Soybeans
Local Elevators:
(Oct) EAST AR: 967 to 991
(NC) Summ. 973 to 997
River Elevators:
(Oct) MISS: 961 to 997 ; AR & White 973 to 986
(NC) Summ. 985 to 1025
Ark. Processor Bids: (Oct) 983 to 991 (NC) 997 to 1014
Memphis: (Oct) 1000 to 1001 (NC) n/a to - - -
Riceland Foods: (Oct) Stuttgart 991 ; Pendleton 997 ; West Memphis 997
| Chicago Futures: | Nov | up | 15 1/2 | at | 1011 |
| Jan | up | 15 1/2 | at | 1028 3/4 | |
| Mar | up | 16 | at | 1043 1/2 | |
| Jul | up | 18 1/2 | at | 1053 | |
| Nov '08 | up | 9 1/4 | at | 980 1/4 | |
| Today's Arkansas LDP rate for soybeans is: | 0¢ | ||||
Soybean Comment
Soybeans ended the day’s session just short of the contract high and appears on its way to new levels. The April ’04 high of $10.64 is the next major chart point that beans have in sight. A big jump in crude oil contributed to gains in soy oil and provided the basis for another strong close. This is all part of the battle for ’08 acreage – soybeans or corn. Be aware that the market may top at any time.
Wheat
Cash bid for October at Memphis 805 1/2 to 834 1/2;
| Bids to farmers at Local Elevators | 596-611; |
| River Elevators | 603-617; |
| Chicago Futures: | Dec | up | 28 1/2 | at | 828 1/2 |
| Mar | up | 26 | at | 848 | |
| May | up | 23 1/2 | at | 808 | |
| Jul '08 | up | 14 1/4 | at | 691 1/4 | |
| Jul '09 | up | 16 | at | 689 | |
| Today's Arkansas LDP rate for wheat is: | 0¢ | ||||
Grain Sorghum
Cash bid for October at Memphis 720 to 723;
| Bids to farmers at River Elevators | 645-707; |
| Today's Arkansas LDP rate for sorghum is: | 0¢ |
Corn
| Cash bid for | October at Memphis 394 to 396; |
| new crop at Memphis 391 3/4 to - - -; | |
| Bids to farmers at River Elevators | 376 to 386 |
| Chicago Futures: | Dec | up | 4 | at | 376 |
| Mar | up | 4 1/4 | at | 393 | |
| May | up | 3 3/4 | at | 402 3/4 | |
| Dec '08 | up | 2 3/4 | at | 422 1/2 | |
| Today's Arkansas LDP rate for corn is: | 0¢ | ||||
Grain Comment
Wheat futures gapped higher today, posting gains of more than 20 cents. Weakness in the dollar and increases in crude oil prices were supportive. News of demand from Iraq, Morocco, and India was also supportive. New crop July could challenge resistance at the contract high of $6.97, but old crop December is trending lower with resistance near $8.50.
Cotton & Rice Date: October 29, 2007
Cotton
| Spot Price, Grade 41 Staple 34: | Memphis up 14 at 6177 |
| Greenwood up 14 at 6177 |
| New York Futures: | Dec | up | 14 | at | 6477 |
| Mar | up | 5 | at | 6920 | |
| May | down | 21 | at | 7070 | |
| Jul | down | 26 | at | 7205 | |
| Dec '08 | up | 12 | at | 7585 | |
| This week's LDP rate for cotton is | 0 cents | ||||
| The estimate for next week is | 0 cents | ||||
Cotton traded in a narrow range with December again holding under 65 cents. Overall the market was mixed and shows the attitude of the trade with respect of ’07 and ’08. Ample supplies of ’07 cotton should keep a cap on the market at least for the near term. It will take renewed export interest, make that buying by China, to stimulate the market and move values to the next level. On the other hand, ’08 cotton might still get caught up in the bidding war for acreage. It looks like acreage could be cut another 10 percent if price doesn’t increase to the upper 70’s or lower 80’s for December ’08 futures.
Rice
| Long Grain Cash Bid for | Nov/Dec | 1048 | to | 1111/cwt |
| - - - | - - - | to | - - - |
| Chicago Futures: | Nov | down | 6 1/2 | at | 1158 1/2 |
| Jan | down | 5 | at | 1195 | |
| Mar | down | 6 | at | 1225 | |
| May | down | 6 | at | 1246 | |
| - - - | - - - | at | - - - | ||
| Today's Arkansas LDP rate for long grain rice is | 0¢ | ||||
| medium grain rice is | 0¢ | ||||
Rice continued in a consolidation pattern and actually ended the day lower. The rice trade seemed to pay little attention to the situation in beans and grain where futures are moving higher on a daily basis. At this point it appears there is not any concern about ’08 rice plantings. However, acreage could move to beans or even corn; some may have been planted in wheat or will be when it dries up. Rice is undervalued relative to wheat and world stocks continue to tighten. Looks like there is still upside potential in the making! Current resistance for Jan ’08 futures is the contract high of $12.11.
Cattle & Hogs Date: October 29, 2007
Cattle
As reported by Federal-State Market News, receipts were 3,311 head at sales in Ash Flat & Springdale. Compared with last week, feeder steers sold steady to $2 lower, heifers weak to $4 lower .
| Steers: | ||||||
| Medium & Large Frame 1 | 400 | to | 450 lbs. | 119 | to | 129 |
| 500 | to | 550 lbs. | 106 | to | 116 | |
| 600 | to | 700 lbs. | 90.50 | to | 95 | |
| Medium & Large Frame 2 | 400 | to | 450 lbs. | 106 | to | 116 |
| Heifers: | ||||||
| Medium & Large Frame 1 | 400 | to | 450 lbs. | 98 | to | 108 |
| Medium & Large Frame 2 | 400 | to | 450 lbs. | 95 | to | 105 |
Slaughter Cows, Boners 43 to 47.50
Light Weight 30 to 38
Bulls, Yield Grade 1 1000 to 2100 lbs. 52 to 57, high dressing 57.50-61.50
Midwest Steers were $2-$.50 lower at 90 to 93.50
Panhandle Steers were $3-$.50 higher at 89 to 93.50
| 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 | up | 22 | at | 9535 |
| Feb | up | 35 | at | 9767 | |
| Feeders: | Nov | up | 25 | at | 10930 |
| Jan | up | 65 | at | 11885 |
Cattle Comment
Cattle futures ended higher on indications the market is oversold. Tightening supplies of fed cattle are supportive, but beef is struggling to compete with cheaper pork and poultry. December futures have support around $94.
Peoria: were steady at 33.5 to 34
| Chicago Futures: | Dec | down | 5 | at | 5447 |
| Feb | down | 27 | at | 6120 |
Sheep
St. Paul sheep shorn slaughter lambs at n/a to - - -
Hogs Comment
Hogs were mixed as the market attempts to correct an oversold situation. Seasonally larger supplies are expected in the near term and as cash prices fall, so will futures. Friday’s contract low of $54.15 is support for December.
Poultry Date: October 29, 2007
Eggs
| New York: | Ex. Lg. 112-116; Lg. 110-114; Med. 99-103; |
| Chicago: | Ex. Lg. 102-110; Lg. 100-108; Med. 91-99; |
Eastern Region Turkeys
| Hens: | 8-16 lbs. | 95-98 |
| Toms: | 16-24 lbs. | 95-98 |
Delmarva Broilers
U.S. Grade A
Trade sentiment was mostly steady. Supplies of all sizes were usually sufficient to satisfy trade needs. In production areas, live supplies were moderate at mostly desirable weights.
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