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 yesterdays 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 weeks 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 Chinas 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 ATrade 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.
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