10/26/2007 Farm Bureau Market Report

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Grain & Soybean Date: October 26, 2007 Soybeans Local Elevators: (Oct) EAST AR:  947 to 971 (NC) Summ. 953 to 977 River Elevators: (Oct) MISS: 946 to 970 ; AR & White 957 to 970 (NC) Summ. 965 to 1008 Ark. Processor Bids: (Oct) 958 to 971  (NC) 977 to 998 Memphis:  (Oct) 979 1/2 to 980 1/2 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 971 ; Pendleton 971 ; West Memphis 977 Chicago Futures: Nov up 3/4 at  995 1/2   Jan  up  3/4  at  1013 1/4   Mar up 3/4  at  1027 1/2   Jul up 1 1/2  at  1034 1/2   Nov '08 up 3 1/2  at  971   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans lost most of the early gains, ending the day narrowly mixed. Early trading saw the market gap higher and made a potential move toward the contract high. As the day wore on, the market backfilled the gap and closed within the previous consolidation area. Corn ended the day and thus the week as the strongest of the grains. December appears ready to challenge the late September high of $3.89 ½. Wheat Cash bid for October at Memphis  778 to 800; Bids to farmers at Local Elevators 582-597; River Elevators 589-603; Chicago Futures: Dec down  2  at  800    Mar up 3/4  at  822    May up  4  at  784 1/2    Jul '08 up  14 1/2  at  677    Jul '09 up  9  at  673    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  713 to 716; Bids to farmers at River Elevators 652-707; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   391 to 392;   new crop at Memphis   388 1/2 to - - -; Bids to farmers at River Elevators  372 to 382 Chicago Futures: Dec up  5 3/4  at  372    Mar up  5 3/4  at  388 3/4    May up  6 1/2  at  399    Dec '08 up  4 1/2  at  419 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Old crop wheat posted losses again today, but new crop contracts posted double digit gains. The trend for old crop is solidly lower, but is more sideways for new crop contracts. Yesterday’s low of $6.49 is the first level of support for July. Cotton & Rice  Date: October 26, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 74 at  6163   Greenwood up  74 at 6163 New York Futures: Dec up  24  at  6463    Mar up  27  at  6915    May up  53  at  7091    Jul up  56  at  7231    Dec '08 up  48  at  7573  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment December cotton was higher again today as the market moved back to the top of a narrow consolidation as that has contained trade for the last two weeks. 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  1055/cwt   - - - - - -  to  - - - Chicago Futures: Nov up  5  at  1165    Jan up  6  at  1200    Mar up  5  at  1231    May up  7  at  1252    - - -   - - -  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 26, 2007 Cattle As reported by Federal-State Market News, receipts were 9,520 head at sales in Arkansas this week.  Compared with last week, feeder steers sold steady to $1 higher, heifers weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118 to 128   500 to 550 lbs. 106 to 116   600 to 700 lbs. 99 to 109  Medium & Large Frame 2   400 to 450 lbs. 107 to 117 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. 94 to 104 Slaughter Cows, Boners 43   to   48 Light Weight 30 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   60, high dressing 60-64.50 Midwest Steers   were $2 higher   at   92   to   93 Panhandle Steers   were $2 higher   at   92   to   93 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 112 at 9512   Feb down 72 at 9732 Feeders: Jan down 157 at 1082   Mar down 130 at 1087 Cattle Comment Cattle futures were lower across the board. 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 fell through support at $95.55, and now look likely to retest the summer low of $94.25. Hogs Peoria: were     steady   at   33.5   to   34 Chicago Futures: Dec down 7 at 5452   Feb down 17 at 6147 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   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 set a new contract low of $54.15 in today’s trade. Poultry  Date: October 26, 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 Trade sentiment was weak in the West, but mostly steady elsewhere. Supplies were in fair balance, but still fully sufficient for trade needs. In production areas, live supplies were moderate at 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 Terms of Use