10/30/2007 Farm Bureau Market Report

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Grain & Soybean Date: October 30, 2007 Soybeans Local Elevators: (Oct) EAST AR:  948 to 977 (NC) Summ. 954 to 983 River Elevators: (Oct) MISS: 942 to 979 ; AR & White 956 to 969 (NC) Summ. 966 to 1005 Ark. Processor Bids: (Oct) 964 to 972  (NC) 978 to 994 Memphis:  (Oct) 986 to 992 (NC)  n/a to - - - Riceland Foods:  (NC) Stuttgart 972 ; Pendleton 977 ; West Memphis 978 Chicago Futures: Nov down 19 at  992   Jan  down  19 1/2  at  1009 1/4   Mar down 20 1/4  at  1023 1/4   Jul down 18 1/4  at  1034 3/4   Nov '08 down 17 1/4  at  963   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed lower along with all the grains. A downturn in crude oil contributed to the big slide which could be just a temporary correction. However, from a technical perspective the charts could be making a double top, as yesterday’s move was to within a penny or so of the contract high. Initial support for January starts at $9.95 and then just above $9.60. Resistance is $10.33. The next major upside chart objective is $10.64. Wheat Cash bid for October at Memphis  792 to 822; Bids to farmers at Local Elevators 581-596; River Elevators 588-601; Chicago Futures: Dec down  14 1/2  at  814    Mar down 12 1/2  at  835 1/2    May down  10  at  798    Jul '08 down  15 3/4  at  675 1/2    Jul '09 down  8  at  681    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  711 to 715; Bids to farmers at River Elevators 625-688; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   387 1/4 to 390 1/4;   new crop at Memphis   385 3/4 to 386 3/4; Bids to farmers at River Elevators  370 to 380 Chicago Futures: Dec down  5 3/4  at  370 1/4    Mar down  5 1/2  at  387 1/2    May down  6  at  396 3/4    Dec '08 down  4  at  418 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures turned lower after yesterday’s gap higher. A bounce in the value of the dollar was negative, as was a lack of export news. 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 30, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 90 at  6087   Greenwood down  90 at 6087 New York Futures: Dec down  90  at  6387    Mar down  62  at  6858    May down  55  at  7015    Jul down  64  at  7141    Dec '08 down  65  at  7520  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton traded back to the bottom side of a narrow trading range that has prevailed for the last two weeks. Inability to hold here will likely bring a test of support near 62 cents or perhaps 59.8 cents at some point. 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 1040  to  1111/cwt   - - - - - -  to  - - - Chicago Futures: Nov down  4 1/2  at  1154    Jan down  7  at  1188    Mar down  5  at  1220    May down  1  at  1245    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice couldn’t back the overall pattern of lower prices today and settled lower near the lows for the day. The overall situation for rice is unchanged with both U.S. and world stocks tightening. Thailand remains the major world supplier with both India and Vietnam maintaining export bans. Thailand is moving old intervention stocks out to make room for new crop which should be available for market until their harvest which rice futures have initial support at the recent low of $11.71 with resistance at the contract high of $12.11. Cattle & Hogs  Date: October 30, 2007 Cattle As reported by Federal-State Market News, receipts were 1,846 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold $2-$4 lower, heifers $2-$5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119 to 129   500 to 550 lbs. 107 to 117   600 to 700 lbs. 97 to 107  Medium & Large Frame 2   400 to 450 lbs. 104 to 114 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to 108  Medium & Large Frame 2   400 to 450 lbs. 86 to 96 Slaughter Cows, Boners 40   to   47 Light Weight 32 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   60, high dressing 60-62 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   were $1-2.50 lower   at   90   to   91 Oklahoma City Feeders Steers 500 to 550 lbs. 118.75 to 127   600 to 650 lbs. 103 to 115 Heifers 500 to 550 lbs. 102.50 to 111   600 to 650 lbs. 95 to 106 Chicago Futures: Live Cattle: Dec up 37 at 9572   Feb up 47 at 9815 Feeders: Nov up 70 at 10995   Mar up 102 at 11015 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. Hogs Peoria: were     steady   at   33.5   to   34 Chicago Futures: Dec down 57 at 5390   Feb down 57 at 6062 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs moved to new lows today. Seasonally larger supplies are expected in the near term and as cash prices fall, so will futures. Losses were limited somewhat by oversold conditions and futures’ discount to cash prices. Poultry  Date: October 30, 2007 Eggs New York:  Ex. Lg. 115-119; Lg. 113-117; Med. 102-106; Chicago:  Ex. Lg. 102-110; Lg. 100-108; Med. 91-99; Eastern Region Turkeys Hens: 8-16 lbs. 96-98 Toms: 16-24 lbs. 96-98   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Supplies of all sizes were not long, but usually sufficient for full 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 Terms of Use