08/15/2008 Farm Bureau Market Report

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Grain & Soybean Date: August 15, 2008 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 1111 to 1153 River Elevators: (Aug) MISS: 1154 to 1171 ; AR & White 1142 to 1155 (NC) Summ. 1112 to 1170 Ark. Processor Bids: (Aug) n/a to - - -  (NC) 1141 to 1149 Memphis:  (Aug) 1174 to - - - (NC)  1164 to 1169 Riceland Foods:  (NC) Stuttgart 1149 ; Pendleton 1153 ; West Memphis 1170 Chicago Futures: Sep down 53 3/4 at  1211 1/2   Nov  down  55  at  1219   Jan '09 down 55 1/4  at  1236 3/4   Mar '09 down 55 1/2  at  1252 1/2   Nov '09 down 61  at  1214   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were hit hard today as the market reacted, once again, to a stronger dollar and weaker crude oil. Slower export movement added to the negative undertone. This week’s quick rebound and subsequent downturn suggest further declines are probable. Key support November has key support at last Friday’s low of $11.74. Corn followed much the same path as soybeans today. Key support is Tuesday’s low of $5.05. Tuesday’s big turnaround suggests that the market, while lower today, still has upside potential. Wheat Cash bid for August at Memphis  639 1/4 to 644 1/4; Bids to farmers at Local Elevators 591; River Elevators 578-624; Chicago Futures: Sep down  40 1/4  at  824 1/4    Dec down 40 1/4  at  849 1/2    Mar '09 down  40  at  874    May '09 down  40 1/4  at  889 1/2    Jul '09 down  39 1/4  at  898 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  821 to - - -; Bids to farmers at River Elevators 1164-1169; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   499 3/4 to 509 3/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  474 to 494 Chicago Futures: Sep down  28  at  529 3/4    Dec down  27 3/4  at  549 1/2    Mar '09 down  28  at  568 1/2    Dec '09 down  28  at  592 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat succumbed to profit taking this morning after big gains earlier this week. 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. September fell short of challenging resistance at a chart gap between $9.05 and $9.07. Support is at the recent low of $7.49. Cotton & Rice  Date: August 15, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 102 at  6032   Greenwood down  102 at 6032 New York Futures: Oct down  204  at  6505    Dec down  240  at  6708    Mar '09 down  219  at  7235    May '09 down  206  at  7433    Jul '09 down  189  at  7578  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton moved steadily lower with December moving below support at 68.2 cents. Further declines are likely with the next support in the 63 to 65 range. 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  4  at  1616    Nov down  4  at  1644    Jan '09 down  6  at  1675    Mar '09 down  7  at  1705    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment After early losses in sympathy with other grains rice reversed to close slightly higher for the day. 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 15, 2008 Cattle As reported by Federal-State Market News, receipts were 9,960 head at sales in Arkansas this week.  Compared with last week, feeder steers sold near steady, heifers steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117.63 to - - -   500 to 550 lbs. 106.67 to - - -   600 to 650 lbs. 103.33 to - - -  Medium & Large Frame 2   400 to 450 lbs. 102.61 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 103.94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.87 to - - - Slaughter Cows, Boners 51   to   58 Light Weight 46 to 55 Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   71, high dressing 72-83 Midwest Steers   were $2 higher   at   100   to   - - - Panhandle Steers   were $2 higher   at   100   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 110 to 127   600 to 650 lbs. 106 to 119 Heifers 500 to 550 lbs. 99 to 112   600 to 650 lbs. 98 to 112 Chicago Futures: Live Cattle: Oct down 205 at 10585   Dec down 202 at 10637 Feeders: Oct down 90 at 11452   Nov down 92 at 11430 Cattle Comment Weakness in grains carried over into the cattle pits as well. Live futures currently hold a big premium to cash prices, and that is having a effect today as well. Strong grains in the wholesale beef market plus good export movement are limiting losses. Hogs Peoria: were     steady   at   55.5   to   56 Chicago Futures: Oct down 52 at 7555   Dec down 132 at 7485 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were lower as well. 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 15, 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 at least steady. Demand was fair to moderate with improvement possible entering the weekend. Supplies of all sizes were sufficient to handle current 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 2008 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use