08/14/2008 Farm Bureau Market Report

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Grain & Soybean Date: August 14, 2008 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 1166 to 1208 River Elevators: (Aug) MISS: 1209 to 1226 ; AR & White 1197 to 1210 (NC) Summ. 1167 to 1225 Ark. Processor Bids: (Aug) n/a to - - -  (NC) 1196 to 1204 Memphis:  (Aug) 1229 to - - - (NC)  1219 to - - - Riceland Foods:  (NC) Stuttgart 1204 ; Pendleton 1208 ; West Memphis 1225 Chicago Futures: Sep down 12 1/4 at  1265 1/4   Nov  down  10  at  1274   Jan '09 down 9 1/2  at  1292   Mar '09 down 7 1/4  at  1308   Nov '09 down 9  at  1275   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans couldn’t followthrough on yesterday’s strong rebound with a firmer $ and weaker crude oil pressuring today’s trade. The market did firm some, trimming declines into the close. The next upside objective is around $13.50, with support at last week’s low of $11.74. While beans lost ground, corn made solid gains as the market continues to followthrough on Tuesday’s key reversal bottoming signal. December traded into the bottom of last week’s gap lower. Ability to close this gap at $5.82 would signal possible move to $6.25 to $6.44. Wheat Cash bid for August at Memphis  679 1/2 to 684 1/2; Bids to farmers at Local Elevators 632; River Elevators 618-665; Chicago Futures: Sep up  14 1/4  at  864 1/2    Dec up 14 1/4  at  889 1/2    Mar '09 up  14 1/2  at  914    May '09 up  15 1/4  at  929 3/4    Jul '09 up  12 1/4  at  938    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  870 to - - -; Bids to farmers at River Elevators 755-854; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   527 3/4 to 537 3/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  503 to 528 Chicago Futures: Sep up  18 3/4  at  557 3/4    Dec up  18 3/4  at  577 1/4    Mar '09 up  18 3/4  at  596 1/2    Dec '09 up  21 1/2  at  620 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was higher again today, following limit gains yesterday. Overall fundamentals suggest wheat is probably overpriced, but the recent price plunge did accelerate export demand. Weekly exports were reported to be 650,300 metric tons. Expectations were from 400,000 to 650,000. Chart-gap resistance was surpassed in early trading, but September closed near the middle of the day’s trading range. This is further evidence the late June high of $9.61 is probably unattainable. Cotton & Rice  Date: August 14, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 173 at  6234   Greenwood down  173 at 6234 New York Futures: Oct down  142  at  6740    Dec down  164  at  6955    Mar '09 down  159  at  7468    May '09 down  171  at  7639    Jul '09 down  164  at  7767  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton reversed yesterday’s gains and traded within the confines of the consolidation area that has contained trading for the last 2 weeks. A close below 68.2 cents, or above 72 cents would signal further movement in the direction of the breakout. Big stocks and a small crop suggest pressure on the market near term, with improvement later in the year, or early next spring as the trade attempts to get additional acreage planted to cotton. Rice Long Grain Cash Bid for  Aug 1600/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  40  at  1612    Nov down  40  at  1640    Jan '09 down  39  at  1669    Mar '09 down  39  at  1698    - - - down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice reversed yesterday’s gains with September again testing support at $16. This week’s rice production figure of 204.9 million cwt has been met with a lot of question from producers and others. Most suggest this year’s late start has trimmed potential yields. An upward revision in ending stocks has also been questioned. The market, while thinly traded, responded in a positive manner putting September in position to perhaps test resistance around $17. Support at $16 continues to hold. The international market remains unsettled, with Vietnam continuing to make offers well below their official minimum export price (MEP) of $750. Unofficially, it appears that $600 may soon be the MEP. Cattle & Hogs  Date: August 14, 2008 Cattle As reported by Federal-State Market News, receipts were 2,246 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold $3-5 higher, heifers sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119.40 to - - -   500 to 550 lbs. 110.94 to - - -   600 to 650 lbs. 109.82 to - - -  Medium & Large Frame 2   400 to 450 lbs. 108.69 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100.83 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.63 to - - - Slaughter Cows, Boners 50   to   57 Light Weight 35 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   65.50   to   72.50, high dressing 72.50-80.50 Midwest Steers   remained   at   98   to   - - - Panhandle Steers   remained   at   98   to   - - - 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: Oct up 45 at 10790   Dec up 25 at 10840 Feeders: Oct up 57 at 11542   Nov up 27 at 11522 Cattle Comment Cattle futures ended higher in most contracts. Strong grains in the wholesale beef market plus good export movement are keeping live cattle firm. Higher corn values will continue to pressure feeders near term. Hogs Peoria: were     steady   at   55   to   56 Chicago Futures: Oct down 15 at 7607   Dec up 5 at 7617 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended mixed. Strong exports are countering the impact of record production, and the recent slide in corn has tempered earlier plans for sow liquidation. Futures appear to have support around $75, with resistance just below $79. Poultry  Date: August 14, 2008 Eggs New York:  Ex. Lg. 120-124; Lg. 118-122; Med. 80-84; Chicago:  Ex. Lg. 101-109; Lg. 99-107; Med. 66-74; Eastern Region Turkeys Hens: 8-16 lbs. 95-98 Toms: 16-24 lbs. 95-98   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Demand into all channels remained fair to moderate approaching the weekend. Supplies of all sizes were no more than adequate satisfy trade needs. In production areas, live supplies were moderate with 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 2008 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use