10/19/2007 Farm Bureau Market Report

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Grain & Soybean Date: October 19, 2007 Soybeans Local Elevators: (Oct) EAST AR:  925 to 952 (NC) Summ. 931 to 958 River Elevators: (Oct) MISS: 933 to 957 ; AR & White 934 to 953 (NC) Summ. 943 to 995 Ark. Processor Bids: (Oct) 945 to 949  (NC) 955 to 986 Memphis:  (Oct) 959 1/4 to 963 1/4 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 949 ; Pendleton 952 ; West Memphis 954 Chicago Futures: Nov down 8 1/4 at  983 1/4   Jan  down  9  at  1001 1/4   Mar down 7 1/2  at  1015 3/4   Jul down 7  at  1024 1/2   Nov '08 down 11 1/4  at  971 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were lower at mid-day on profit taking after yesterday’s solid gains. Weakness in the U.S. dollar and high energy futures are supportive, as both are seen as increasing demand for soybeans. Rains across the Mid-west have stalled harvest, and that is also supportive. Wheat Cash bid for October at Memphis  825 1/2 to 840 1/2; Bids to farmers at Local Elevators 598-613; River Elevators 605-619; Chicago Futures: Dec up  30  at  855 1/2    Mar up 30  at  874 1/2    May up  26 1/2  at  831    Jul '08 up  17 1/4  at  392 3/4    Jul '09 up  25  at  668    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  688 to 700; Bids to farmers at River Elevators 657-720; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   383 1/4 to 384 1/4;   new crop at Memphis   384 to - - -; Bids to farmers at River Elevators  367 to 382 Chicago Futures: Dec up  3  at  370 1/4    Mar up  2 1/2  at  386    May up  3 1/4  at  397    Dec '08 up  2  at  415 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was trading sharply higher on news that Russia is prepared to impose prohibitively high export tariffs on wheat. That will mean that wheat importers have one less source from which to buy. Couple that with the fact that the U.S. dollar is at record-low levels, and that should keep exports strong. Old crop December still has downtrending resistance near $8.70, but new crop July gapped above the downtrend and is poised to test the contract high of $6.95. Cotton & Rice  Date: October 19, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 15 at  6190   Greenwood up  15 at 6190 New York Futures: Dec up  25  at  6540    Mar up  38  at  6940    May up  3  at  7045    Jul up  25  at  7250    Dec '08 up  55  at  7565  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures were unchanged to fractionally higher at mid-day. Fundamentals remain somewhat bearish. 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 1055  to  1080/cwt   Dec 1080/cwt  to  - - - Chicago Futures: Nov up  10  at  1165    Jan up  11 1/2  at  1198    Mar up  10  at  1226    May up  7  at  1247    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was higher at mid-day, following strength in the wheat pit. Resistance 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. Weekly exports were up 21% from a week earlier, with the weak dollar making U.S. commodities more affordable on the global market. The next major upside chart objective is the January ’97 high of $12.45. Cattle & Hogs  Date: October 19, 2007 Cattle As reported by Federal-State Market News, receipts were 8,050 head at sales in Arkansas this week.  Compared with last week, feeder steers sold unevenly, mostly steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115 to 123   500 to 550 lbs. 105 to 115   600 to 700 lbs. 99 to 109  Medium & Large Frame 2   400 to 450 lbs. 111 to 121 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 101 to 111  Medium & Large Frame 2   400 to 450 lbs. 102 to 112 Slaughter Cows, Boners 44   to   49 Light Weight 32 to 39.50 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   58.50, high dressing 59-63 Midwest Steers   were steady   at   91   to   - - - Panhandle Steers   were steady to $1 higher   at   91   to   92 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 40 at 9730   Feb down 42 at 9897 Feeders: Nov down 92 at 11130   Jan down 110 at 11115 Cattle Comment Cattle futures were trading lower with the trade expecting a bearish cattle on feed report this afternoon. The average trade guess is for September placements to be 5% higher than last year. Prices could work toward support at the recent low of $95.55. Hogs Peoria: were $.50     higher   at   34.50   to   35 Chicago Futures: Dec down 27 at 5710   Feb down 15 at 6345 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were trading 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 19, 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. 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