08/27/2008 Farm Bureau Market Report

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Grain & Soybean Date: August 27, 2008 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 1240 to 1282 River Elevators: (Aug) MISS: 1298 to 1318 ; AR & White 1271 to 1284 (NC) Summ. 1253 to 1299 Ark. Processor Bids: (Aug) n/a to - - -  (NC) 1270 to 1278 Memphis:  (Aug) 1303 to 1323 (NC)  1298 to 1303 Riceland Foods:  (Aug) Stuttgart 1278 ; Pendleton 1282 ; West Memphis 1299 Chicago Futures: Sep up 10 1/2 at  1348   Nov  up  3 1/2  at  1348   Jan '09 up 3  at  1365   Mar '09 up 1 1/4  at  1377   Nov '09 down 12  at  1320 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed early gains, trading sharply lower, before closing slightly higher. Tight supplies of soybeans, a later harvest and disruption in large traffic on the Mississippi have boosted the gulf basis to a positive dollar and ten cents. Technically, November beans have failed to move above $13.70, three times in the past week. This could be a near term top. Corn also traded lower after a strong opening, but ended the day a little higher. Trading may be mostly sideways the next two days ahead of a 3 day weekend. Wheat Cash bid for August at Memphis  588 3/4 to 597 3/4; Bids to farmers at Local Elevators 570; River Elevators 547-603; Chicago Futures: Sep down  27 3/4  at  802 3/4    Dec down 28 3/4  at  825 3/4    Mar '09 down  29  at  849 1/4    May '09 down  29 1/4  at  864    Jul '09 down  27 1/2  at  873 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  904 to 921; Bids to farmers at River Elevators 789-905; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   556 1/2 to 562 1/2;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  525 to 549 Chicago Futures: Sep up  2 1/4  at  577 1/2    Dec up  2  at  596    Mar '09 up  1 1/2  at  615    Dec '09 up  1  at  632    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat continued the downturn of the last week, pressured by prospects of a big world crop. Potentially improving weather in Australia and Argentina added to the pressure of a stronger dollar. December traded through support at $8.40 and appears to be headed toward the previous low at $7.75. Cotton & Rice  Date: August 27, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 118 at  6370   Greenwood up  118 at 6370 New York Futures: Oct up  116  at  6843    Dec up  117  at  7063    Mar '09 up  108  at  7539    May '09 up  124  at  7760    Jul '09 up  117  at  7926  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton touched resistance at 71 cents, and ended the session with good gains. Concern about Hurricane Gustav hitting a vulnerable Southern crop provided support. 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 down  13  at  1834    Nov down  14  at  1855    Jan '09 down  15  at  1883    Mar '09 down  13  at  1911    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice failed to hold early gains and closed lower after 6 straight days of gains. Technically the market is overbought and due a downward correction. 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 27, 2008 Cattle As reported by Federal-State Market News, receipts were 1,307 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116.89 to - - -   500 to 550 lbs. 110.11 to - - -   600 to 650 lbs. 106.88 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.04 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 99.65 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.19 to - - - Slaughter Cows, Boners 53   to   58 Light Weight 35 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   67   to   73.50, high dressing 78 Midwest Steers   were quoted   at   97   to   - - - Panhandle Steers   were quoted   at   97   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 113.25 to 119   600 to 650 lbs. 114.25 to 117 Heifers 500 to 550 lbs. 107.50 to 113.50   600 to 650 lbs. 101 to 104.25 Chicago Futures: Live Cattle: Oct down 197 at 10377   Dec down 200 at 10522 Feeders: Oct down 117 at 11042   Nov down 110 at 11000 Cattle Comment Cattle followed hogs lower, as pork and beef compete with poultry at the meat counter. Large supplies of pork will weigh on beef and could provide the impetus necessary to push October futures through support just under $104. Hogs Peoria: were $2     lower   at   53.50   to   54 Chicago Futures: Oct down 300 at 7050   Dec down 300 at 7070 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures gapped below trendline support and closed sharply lower for the day. Lower cutout values contributed to the weaker undertone. The next support for October futures is about $2 lower at $68.50. Poultry  Date: August 27, 2008 Eggs New York:  Ex. Lg. 130-134; Lg. 128-132; Med. 93-97; 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 cautiously steady. Demand was mostly fair with trading usually limited to regular commitments. Supplies of all sizes were more than 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