10/25/2007 Farm Bureau Market Report

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Grain & Soybean Date: October 25, 2007 Soybeans Local Elevators: (Oct) EAST AR:  946 to 970 (NC) Summ. 952 to 976 River Elevators: (Oct) MISS: 945 to 976 ; AR & White 952 to 971 (NC) Summ. 964 to 1006 Ark. Processor Bids: (Oct) 957 to 970  (NC) 976 to 998 Memphis:  (Oct) 977 3/4 to 978 3/4 (NC)  - - - to - - - Riceland Foods:  (Oct) Stuttgart 970 ; Pendleton 970 ; West Memphis 976 Chicago Futures: Nov up 18 1/2 at  994 3/4   Jan  up  18 3/4  at  1012 1/2   March up 18 3/4  at  1026 3/4   July up 19  at  1036   Nov '08 up 13 1/2  at  967 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were sharply higher, buoyed by strength in soy oil. Big gains in crude oil have rekindled thinking about biodiesel and other renewable fuels. November futures are again testing resistance at the top of the consolidation area that has developed over the last 3 weeks. A close above $9.96 will likely bring another test of resistance at the $10.17 ½ contract high. Wheat Cash bid for October at Memphis  780 to 787; Bids to farmers at Local Elevators 568-583; River Elevators 575-588; Chicago Futures: Dec down  9  at  802    March down 10 1/4  at  821 1/4    May down  8 3/4  at  780 1/2    July '08 up  4 3/4  at  662 1/2    July '09 up  11  at  664    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  693 to 699; Bids to farmers at River Elevators 614-677; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   382 1/4 to 386 1/4;   New crop at Memphis   383 to - - -; Bids to farmers at River Elevators  366 to 376 Chicago Futures: Dec up  9 3/4  at  366 1/4    March up  9 1/2  at  383    May up  9  at  392 1/2    Dec '08 up  10 3/4  at  415 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Old crop wheat posted losses again today, but new crop contracts were supported by carryover strength from soybeans. Export sales of 20.4 million bushels for the week provided some support. The trend is now lower for all wheat contracts. New crop July has support beginning at $6.55. Cotton & Rice  Date: October 25, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 57 at  6089   Greenwood up  57 at 6089 New York Futures: Dec up  57  at  6439    March up  72  at  6888    May up  72  at  7038    July up  69  at  7175    Dec '08 up  60  at  7525  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment December cotton recouped a portion of yesterday’s decline but remains in a sideway trend. 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  1050/cwt   Dec 1042  to  1050/cwt Chicago Futures: Nov up  4  at  1160    Jan up  5  at  1194    March up  6  at  1226    May up  5  at  1245    - - -   - - -  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 25, 2007 Cattle As reported by Federal-State Market News, receipts were 2334 head at sales in Charlotte, Green Forest & Ola.  Compared with last week, feeder steers sold $2 to $5 lower, heifers $3 to $6 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113 to 123   500 to 550 lbs. 104 to 114   600 to 700 lbs. 99 to 109  Medium & Large Frame 2   400 to 450 lbs. 112.5 to 120 Heifers:  Medium & Large Frame 1   500 to 550 lbs. 92 to 102  Medium & Large Frame 2   400 to 450 lbs. 95 to 105 Slaughter Cows, Boners 44   to   48 Light Weight 32 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   58.50 Midwest Steers   were steady   at   90   to   91 Panhandle Steers   were steady   at   90   to   91 Oklahoma City Feeders Steers 450 to 500 lbs. 117 to 123   550 to 600 lbs. 111.50 to 122.50 Heifers 500 to 550 lbs. 105 to 109   550 to 600 lbs. 108.50 to - - - Chicago Futures: Live Cattle: Dec up 37 at 9625   Feb up 37 at 9805 Feeders: Nov down 5 at 11045   Jan down 27 at 10977 Cattle Comment Cattle futures were mixed. Signs of a weakening economy are negative for cattle futures because Americans will have less to spend on food. Strength in corn futures weighed on feeders. 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 75 at 5460   Feb down 70 at 6165 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 25, 2007 Eggs New York:  Ex. Lg. 112-116; Lg. 110-114; 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 Movement of ready to cook whole birds was light to moderate. Offerings were at least sufficient for current trade needs. Live supplies were moderate; weights were mostly desirable. Processing schedules ranged from moderate to moderately heavy. Less than trucklot asking prices remained unchanged at 69 to 83 cents. Trade sentiment was mostly steady. ---------------------------------------- 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