08/26/2008 Farm Bureau Market Report

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Grain & Soybean Date: August 26, 2008 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 1237 to 1279 River Elevators: (Aug) MISS: 1290 to 1315 ; AR & White 1267 to 1280 (NC) Summ. 1250 to 1296 Ark. Processor Bids: (Aug) n/a to - - -  (NC) 1267 to 1275 Memphis:  (Aug) 1299 1/2 to - - - (NC)  1299 1/2 to - - - Riceland Foods:  (Aug) Stuttgart 1275 ; Pendleton 1279 ; West Memphis 1296 Chicago Futures: Sep down 1 3/4 at  1337 1/2   Nov  down  2 1/2  at  1344 1/2   Jan '09 down 2 1/2  at  1362   Mar '09 down 1 1/4  at  1375 3/4   Nov '09 down 2 1/2  at  1332 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed a little lower today, but retraced a substantial portion of earlier declines. A stronger dollar was partially offset by yesterday’s crop ratings. Beans appear to have the greatest potential for yield impact as the crop is in the pod filling stage in much of the upper Midwest. November is consolidating in a sideways pattern around $13.50. Corn took another loss despite a drop of 3% in the good to excellent rating. December fell below $6 and could be in the process of forming a head and shoulders bottom. If that’s the case, December could trade 25 or 30 cents lower before heading toward a higher objective of $7.40 or higher. Obviously, that would take a substantially smaller crop that is projected. Wheat Cash bid for August at Memphis  625 1/2 to - - -; Bids to farmers at Local Elevators 598; River Elevators 531-621; Chicago Futures: Sep down  9 3/4  at  830 1/2    Dec down 10 1/4  at  854 1/2    Mar '09 down  10 3/4  at  878 1/4    May '09 down  10 3/4  at  893 1/4    Jul '09 down  10 1/4  at  901    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  909 to 918; Bids to farmers at River Elevators 786-902; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   555 1/4 to 560 1/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  523 to 547 Chicago Futures: Sep down  5  at  575 1/4    Dec down  6  at  594    Mar '09 down  6  at  613 1/2    Dec '09 down  5  at  631    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat showed continued followthrough on the current downturn. Potentially improving weather in Australia and Argentina added to the pressure of a stronger dollar. December bounced off support at $8.40 and closed a little higher. Failure of that support would push the market toward the recent low near $7.75. Cotton & Rice  Date: August 26, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 36 at  6252   Greenwood up  36 at 6252 New York Futures: Oct up  58  at  6749    Dec up  50  at  6962    Mar '09 up  48  at  7451    May '09 up  12  at  7621    Jul '09 up  20  at  7805  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton traded in a fairly narrow range before closing modestly higher but well below the next resistance of 71 cents. Cotton would appear to have some longer term upside, but recent rains related to Hurricane Faye may have improved crop conditions in the Southeast U.S. Any additional production will keep the market on edge, until big stocks begin to disappear. Cotton appears to still be underpriced relative to grains, which means price will have to improve or more acres will move to corn or soybeans. Another acreage cut would mean very tight supplies with the 08/09 carryover now projected to be just 4.6 million bales. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Sep up  22  at  1847    Nov up  24  at  1869    Jan '09 up  25  at  1898    Mar '09 up  23  at  1924    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures continued the strong uptrend that has developed the past two weeks with both September and November working toward 50% retracement objectives near $19.20. The improvement in U.S. futures is counter to what is being seen in international markets where the market is steady at best. However, that situation should be stabilizing and perhaps improving. The U.S. harvest is moving slowly with much of the Arkansas crop running somewhat behind normal. That has likely provided support to the market over the last several weeks. Cattle & Hogs  Date: August 26, 2008 Cattle As reported by Federal-State Market News, receipts were 1,391 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold $2-5 higher, most advance on calves . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114.95 to - - -   500 to 550 lbs. 108.72 to - - -   600 to 650 lbs. 108.87 to - - -  Medium & Large Frame 2   400 to 450 lbs. 107 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 102.14 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.77 to - - - Slaughter Cows, Boners 50   to   55 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   67.50   to   74.50, high dressing 74.50-77.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 600 to 650 lbs. 113 to 114.50   650 to 700 lbs. 110 to 113.25 Heifers 500 to 550 lbs. 107.50 to 113.50   600 to 650 lbs. 101 to 104.25 Chicago Futures: Live Cattle: Oct down 5 at 10575   Dec down 12 at 10722 Feeders: Oct down 95 at 11160   Nov down 115 at 11110 Cattle Comment Cattle were slightly weaker today despite a showing in the cutout area yesterday. A smaller showlist did very little since packers are operating a day less next week. Weaker seasonal beef demand also is expected to pressure the market in the near term. Hogs Peoria: were $1     lower   at   55.5   to   56 Chicago Futures: Oct down 50 at 7350   Dec down 55 at 7370 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were lower, as a result of ample supplies which are expected to show a seasonal increase. Lighter number of Canadian imports should be offsetting factors. Poultry  Date: August 26, 2008 Eggs New York:  Ex. Lg. 129-133; Lg. 127-131; Med. 92-96; Chicago:  Ex. Lg. 117-125; Lg. 115-123; Med. 80-88; Eastern Region Turkeys Hens: 8-16 lbs. 97-100 Toms: 16-24 lbs. 97-100   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