08/28/2008 Farm Bureau Market Report

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Grain & Soybean Date: August 28, 2008 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 1216 to 1258 River Elevators: (Aug) MISS: 1274 to 1294 ; AR & White 1247 to 1260 (NC) Summ. 1229 to 1275 Ark. Processor Bids: (Aug) n/a to - - -  (NC) 1246 to 1254 Memphis:  (Aug) 1289 to 1295 (NC)  1274 to 1279 Riceland Foods:  (Oct/Nov) Stuttgart n/a ; Pendleton - - - ; West Memphis - - - Chicago Futures: Sept down 15 1/2 at  1332 1/2   Nov  down  24  at  1324   Jan 09 down 23 3/4  at  1341 1/4   Mar 09 down 23 1/4  at  1353 3/4   Nov 09 down 22  at  1298 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were hit by weather induced selling as good rain fell across the upper Midwest. While dry pockets remain this could be a real positive yield factor as others are expected to get rain today and tomorrow. While November penetrated support at the bottom of a two week congestion area. However, the market closed above that support and we could see sideways movement going into the 3 day holiday weekend. November’s failure to move above $13.70 on 3 separate occasions suggests this is a temporary top. Corn also lost ground. December continues to look as if a head and shoulders bottom is forming. If that’s the case, the market can still work 20 or 25 cents lower, before turning higher. Wheat Cash bid for August at Memphis  581 to 589; Bids to farmers at Local Elevators 556; River Elevators 533-589; Chicago Futures: Sept down  13 3/4  at  789    Dec down 14 3/4  at  811    Mar 09 down  14 1/2  at  834 3/4    May 09 down  14 3/4  at  849 1/4    July 09 down  13 3/4  at  859 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  907 to 912; Bids to farmers at River Elevators 775-891; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   547 3/4 to 562;   New crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  518 to 542 Chicago Futures: Sept down  7 1/2  at  570    Dec down  8 1/4  at  587 3/4    Mar 09 down  8 1/4  at  606 3/4    Dec 09 down  8 1/4  at  623 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat prices continued their downward slide today. Good weather in the Southern Hemisphere may force the already record wheat production forecast even higher. U.S. Soft Red Wheat Exports continue to lag year ago levels as outstanding sales are less than two-thirds what they were a year ago. December wheat appears headed toward support at $7.75. Cotton & Rice  Date: August 28, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 129 at  6241   Greenwood down  129 at 6241 New York Futures: Oct down  129  at  6716    Dec down  127  at  6936    Mar 09 down  138  at  7399    May 09 down  129  at  7607    July 09 down  127  at  7799  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton reversed yesterday’s gains, again failing to move above 71 cents, and then closed sharply lower. Weather in the immediate future may determine which direction the market moves in the short term. However, 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: Sept down  5  at  1829    Nov down  6  at  1849    Jan 09 down  4  at  1879    March 09 down  4  at  1907    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice traded in a narrow range before closing a little lower for the day. In light of the downturn in beans and grains, rice held its own. 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 28, 2008 Cattle As reported by Federal-State Market News, receipts were 2195 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold steady to $2 higher, heifers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119.75 to - - -   500 to 550 lbs. 108.35 to - - -   600 to 650 lbs. 109.20 to - - -  Medium & Large Frame 2   400 to 450 lbs. 111.40 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 101.06 to - --  Medium & Large Frame 2   600 to 650 lbs. 101.15 to - - - Slaughter Cows, Boners 49   to   55 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   63.50   to   69.50 Midwest Steers   were $2 higher   at   99   to   - - - Panhandle Steers   were $2 higher   at   99   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 124 to 126   550 to 600 lbs. 112.50 to 116 Heifers 500 to 550 lbs. 109.50 to - - -   550 to 600 lbs. 107.50 to 112 Chicago Futures: Live Cattle: Oct up 5 at 10382   Dec up 65 at 10587 Feeders: Oct steady 0 at 11042   Nov down 12 at 10987 Cattle Comment Cattle prices posted modest gains today. Prices continue to find support around the 103 mark. Given the continued tightening of supplies it may be difficult for prices to drop much below support levels. Hogs Peoria: were $3.50 to $4.50     lower   at   49.5   to   50 Chicago Futures: Oct down 197 at 6852   Dec down 175 at 6895 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog prices continue their downturn today. Declines stopped just short of the previous market low of 68.50. If prices were to break this level tomorrow the next support level would be the contract low of 64.20. Poultry  Date: August 28, 2008 Eggs New York:  Ex. Lg. 131-135; Lg. 129-133; Med. 95-99; 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 approaching the weekend was fair at best but slightly better to cover holiday and first of the month needs. Supplies of all sizes were at least adequate 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