08/21/2008 Farm Bureau Market Report

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Grain & Soybean Date: August 21, 2008 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 1240 to 1282 River Elevators: (Aug) MISS: 1288 to 1313 ; AR & White 1271 to 1284 (NC) Summ. 1241 to 1299 Ark. Processor Bids: (Aug) n/a to - - -  (NC) 1270 to 1278 Memphis:  (Aug) 1298 to 1308 (NC)  1298 to - - - Riceland Foods:  (Aug) Stuttgart 1289 ; Pendleton 1282 ; West Memphis 1278 Chicago Futures: Sep up 47 1/4 at  1341   Nov  up  48  at  1348   Jan '09 up 48  at  1365 1/4   Mar '09 up 48 1/2  at  1379   May '09 up 48  at  1385 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans moved sharply higher, but failed to hold limit gains. It appears index funds have come back into the market in a big way. November soybeans closed the big gap around $13.50 and ended the session right on the 50% retracement value of $13.48. Further gains are possible with the next upside objective being $14.16, or the gap around $14.45. Corn made a strong gain with December moving toward retracement objectives of $6.44 and $6.70. While it appears yield will be good, the crop needs good weather to reach USDA’s 155 bushels per acre. Wheat Cash bid for August at Memphis  692 1/4 to 707 1/4; Bids to farmers at Local Elevators 664; River Elevators 661-697; Chicago Futures: Sep up  22 1/2  at  897 1/4    Dec up 22 3/4  at  922 1/4    Mar '09 up  22 1/2  at  946 3/4    May '09 up  21 1/2  at  961 1/2    Jul '09 up  19 1/4  at  966 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  951 to - - -; Bids to farmers at River Elevators 827-943; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   577 3/4 to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  543 to 570 Chicago Futures: Sep up  22 1/2  at  597 3/4    Dec up  22 1/2  at  617 1/2    Mar '09 up  23  at  637    Dec '09 up  19  at  645 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat hit resistance at $9.60 and then ended the day well off that level. The June high of $9.92 remains a beacon, but this rally could run out of steam before reaching that level. Support starts at yesterday’s high of $9.18, with the next support around $8.50. Cotton & Rice  Date: August 21, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 193 at  6278   Greenwood up  193 at 6278 New York Futures: Oct up  193  at  6753    Dec up  194  at  7004    Mar '09 up  204  at  7490    May '09 up  181  at  7669    Jul '09 up  179  at  7829  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton showed strong followthrough on yesterday’s key reversal. December ended the day near 70 cents and appears ready to test resistance at 71 cents and then perhaps 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  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Sep up  50  at  1805    Nov up  50  at  1833    Jan '09 up  48  at  1860    Mar '09 up  47  at  1887    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued to move higher for the 4th day in a row. The market made a strong followthrough on yesterday’s technical 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. 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 21, 2008 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were $2 higher to steady   at   99   to   - - - Panhandle Steers   were $2 higher   at   99   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 130 at 10630   Dec up 110 at 10745 Feeders: Oct down 65 at 11252   Nov down 50 at 11225 Cattle Comment Cattle were boosted by concerns about herd liquidation and stronger crude oil values. The latter attracted fund buying, which spilled over into cattle. Gains were limited by reduced packer interest ahead of the Labor Day holiday. Hogs Peoria: were     steady   at   57.5   to   58 Chicago Futures: Oct down 32 at 7477   Dec down 10 at 7432 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were lower despite prospects of higher pork exports as a result of the weaker dollar. Packers have picked up most of their near term needs and are showing less interest as we approach the Labor Day holiday. Lower wholesale values are also a negative. Poultry  Date: August 21, 2008 Eggs New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 89-93; 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 mostly fair 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