10/24/2007 Farm Bureau Market Report

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Grain & Soybean Date: October 24, 2007 Soybeans Local Elevators: (Oct) EAST AR:  924 to 948 (NC) Summ. 930 to 954 River Elevators: (Oct) MISS: 926 to 956 ; AR & White 933 to 952 (NC) Summ. 942 to 988 Ark. Processor Bids: (Oct) 938 to 948  (NC) 954 to 979 Memphis:  (Oct) 956 1/4 to - - - (NC)  n/a to - -- Riceland Foods:  (Oct) Stuttgart 948 ; Pendleton 948 ; West Memphis 954 Chicago Futures: Nov down 5 1/2 at  976 1/4   Jan  down  5 1/2  at  993 3/4   Mar down 4 1/2  at  1008   July down 4 1/2  at  1017   Nov '08 down 7  at  954   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans lost ground late and ended the day slightly lower after maintaining a positive position for most of the session. November remained in a consolidation pattern but could be showing signs of a tiring bull market. Support between $9.65 and $9.60 remains a key – a close below this level would suggest a move toward $9.10 to $9.25. Wheat Cash bid for October at Memphis  783 to 796; Bids to farmers at Local Elevators 563-578; River Elevators 570-584; Chicago Futures: Dec down  30  at  811    March down 30  at  831 1/2    May down  30  at  789 1/4    July '08 down  21 3/4  at  657 3/4    July '09 down  15  at  653    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  671 to 676; Bids to farmers at River Elevators 596-659; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   370 1/2 to - - -;   New crop at Memphis   373 to - - -; Bids to farmers at River Elevators  356 to 371 Chicago Futures: Dec down  4 1/2  at  356 1/2    March down  4 1/4  at  373 1/2    May down  5  at  383 1/2    Dec '08 down  5 1/2  at  404 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment December wheat was down the limit again today. Profit taking and fund liquidation of long positions pushed the market lower. 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 24, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 144 at  6032   Greenwood down  144 at 6032 New York Futures: Dec down  144  at  6382    March down  126  at  6816    May down  124  at  6966    July down  122  at  7106    Dec '08 down  85  at  7465  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton declined after December failed to move above 65.5 cents the past two days. A larger Chinese crop and an upward adjustment in their stocks suggest a more difficult market situation near term. While USDA left Chinese import needs at 15 million bales they have more wiggle room and a greater opportunity to delay purchases. Upside for old crop seems limited until well into the new year, however, the need to buy acreage back for cotton should stimulate ’08 futures which could pull old crop with it, but at a much slower pace. There is already an almost 1100 point spread between the two crops. For now, look for old crop to move in the 60-65 cent range. Rice Long Grain Cash Bid for  Oct/Nov 1042  to  1046/cwt   Dec 1046/cwt  to  - - - Chicago Futures: Nov up  4  at  1156    Jan up  3  at  1189    March up  2  at  1220    May up  5  at  1240    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was a little higher for the day, but remained in a 40 cent trading range that has contained movement for the last five weeks. Strong export demand for U.S. rough rice and increased milled sales are keeping the market undertone firm. On the world level, Thailand remains the only major supplier with both Vietnam and India having banned further export sales at this time. Freight rates are a key component of sales as reports indicate costs have tripled in the last year. Supplies will increase as the Thai harvest nears and Vietnam’s major harvest will come in February. Overall supplies will remain tight. November futures have resistance at the $11.78 contract high with support at $11.40. Cattle & Hogs  Date: October 24, 2007 Cattle As reported by Federal-State Market News, receipts were 980 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118 to 128   500 to 550 lbs. 107 to 116   600 to 700 lbs. 102 to 107  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 95 to 105  Medium & Large Frame 2   400 to 450 lbs. 90 to 100 Slaughter Cows, Boners 44   to   48 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   57.5   to   59.5 Midwest Steers   were   at   90   to   91 Panhandle Steers   were   at   90   to   91 Oklahoma City Feeders Steers 500 to 550 lbs. 117 to 123   550 to 600 lbs. 110.50 to 117.50 Heifers 500 to 550 lbs. 104.50 to 112.50   550 to 600 lbs. 103.75 to 112.00 Chicago Futures: Live Cattle: Dec down 135 at 9587   Feb down 122 at 9767 Feeders: Nov down 60 at 11050   Jan down 70 at 11005 Cattle Comment Cattle futures were sharply lower, under pressure from weakness in the U.S. stock market. Signs of a weakening economy are negative for cattle futures because Americans will have less to spend on food. Negative packer margins have dropped further into the red and this will pressure the market in the near term. December futures are headed toward a retest of support at the recent low of $95.55. Hogs Peoria: were     steady   at   33.5   to   34 Chicago Futures: Dec down 92 at 5535   Feb down 57 at 6235 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were again lower. Seasonally larger supplies are expected in the near term and as cash prices fall, so will futures. December looks to be headed for a retest of the contract low of $54.50. Poultry  Date: October 24, 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 Live supplies were moderate; weights were mixed, but reported as mostly desirable. Processor schedules were moderate to at times moderately heavy. Trade sentiment was steady with a cautious undertone. ---------------------------------------- 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