08/19/2008 Farm Bureau Market Report

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Grain & Soybean Date: August 19, 2008 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 1168 to 1210 River Elevators: (Aug) MISS: 1211 to 1228 ; AR & White 1199 to 1212 (NC) Summ. 1169 to 1227 Ark. Processor Bids: (Aug) n/a to - - -  (NC) 1198 to 1206 Memphis:  (Aug) 1226 to 1231 (NC)  1221 to 1226 Riceland Foods:  (Aug) Stuttgart 1206 ; Pendleton 1210 ; West Memphis 1227 Chicago Futures: Sep down 14 1/2 at  1267   Nov  down  13  at  1276   Jan '09 down 12 3/4  at  1294   Mar '09 down 13 3/4  at  1308 1/2   Nov '09 down 11 1/2  at  1265   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans did a double reversal today. After starting lower, the market moved sharply higher before turning weaker late in the session. November poked up into the gap that was left when the market fell through support at $13.50 three weeks ago. The market failed to followthrough on the sharp gains and failed to followthrough on the sharp gains and lost momentum into the close. This stall out could be an indication further gains will be difficult. However, the current Midwest crop tour is reporting potential yield problems in the East corn belt. If this holds true then the market may have further incentive to move higher. For now support is $11.74 and resistance $13.41. corn remained on the positive side with December moving above recent resistance at $5.82, opening the way to the next upside objective at $6.22. Wheat Cash bid for August at Memphis  655 1/4 to 660 1/4; Bids to farmers at Local Elevators 612; River Elevators 599-645; Chicago Futures: Sep down  14 1/2  at  845 1/4    Dec down 14 1/2  at  870 1/4    Mar '09 down  14 1/2  at  894 1/2    May '09 down  14 1/2  at  910 1/4    Jul '09 down  13 3/4  at  920    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  883 to 892; Bids to farmers at River Elevators 768-884; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   534 3/4 to 541 3/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  509 to 533 Chicago Futures: Sep up  11 3/4  at  564 3/4    Dec up  11 3/4  at  584 1/2    Mar '09 up  12  at  603 3/4    Dec '09 up  7 1/4  at  618 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted strong gains today. Overall fundamentals suggest wheat is probably overpriced, but the recent price plunge did accelerate export demand. Drought conditions in Australia and Argentina are supportive, suggesting the crops in those countries will be smaller than anticipated. 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 19, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 21 at  6020   Greenwood down  21 at 6020 New York Futures: Oct down  35  at  6481    Dec down  35  at  6702    Mar '09 down  33  at  7226    May '09 down  42  at  7412    Jul '09 down  13  at  7594  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continued under pressure with December holding just above 67 cents. Last week’s push below key support at 68.2 cents suggests 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 up  50  at  1715 1/2    Nov up  50  at  1742 1/2    Jan '09 up  50  at  1773 1/2    Mar '09 up  50  at  1803 1/2    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice made another strong gain with nearby contracts up 50 cents for the day. Producers continue to question whether this year’s crop will make the USDA projection. There is a feeling that the late start to this year’s crop will manifest itself in lower yields. 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 19, 2008 Cattle As reported by Federal-State Market News, receipts were 1,668 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold 2-5 lower. Feeder heifers sold steady to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113 to - - -   500 to 550 lbs. 107.39 to - - -   600 to 650 lbs. 105.98 to - - -  Medium & Large Frame 2   400 to 450 lbs. 103.71 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100.11 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89.44 to - - - Slaughter Cows, Boners 52.50   to   58 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   65   to   75, high dressing 77.50-78 Midwest Steers   were quoted   at   97   to   98 Panhandle Steers   n/a   at   - - -   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 down 112 at 10482   Dec down 92 at 10582 Feeders: Oct down 72 at 11277   Nov down 130 at 11195 Cattle Comment Cattle futures ended mixed, with live contracts a bit higher. Live futures currently hold a big premium to cash prices, and that limited gains. Feeders were under pressure from further gains in corn. Hogs Peoria: were     steady   at   58.5   to   59 Chicago Futures: Oct down 55 at 7525   Dec down 72 at 7427 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mostly higher. Strong exports are countering the impact of record production. October was unable to hold gains above $76, and have support at Friday’s low of $75.50. Poultry  Date: August 19, 2008 Eggs New York:  Ex. Lg. 122-126; Lg. 120-124; Med. 84-88; Chicago:  Ex. Lg. 108-116; Lg. 106-114; Med. 70-78; 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 with cautious buying interest. Supplies of all sizes were sufficient to 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