10/22/2007 Farm Bureau Market Report

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Grain & Soybean Date: October 22, 2007 Soybeans Local Elevators: (Oct) EAST AR:  919 to 946 (NC) Summ. 925 to 952 River Elevators: (Oct) MISS: 927 to 953 ; AR & White 930 to 949 (NC) Summ. 937 to 988 Ark. Processor Bids: (Oct) 939 to 943  (NC) 949 to 979 Memphis:  (Oct) 952 1/2 to 956 1/2 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 943 ; Pendleton 946 ; West Memphis 948 Chicago Futures: Nov down 6 3/4 at  976 1/2   Jan  down  7 1/2  at  993 3/4   Mar down 8  at  1007 3/4   Jul down 4 3/4  at  999 3/4   Nov '08 down 7  at  964 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans started the day sharply lower, but retraced a portion of the decline by the end of the session. Improved planting conditions in Brazil and prospects of drier Midwest harvest weather later this week pressured the market. From a technical standpoint, November tested trendline support before rebounding. A close below $9.60 would be bearish. Wheat Cash bid for October at Memphis  841 to 856; Bids to farmers at Local Elevators 600-615; River Elevators 607-621; Chicago Futures: Dec up  15 1/2  at  871    Mar up 17  at  891 1/2    May up  14 1/2  at  845 1/2    Jul '08 up  2 1/4  at  695    Jul '09 up  3  at  671    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  678 to 690; Bids to farmers at River Elevators 638-700; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   377 1/2 to 378 1/2;   new crop at Memphis   380 3/4 to - - -; Bids to farmers at River Elevators  361 to 376 Chicago Futures: Dec down  5 3/4  at  364 1/2    Mar down  5  at  381    May down  5 1/4  at  391 3/4    Dec '08 down  4  at  411 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat reversed early losses to close higher. This extended Friday’s limit up move. The weaker dollar and tight world wheat stocks are making the U.S. the primary supplier. Initial resistance for December is around $8.90. New crop July made a new contract high and could be headed to a new higher level, if there is followthrough tomorrow. Cotton & Rice  Date: October 22, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 53 at  6137   Greenwood down  53 at 6137 New York Futures: Dec down  53  at  6487    Mar down  32  at  6900    May down  27  at  7045    Jul down  29  at  7180    Dec '08 down  38  at  7530  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton lost a little of the late week momentum that carried December back above 65 cents. The weaker U.S. dollar helped provide solid export potential. Harvest activities are moving at a fast pace with much of the mid-south crop picked. The big question is how much cotton will planted in ’08. Keith Collins, USDA chief economist, projects just 10 million acres of cotton while Informa economics puts it at 9.4 million acres. New crop December will likely need to move into the upper 70’s or low 80’s to hold acreage. Rice Long Grain Cash Bid for  Oct/Nov 1046/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov down  9  at  1156    Jan down  8  at  1190    Mar down  6  at  1220    May down  5  at  1242    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice was lower as the market continues to consolidate. Support remains around $11.40 with resistance at the contract high of $11.78. Strong rough rice export demand is keeping mills in an aggressive position as they attempt to cover later needs. Tightening world stocks are also becoming more obvious as Vietnam’s export ban remains in effect. Thailand is moving old intervention stocks into the market while making plans for as much as 8 million metric tones of new crop. Tight farmer holding is also adding underlying support. Cattle & Hogs  Date: October 22, 2007 Cattle As reported by Federal-State Market News, receipts were 1,018 head at sales in Springdale.  Compared with last week, feeder steers $1-5 lower, except the better 500-550 lbs. $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 123 to 126   500 to 550 lbs. 112 to 117   600 to 700 lbs. 100 to 105  Medium & Large Frame 2   400 to 450 lbs. 110 to 120 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 108 to 118  Medium & Large Frame 2   400 to 450 lbs. 99 to 109 Slaughter Cows, Boners 43   to   48 Light Weight 32 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   59, high dressing 59.50-60.50 Midwest Steers   were $3 lower to $2 higher   at   88   to   93 Panhandle Steers   were steady to $.50 higher   at   91   to   92.50 Oklahoma City Feeders Steers 500 to 550 lbs. 112 to 125   600 to 650 lbs. 114.25 to 116 Heifers 500 to 550 lbs. 102.50 to 110.50   650 to 700 lbs. 100 to 104.50 Chicago Futures: Live Cattle: Dec up 27 at 9757   Feb up 12 at 9910 Feeders: Nov up 32 at 11162   Jan up 42 at 11157 Cattle Comment Cattle futures remained in a consolidation pattern with most contracts higher despite a 9% increase in September placements. Upside may be limited by the longer term larger supply of cattle. Short term marketings are current and show lists generally reflect that factor. Hogs Peoria: were     steady   at   34.5   to   35 Chicago Futures: Dec down 2 at 5690   Feb down 7 at 6325 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mostly lower as supplies remain large. In addition the seasonal pattern suggests more hogs in the near term. Today’s cold storage report is expected to show increased stocks and further pressure the market near term. Poultry  Date: October 22, 2007 Eggs New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 98-102; Chicago:  Ex. Lg. 101-109; Lg. 99-107; Med. 90-98; 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 more than 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