10/17/2007 Farm Bureau Market Report

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Grain & Soybean Date: October 17, 2007 Soybeans Local Elevators: (Oct) EAST AR:  916 to 943 (NC) Summ. 922 to 949 River Elevators: (Oct) MISS: 924 to 946 ; AR & White 923 to 948 (NC) Summ. 934 to 981 Ark. Processor Bids: (Oct) 936 to 940  (NC) 946 to 978 Memphis:  (Oct) 941 1/4 to 945 1/4 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 940 ; Pendleton 943 ; West Memphis 945 Chicago Futures: Nov down 3 1/4 at  974 1/4   Jan  down  3 3/4  at  993   Mar down 4  at  1007 1/4   Jul down 4 1/4  at  1017   Nov '08 down 7 3/4  at  966 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended lower. November is finding resistance at $9.90 too much to overcome. 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  785 1/2 to 803 1/2; Bids to farmers at Local Elevators 569-584; River Elevators 576-590; Chicago Futures: Dec down  8  at  820 1/2    Mar down 6 3/4  at  840 3/4    May down  7  at  794 1/2    Jul '08 down  3 3/4  at  664 1/4    Jul '09 unchanged    at  638    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  675 to 696; Bids to farmers at River Elevators 614-677; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   370 to 372;   new crop at Memphis   373 to - - -; Bids to farmers at River Elevators  355 to 370 Chicago Futures: Dec down  2 1/2  at  358    Mar down  2 3/4  at  374 1/2    May down  2 1/2  at  385    Dec '08 down  4 1/2  at  404 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted losses again today. There is concern now that export sales will be cancelled as foreign buyers decide they paid too much this fall. The winter crop in the U.S. is off to a pretty good start, but the Australian crop is still in bad shape. Cotton & Rice  Date: October 17, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 61 at  6006   Greenwood up  61 at 6006 New York Futures: Dec up  11  at  6356    Mar up  12  at  6753    May down  1  at  6887    Jul up  3  at  7021    Dec '08 down  18  at  7331  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 1036  to  1080/cwt   Dec/Jan 1080/cwt  to  - - - Chicago Futures: Nov up  6  at  1146    Jan up  4 1/2  at  1179    Mar up  4  at  1210    May up  10  at  1232    Jul up  10  at  1245  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended higher after November held above support around $11.40. Further weakness would bring retracement objectives of $11.27, $11.12 and $10.87 back into play. Resistance now begins at yesterday’s gap lower between $11.48 and $11.50. 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 17, 2007 Cattle As reported by Federal-State Market News, receipts were 461 head at sales in Ola & Pocahontas.  Compared with last week, feeder steers sold firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110 to 119   500 to 550 lbs. 103 to 112   600 to 650 lbs. n/a to - - -  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 101 to 111  Medium & Large Frame 2   400 to 450 lbs. 90 to 95 Slaughter Cows, Boners 40   to   46 Light Weight 35 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   54.50, high dressing untested   to   - - - Midwest Steers   were quoted   at   91   to   - - - Panhandle Steers   were quoted   at   91   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 115 to 122   550 to 600 lbs. 112 to 120 Heifers 500 to 550 lbs. 105.75 to 111   600 to 650 lbs. 95 to 103.75 Chicago Futures: Live Cattle: Dec down 12 at 9727   Feb down 10 at 9895 Feeders: Nov down 45 at 11207   Jan down 72 at 11235 Cattle Comment December live cattle ended lower, but follow-through on yesterday’s reversal was limited. 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   35.5   to   36 Chicago Futures: Dec down 72 at 5700   Apr down 35 at 6765 Sheep St. Paul sheep shorn slaughter lambs   at   - - -   to   - - - Hogs Comment December hogs were lower again today after charting a bearish reversal yesterday. Record-large market ready hog supplies are weighing on the market. Traders expect to see this impacting margins and product values soon. December could retest the contract low of $54.50. Poultry  Date: October 17, 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 handle 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