10/23/2007 Farm Bureau Market Report

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Grain & Soybean Date: October 23, 2007 Soybeans Local Elevators: (Oct) EAST AR:  930 to 954 (NC) Summ. 936 to 960 River Elevators: (Oct) MISS: 932 to 960 ; AR & White 936 to 955 (NC) Summ. 948 to 993 Ark. Processor Bids: (Oct) 944 to 954  (NC) 960 to 984 Memphis:  (Oct) 961 3/4 to - - - (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 954 ; Pendleton 954 ; West Memphis 960 Chicago Futures: Nov up 5 1/4 at  981 3/4   Jan  up  5 1/2  at  999 1/4   Mar up 4 3/4  at  1012 1/2   Jul up 3 3/4  at  1021 1/2   Nov '08 up 3 1/2  at  961   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed a little higher after trading in a narrow range for the day. A weaker dollar and tight world feed grain supplies provide underlying strength for soybeans. Rumors suggest new buying for corn and beans may be coming from Asia. November futures remain in a consolidation pattern with resistance at $9.96. Support starts around $9.65. Wheat Cash bid for October at Memphis  813 to 826; Bids to farmers at Local Elevators 585-600; River Elevators 592-605; Chicago Futures: Dec down  30  at  841    Mar down 30  at  861 1/2    May down  26 1/4  at  819 1/4    Jul '08 down  15 1/2  at  679 1/2    Jul '09 down  3  at  668    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  679 to 684; Bids to farmers at River Elevators 632-695; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   374 to 375;   new crop at Memphis   377 1/2 to - - -; Bids to farmers at River Elevators  358 to 373 Chicago Futures: Dec down  3 1/2  at  361    Mar down  3 1/4  at  377 3/4    May down  3 1/4  at  388 1/2    Dec '08 down  1 1/4  at  410    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was pummeled again today with the market down the limit for the second time in 3 days. This confirmed an old crop top has been made. Support starts at $8.10. For new crop, the failure to move higher after yesterday’s new contract high suggests further weakness near term. A close below $6.55 would be bearish. Cotton & Rice  Date: October 23, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 39 at  6176   Greenwood up  39 at 6176 New York Futures: Dec up  39  at  6526    Mar up  42  at  6942    May up  45  at  7090    Jul up  48  at  7228    Dec '08 up  20  at  7550  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton reversed yesterday’s decline and retested resistance at 65.5 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 1042  to  1100/cwt   Dec 1100/cwt  to  - - - Chicago Futures: Nov down  4  at  1152    Jan down  3  at  1187    Mar down  3  at  1217    May down  4  at  1238    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice was lower again today 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 23, 2007 Cattle As reported by Federal-State Market News, receipts were 1,561 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold $2-5 higher, heifers steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118 to 128   500 to 550 lbs. 105 to 115   600 to 700 lbs. 91 to 99  Medium & Large Frame 2   400 to 450 lbs. 90 to 100 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 101 to 111  Medium & Large Frame 2   400 to 450 lbs. 90 to 100 Slaughter Cows, Boners 44   to   49 Light Weight 32 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   61.50, high dressing 61.50-64 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 117 to 123   600 to 650 lbs. 105 to 112.50 Heifers 500 to 550 lbs. 104.50 to 112.50   600 to 650 lbs. 95 to 104.25 Chicago Futures: Live Cattle: Dec down 35 at 9722   Feb down 20 at 9890 Feeders: Nov down 52 at 11110   Jan down 82 at 11075 Cattle Comment Cattle futures closed lower as bigger placements added pressure. Negative packer margins have dropped further into the red and this will pressure the market in the near term. December futures could retest support at the recent contract low of $95.50. Hogs Peoria: were $1     lower   at   33.5   to   34 Chicago Futures: Dec down 62 at 5627   Feb down 32 at 6292 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs get a brief reprieve with yesterday’s smaller than expected cold storage stocks. However seasonally larger supplies are expected in the near term and this will push prices lower. Poultry  Date: October 23, 2007 Eggs New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 99-103; Chicago:  Ex. Lg. 101-109; Lg. 99-107; Med. 90-98; Eastern Region Turkeys Hens: 8-16 lbs. 94-98 Toms: 16-24 lbs. 94-98   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