2007 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: October 16, 2007 Soybeans Local Elevators: (Oct) EAST AR:  920 to 953 (NC) Summ. 926 to 959 River Elevators: (Oct) MISS: 926 to 946 ; AR & White 926 to 945 (NC) Summ. 938 to 985 Ark. Processor Bids: (Oct) 940 to 944  (NC) 950 to 982 Memphis:  (Oct) 944 1/2 to 948 1/2 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 944 ; Pendleton 953 ; West Memphis 945 Chicago Futures: Nov down 9 1/2 at  977 1/2   Jan  down  9  at  996 3/4   Mar down 7 1/4  at  1011 1/4   Jul down 5 3/4  at  1021 3/4   Nov '08 down 2 1/2  at  974   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans again failed to move above resistance at $9.90 and ended lower for the day. Improved soil moisture in Brazil and renewed planting activities contributed to the weaker undertone. Weakness in corn is also a factor. The big question is whether price will need to go higher to buy more soybean acreage in ’08. We may know that pretty soon. Wheat Cash bid for October at Memphis  793 1/2 to 808 1/2; Bids to farmers at Local Elevators 573-588; River Elevators 573-594; Chicago Futures: Dec down  5  at  828 1/2    Mar down 5  at  847 1/2    May down  2  at  801 1/2    Jul '08 down  3  at  668    Jul '09 up  2  at  638    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  679 to 692; Bids to farmers at River Elevators 347-367; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   368 1/2 to 372 1/2;   new crop at Memphis   377 3/4 to - - -; Bids to farmers at River Elevators  347 to 367 Chicago Futures: Dec down  1 1/2  at  360 1/2    Mar down  1  at  377 1/4    May down  1 1/4  at  387 1/2    Dec '08 down  1/4  at  408 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was lower again today, but closed at the top of the day’s trading range. Fundamentals remain bullish, but there are signs that the bull market is growing weary. There is concern now that export sales will be cancelled as foreign buyers decide they paid too much this fall. Cotton & Rice  Date: October 16, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 13 at  5945   Greenwood up  13 at 5945 New York Futures: Dec up  13  at  6345    Mar down  3  at  6741    May up  6  at  6888    Jul down  7  at  7018    Dec '08 up  20  at  7349  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was mixed today as overall fundamentals remain somewhat negative. Last week’s report added 340,000 bales to ’07 production and projected ending stocks rose to 6.4 million bales. World number increased as a result of adjustments to both China’s stocks and their ’07 production. The positive factor was an increase of 1.5 million bales to 55 million bales use by China. Exports generally slow with December at or above 64 cents and increase when the market slides toward 60 cents. Look for near term weakness as harvest moves toward completion. ’08 price levels should move higher as cotton attempts to hold acreage. Rice Long Grain Cash Bid for  Nov 1030  to  1080/cwt   Dec 1080/cwt  to  - - - Chicago Futures: Nov down  13  at  1140    Jan down  11 1/2  at  1174 1/2    Mar down  10  at  1206    May down  10  at  1222    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued lower with November testing support around $11.40. Further weakness would bring retracement objectives of $11.27, $11.12 and $10.87 back into play. Harvest is all but complete. While USDA increased the rice production projection in the last report, they also increased long grain exports and reduced projected ending stocks to 13.5 million cwt. Combined with tightening world stocks it still suggests upside potential later in the marketing year. The next major upside chart objective is the January ’97 high of $12.45. Cattle & Hogs  Date: October 16, 2007 Cattle As reported by Federal-State Market News, receipts were 815 head at sales in Fort Smith.  Compared with last week, feeder steers sold steady to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 124 to 132   500 to 550 lbs. 108 to 116   600 to 700 lbs. 100 to 108.50  Medium & Large Frame 2   400 to 450 lbs. 115 to 120 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 101 to 108  Medium & Large Frame 2   400 to 450 lbs. 91 to 101 Slaughter Cows, Boners 39   to   43.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   58 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Dec down 57 at 9740   Feb down 77 at 9905 Feeders: Nov down 72 at 11250   Jan down 80 at 11305 Cattle Comment December live cattle charted a bearish key reversal in today’s trade. Prices could work toward support at the recent low of $95.55. The trade is anticipating a negative cattle on feed report on Friday – most expect placements to be up from year ago levels. Hogs Peoria: were     steady   at   37   to   - - - Chicago Futures: Dec down 60 at 5772   Feb down 67 at 6457 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment December hogs also charted a bearish key reversal. Record-large market ready hog supplies are weighing on the market. Good packer margins and strong export numbers could limit the downside. December could retest the contract low of $54.50. Poultry  Date: October 16, 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 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