08/22/2008 Farm Bureau Market Report

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Grain & Soybean Date: August 22, 2008 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 1219 to 1261 River Elevators: (Aug) MISS: 1267 to 1292 ; AR & White 1250 to 1263 (NC) Summ. 1220 to 1278 Ark. Processor Bids: (Aug) n/a to - - -  (NC) 1249 to 1257 Memphis:  (Aug) 1283 to 1287 (NC)  1277 to - - - Riceland Foods:  (Aug) Stuttgart 1257 ; Pendleton 1261 ; West Memphis 1278 Chicago Futures: Sep down 20 at  1321   Nov  down  21  at  1327   Jan '09 down 20 3/4  at  1344 1/2   Mar '09 down 20 3/4  at  1358 1/4   Nov '09 down 11  at  1326   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans and corn posted big losses on speculative profit taking to end the week. Further losses in crude oil and the improving value of the dollar both added pressure as well. Both could likely chop along sideways until the September crop report. Soybeans need to see a large crop to help replenish supplies. The Iowa corn tour is reporting an estimated 168.2 bushels/acre average yield, well above the three year average of 162.6 bushels. The lateness of the crop, however, leaves open the possibility that an early freeze could impact yield potential. Wheat Cash bid for August at Memphis  660 1/2 to 679 1/2; Bids to farmers at Local Elevators 633; River Elevators 609-666; Chicago Futures: Sep down  31 3/4  at  865 1/2    Dec down 31 3/4  at  890 1/2    Mar '09 down  31 3/4  at  915    May '09 down  32  at  929 1/4    Jul '09 down  31  at  935 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  931 to 940; Bids to farmers at River Elevators 807-923; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   566 1/2 to 572 1/2;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  532 to 558 Chicago Futures: Sep down  11 1/4  at  586 1/2    Dec down  11  at  606 1/2    Mar '09 down  11 1/4  at  625 3/4    Dec '09 down  8  at  637 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was under the most pressure of the grains. Both December, with a close below $9, and July, with a close below $9.57, fell through trendline support. Canada says their crop will top 25.4 million metric tons. Slowing export demand for soft red winter wheat is also a factor in Chicago. Cotton & Rice  Date: August 22, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 11 at  6267   Greenwood up  11 at 6267 New York Futures: Oct up  6  at  6759    Dec down  1  at  6983    Mar '09 down  13  at  7463    May '09 down  86  at  7583    Jul '09 up  11  at  7840  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was lower today following the grains. December needs to close above 70 cents in order to suggest further gains are possible. Resistance above that is 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 down  5  at  1800    Nov down  8  at  1825    Jan '09 down  7  at  1853    Mar '09 down  6  at  1881    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted losses, but they didn’t appear to affect the technical situation. The market has charted a 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 22, 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 . 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 to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 110.60 to 124   600 to 650 lbs. 109 to 119.75 Heifers 500 to 550 lbs. 100 to 114   600 to 650 lbs. 100.50 to 112.50 Chicago Futures: Live Cattle: Oct down 52 at 10577   Dec down 55 at 10690 Feeders: Oct down 2 at 11250   Nov up 5 at 11230 Cattle Comment Cattle futures were under pressure from weaker grains and crude oil, and pre-report position evening ahead of this afternoon’s Cattle on Feed report. Reduced packer demand ahead of the Labor Day holiday also affected prices. Hogs Peoria: were     steady   at   57   to   58 Chicago Futures: Oct down 102 at 7375   Dec down 22 at 7410 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were also lower. 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 22, 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 cautiously steady. Demand entering the weekend as light to fair with limited trading. Supplies of all sizes were fully sufficient to satisfy 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