08/29/2008 Farm Bureau Market Report

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Grain & Soybean Date: August 29, 2008 Due to the Labor Day holiday, the Farm Bureau Market Report will resume on Tuesday, September 2. 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) 1271 to 1289 (NC)  1269 to 1276 Riceland Foods:  (Oct/Nov) Stuttgart - - - ; Pendleton - - - ; West Memphis - - - Chicago Futures: Sept down 1/2 at  1332   Nov  unchanged  0  at  1324   Jan 09 up 1/4  at  1341 1/2   Mar 09 unchanged 0  at  1353 3/4   Nov 09 up 2 1/2  at  1301   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded to the positive side most of the day, before ending the session narrowly mixed. The question before the house is how much help this week’s rain in the upper Midwest will be. It is really a question of how far reaching it was. On the other hand, hurricane watches are in effect for the mid-south and southeast. Recent heavy rains have already delayed harvest. That and tight farmer holding has boosted the Gulf basis as the market attempts to pry old crop supplies out of the grain bins. Current trading range is $11.74 to $13.70. Wheat Cash bid for August at Memphis  571 1/4 to 578 1/4; Bids to farmers at Local Elevators 546; River Elevators 523-579; Chicago Futures: Sept down  9 3/4  at  779 1/4    Dec down 9 3/4  at  801 1/4    Mar 09 down  9 1/2  at  825 1/4    May 09 down  9 3/4  at  839 1/2    July 09 down  9 1/4  at  850 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  898 to 902; Bids to farmers at River Elevators 788-904; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   543 to 550 1/4;   New crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  517 to 541 Chicago Futures: Sept down  1 3/4  at  568 1/4    Dec down  2 3/4  at  585    Mar 09 down  2 3/4  at  604    Dec 09 down  3 3/4  at  620    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn made solid early gains, but closed mostly lower, but still has a potential head and shoulders bottom forming. The market can still move another 20 cents lower, (support is located at $5.63) before moving higher. Wheat futures continued to work lower as world supply estimates move higher. More telling is the very wide Gulf basis which indicated U.S. futures are overpriced relative to other wheat. Next support is $7.75. Cotton & Rice  Date: August 29, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 37 at  6278   Greenwood up  37 at 6278 New York Futures: Oct up  37  at  6753    Dec up  42  at  6978    Mar 09 up  39  at  7438    May 09 up  31  at  7638    July 09 up  32  at  7831  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures closed well below early morning highs. While there is concern about potential damage from Hurricane Gustav that is being buffered by big existing stocks. Longer term, any cut in this year’s production will tighten stocks next year. For now, resistance at 71 cents and support at 67 cents are the market extremes. A close outside either would indicate further movement in that direction. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Sept up  61  at  1890    Nov up  48  at  1897    Jan 09 up  50  at  1929    Mar 09 up  50  at  1957    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice resumed the sharp uptrend of the last two weeks, by closing sharply higher ahead of a 3 day holiday weekend. No doubt the market has concern about this year’s crop and the potential impact of Hurricane Gustav if it hits in Louisiana and move up through the Delta. 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 29, 2008 Cattle As reported by Federal-State Market News, receipts were 7,250 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $1 to $5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 127.04 to - - -   500 to 550 lbs. 107.81 to - - -   600 to 650 lbs. 104.27 to - - -  Medium & Large Frame 2   400 to 450 lbs. 108.68 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 99.69 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96.72 to - - - Slaughter Cows, Boners 50   to   57 Light Weight 37 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   69 Midwest Steers   were unavailable   at   - - -   to   - - - Panhandle Steers   were unavailable   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 114 to 125   550 to 600 lbs. 109 to 125 Heifers 500 to 550 lbs. 99 to 116   550 to 600 lbs. 98 to 113 Chicago Futures: Live Cattle: Oct up 22 at 10405   Dec up 52 at 10640 Feeders: Oct up 52 at 11095   Nov up 40 at 11027 Cattle Comment Cattle futures were slightly higher at the end of today’s trading session. Uncertainty about beef demand following Labor Day has weighed on the market this week. Market ready supplies of cattle are expected to tighten in the near term, but the real determining factor may be heavy competition from pork. Either pork or beef could be featured items next week. Live cattle futures are trying to hold support just under $104. November feeders are holding just above $109. Hogs Peoria: were $1.50 to $2.50     lower   at   47.5   to   48 Chicago Futures: Oct down 10 at 6842   Dec up 60 at 6955 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures were mostly higher for the day as traders took end of month profits. Upside potential is limited by heavy supplies of pork and weak wholesale values. Poultry  Date: August 29, 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 to barely steady. Demand entering the extended holiday weekend was light to fair with interest not meeting expectations. Trading was limited. Supplies of all sizes were more than sufficient to satisfy trade needs. Schedules were mixed with some plants down Monday in observance of the holiday, and spot locations running tomorrow. Plants are taking a wait and see attitude for next week due to predicted storms that may affect some areas along the Gulf Coast. In productions 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? 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