10/31/2007 Farm Bureau Market Report

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Grain & Soybean Date: October 31, 2007 Soybeans Local Elevators: (Oct) EAST AR:  953 to 995 (NC) Summ. 959 to 1001 River Elevators: (Oct) MISS: 960 to 1005 ; AR & White 982 to 995 (NC) Summ. 984 to 1027 Ark. Processor Bids: (Oct) 982 to 990  (NC) 996 to 1011 Memphis:  (Oct) 1003 3/4 to 1009 3/4 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 990 ; Pendleton 995 ; West Memphis 996 Chicago Futures: Nov up 18 at  1010   Jan  up  16 1/2  at  1025 3/4   Mar up 17 1/4  at  1040 1/2   Jul up 14 3/4  at  1049 1/2   Nov up 13 1/4  at  976 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed yesterday’s decline, and again tested resistance around contract highs. January made a new high but lost ground into the close. Overall fundamentals are unchanged with higher crude oil supportive and a big South American crop reducing upside potential. A solid January close above $10.33 ½ would bring the ’04 high of $10.64 back into focus. Volatility will continue high, meaning big swings will be the order of the day. Wheat Cash bid for October at Memphis  786 to 816; Bids to farmers at Local Elevators 578-593; River Elevators 585-598; Chicago Futures: Dec down  6  at  808    Mar down 6  at  829 1/2    May down  5 1/2  at  792 1/2    Jul '08 down  3  at  672 1/2    Jul '09 down  5  at  676    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  721 to 724; Bids to farmers at River Elevators 643-705; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   389 1/2 to 395 1/2;   new crop at Memphis   389 1/2 to - - -; Bids to farmers at River Elevators  375 to 387 Chicago Futures: Dec up  5 1/4  at  375 1/2    Mar up  5 1/4  at  392 3/4    May up  4 1/2  at  401 1/4    Dec '08 up  2 3/4  at  421 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures failed to follow corn and soybeans higher. There wasn’t much news one way or the other, but traders are expecting global production to increase next year in light of high prices. Old crop December is trending lower with resistance near $8.50. New crop July is chopping along mostly sideways with resistance at the contract high of $6.97 and support $6.49. Cotton & Rice  Date: October 31, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 21 at  6108   Greenwood up  21 at 6108 New York Futures: Dec up  21  at  6408    Mar up  16  at  6874    May up  5  at  7020    Jul up  45  at  7186    Dec '08 up  25  at  7545  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed slightly higher after moving in a very narrow trading range and holding the congestion area that has developed over 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 1075  to  1111/cwt   - - - - - -  to  - - - Chicago Futures: Nov up  31  at  1185    Jan up  29  at  1217    Mar up  28  at  1248    May up  20  at  1265    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was sharply higher as the market broke above resistance at the top of recent congestion areas and made new contract highs. Good sales are keeping the U.S. market firm although a widely anticipated tender from Iraq has not yet materialized. Rough rice export sales have been fairly brisk. The international market remains firm with Thailand moving old intervention stocks at a pretty good pace. Export bans in Vietnam and India leave Thailand as the main supplier. That will likely remain the case for the next 2 to 3 months or until Vietnam’s harvest. Today’s upside breakout puts January futures position to move to resistance at the January ’97 high of $12.45. Cattle & Hogs  Date: October 31, 2007 Cattle As reported by Federal-State Market News, receipts were 1,895 head at sales in Conway, Ola & Pocahontas.  Compared with last week, feeder steers sold $2-6 lower, heifers $3-7 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110 to 120   500 to 550 lbs. 101 to 111   600 to 700 lbs. 98 to 108  Medium & Large Frame 2   400 to 450 lbs. 93 to 103 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93 to 103  Medium & Large Frame 2   400 to 450 lbs. 81 to 91 Slaughter Cows, Boners 42.50   to   47 Light Weight 25.50 to 31 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   58, high dressing 59-60 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - 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 down 80 at 9492   Feb down 62 at 9752 Feeders: Nov down 150 at 10845   Jan down 145 at 10840 Cattle Comment Cattle futures continue to be under pressure despite tightening supplies of fed cattle. Beef is struggling to compete with cheaper pork and poultry, and traders are expecting beef prices to continue to fall this winter. December futures have support around $94. Hogs Peoria: were     steady   at   33.5   to   34 Chicago Futures: Dec down 2 at 5387   Feb up 22 at 6085 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs moved to new lows again today. Seasonally larger supplies are expected in the near term and as cash prices fall, so will futures. Support on the weekly chart begins at $53.55. Poultry  Date: October 31, 2007 Eggs New York:  Ex. Lg. 119-123; Lg. 117-121; Med. 106-110; 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 usually more than sufficient to satisfy 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