08/20/2008 Farm Buraeu Market Report

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Grain & Soybean Date: August 20, 2008 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 1192 to 1234 River Elevators: (Aug) MISS: 1224 to 1252 ; AR & White 1223 to 1236 (NC) Summ. 1193 to 1251 Ark. Processor Bids: (Aug) n/a to - - -  (NC) 1222 to 1230 Memphis:  (Aug) 1250 to 1260 (NC)  1250 to - - - Riceland Foods:  (Aug) Stuttgart 1230 ; Pendleton 1234 ; West Memphis 1251 Chicago Futures: Sep up 26 3/4 at  1293 3/4   Nov  up  24  at  1300   Jan '09 up 23 1/4  at  1317 1/4   Mar '09 up 22  at  1330 1/2   Nov '09 up 16  at  1281   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed higher, but not before making another yo-yo move like yesterday. November ended the day at $13, but still well below yesterday’s high of $13.41. That area will remain strong resistance. The Midwest crops tour found better soybean potential in Indiana, but the lateness of the crop remains a concern. Good weather will be needed over the next 4 to 6 weeks to complete this crop and reach current yield projections. Wheat Cash bid for August at Memphis  683 3/4 to 684 3/4; Bids to farmers at Local Elevators 642; River Elevators 629-675; Chicago Futures: Sep up  29 1/2  at  874 3/4    Dec up 29 1/4  at  899 1/2    Mar '09 up  29 3/4  at  924 1/4    May '09 up  29 1/2  at  939 3/4    Jul '09 up  27 1/2  at  947 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  911 to - - -; Bids to farmers at River Elevators 788-904; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   550 1/4 to 555 1/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  520 to 543 Chicago Futures: Sep up  10 1/2  at  575 1/4    Dec up  10 1/2  at  595    Mar '09 up  10 1/4  at  614    Dec '09 up  8 1/4  at  626 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted strong gains again today. Drought conditions in Australia and Argentina are supportive, suggesting the crops in those countries will be smaller than anticipated. September has resistance at a chart gap between $9.05 and $9.07. Support is at the recent low of $7.49. Cotton & Rice  Date: August 20, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 65 at  6085   Greenwood up  65 at 6085 New York Futures: Oct up  85  at  6580    Dec up  122  at  6841    Mar '09 up  74  at  7314    May '09 up  225  at  7665    Jul '09 up  56  at  7650  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed higher after making a possible key reversal low. December futures traded to a new recent low of 66.79 cents before reversing and ending the day over a hundred points higher. Initial rebound resistance will be seen around 71 cents and again around 75 cents. Recent weather is a concern and could be causing yield problems in the mid-South. Cool, damp, cloudy situations have been prevalent for the last several weeks and are causing heavy shedding and slow development. Rice Long Grain Cash Bid for  Aug 1600/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep up  39 1/2  at  1755    Nov up  40 1/2  at  1783    Jan '09 up  38 1/2  at  1812    Mar '09 up  36 1/2  at  1840    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice gapped higher and closed with good gains for the third day in a row. Today’s move completed what appears to be a 4 week island reversal low. That is the market gapped lower at approximately the same level 4 weeks ago, moved in a dollar sideways pattern, then gapped higher today. This is typically a bottoming or topping feature, which in this case, is a bottom. November traded up to resistance just above $18 before backing off. The next upside objectives are $18.51 and $19.22. Recent weather is drawing concerns as the crop nears maturity and harvest is just days away. International trading remains quiet with shipment against early sales continuing. Cattle & Hogs  Date: August 20, 2008 Cattle As reported by Federal-State Market News, receipts were 1,908 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers under 550 lbs. sold firm to $2 higher, over 550 lbs. and plainer kinds sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114.17 to - - -   500 to 550 lbs. 109.06 to - - -   600 to 650 lbs. 103.97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 100.14 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 99.20 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91.30 to - - - Slaughter Cows, Boners 53   to   58.50 Light Weight 35 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   66   to   74, high dressing 75-76 Midwest Steers   were steady to $1 higher   at   97   to   99 Panhandle Steers   were quoted   at   97   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 112.50 to 117   650 to 700 lbs. 110.50 to 115 Heifers 550 to 600 lbs. 108 to 114   650 to 700 lbs. 109.50 to 112.35 Chicago Futures: Live Cattle: Oct up 17 at 10500   Dec up 52 at 10635 Feeders: Oct up 40 at 11317   Nov up 80 at 11275 Cattle Comment Cattle futures were higher. Live futures currently hold a big premium to cash prices, and that limited gains. Expectations for a bullish report Friday also limited the upside. Hogs Peoria: were $1     lower   at   57.5   to   58 Chicago Futures: Oct down 15 at 7510   Dec up 15 at 7442 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mixed. This market has been surprisingly solid considering the record-setting rate of production. October has fallen through support at the recent low which opens the market to further weakness. Poultry  Date: August 20, 2008 Eggs New York:  Ex. Lg. 123-127; Lg. 121-125; Med. 85-89; Chicago:  Ex. Lg. 108-116; Lg. 106-114; Med. 70-78; Eastern Region Turkeys Hens: 8-16 lbs. 96-99 Toms: 16-24 lbs. 96-99   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Demand was fair to moderate with trading limited to regular commitments. 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