10/18/2007 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: October 18, 2007 Soybeans Local Elevators: (Oct) EAST AR:  934 to 961 (NC) Summ. 940 to 967 River Elevators: (Oct) MISS: 942 to 965 ; AR & White 942 to 961 (NC) Summ. 952 to 1002 Ark. Processor Bids: (Oct) 954 to 958  (NC) 964 to 995 Memphis:  (Oct) 961 1/2 to 966 1/2 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 958 ; Pendleton 961 ; West Memphis 963 Chicago Futures: Nov up 17 1/4 at  991 1/2   Jan  up  17 1/4  at  1010 1/4   Mar up 16  at  1023 1/4   Jul up 14 1/2  at  1031 1/2   Nov '08 up 16 1/2  at  982 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted double-digit gains. Weakness in the U.S. dollar was the driving force behind the market today. Rains across the Mid-west have stalled harvest, and that is also supportive. Today’s move could set the stage for a November retest of the contract high of $10.17 ½. Wheat Cash bid for October at Memphis  795 1/2 to 810 1/2; Bids to farmers at Local Elevators 581-596; River Elevators 588-601; Chicago Futures: Dec up  5  at  825 1/2    Mar up 3 3/4  at  844 1/2    May up  10  at  804 1/2    Jul '08 up  11 1/4  at  675 1/2    Jul '09 up  5  at  643    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  683 to 695; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   379 1/4 to 381 1/4;   new crop at Memphis   381 1/2 to - - -; Bids to farmers at River Elevators  364 to 379 Chicago Futures: Dec up  9 1/4  at  367 1/4    Mar up  9  at  383 1/2    May up  8 3/4  at  393 3/4    Dec '08 up  9  at  413 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was also higher, with new crop contracts leading the way. Further weakness in the U.S. dollar is bringing foreign buyers to the table despite record high wheat prices. The USDA reported 36.2 million bushels sold for export last week. Old crop December has downtrending resistance near $8.70, while new crop July has resistance around $6.85. Cotton & Rice  Date: October 18, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 59 at  6165   Greenwood up  59 at 6165 New York Futures: Dec up  159  at  6515    Mar up  149  at  6902    May up  155  at  7042    Jul up  159  at  7180    Dec '08 up  179  at  7510  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton moved higher and broke out of the consolidation range that has held the market for more than two weeks. Fundamentals remain somewhat bearish, however. Last week’s report added 340,000 bales to ’07 production and projected ending stocks rose to 6.4 million bales. World numbers 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 are generally slow with December at or above 64 cents and increase when the market slides toward 60 cents. Rice Long Grain Cash Bid for  Nov 1045  to  1080/cwt   Dec 1080/cwt  to  - - - Chicago Futures: Nov up  9  at  1155    Jan up  7 1/2  at  1186 1/2    Mar up  6  at  1216    May up  8  at  1240    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice gapped higher, but ended at the bottom of the day’s trading range. Resistance is at the contract high of $11.78 is now back in 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 18, 2007 Cattle As reported by Federal-State Market News, receipts were 3,097 head at sales in Charlotte, Green Forest & Ola.  Compared with last week, feeder steers sold unevenly, mostly weak to $4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112 to 122   500 to 550 lbs. 109 to 119   600 to 700 lbs. 101 to 111  Medium & Large Frame 2   400 to 450 lbs. 111 to 121 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 44   to   50 Light Weight 32 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   62, high dressing 62.50-70 Midwest Steers   were steady   at   91   to   - - - Panhandle Steers   were steady   at   91   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 up 42 at 9770   Feb up 45 at 9940 Feeders: Nov up 15 at 11222   Jan down 10 at 11225 Cattle Comment Cattle futures ended mostly higher as traders even positions ahead of tomorrow’s cattle on feed report. The trade is anticipating a negative report– most expect placements to be up from year ago levels. Prices could work toward support at the recent low of $95.55. Hogs Peoria: were $.50     lower   at   33.50   to   35.50 Chicago Futures: Dec up 37 at 5737   Feb down 15 at 6360 Sheep St. Paul sheep shorn slaughter lambs   at   n/   to   - - - Hogs Comment Hogs were mixed. 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 18, 2007 Eggs New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 98-102; 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, but soft. Overall, supplies were usually available for trade requirements. 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