09/03/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: September 03, 2008 Soybeans Local Elevators: (Sept) EAST AR:  - - - to - - - (NC) Summ. 1144 to 1186 River Elevators: (Sept) MISS: 1162 to 1210 ; AR & White 1171 to 1191 (NC) Summ. 1162 to 1205 Ark. Processor Bids: (Sept) - - - to - - -  (NC) 1174 to 1182 Memphis:  (Sept) 1201 1/2 to 1216 1/2 (NC)  1196 1/2 to 1201 1/2 Riceland Foods:  (Oct/Nov) Stuttgart 1182 ; Pendleton 1186 ; West Memphis 1203 Chicago Futures: Nov down 47 at  1251 1/2   Jan 09  down  47  at  1268 1/2   Mar 09 down 47  at  1280 3/4   May 09 down 47  at  1288 1/2   Nov 09 down 42  at  1241   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans failed to carry through on yesterday’s rally. Lower oil and a stronger dollar continued to pressure the market. The stronger dollar raises concerns about U.S. export, especially soybeans. Weather is still a major factor in the Midsouth, with the remnants of Hurricane Gustav dumping huge amounts of water in Louisiana, Mississippi and Arkansas. At this point in the growing season it will probably hurt more than it will help. November soybeans appear headed for a retest of support at the early August low of $11.74. Corn, while lower again today, appeared to be a little more resilient than soybeans. December again closed near the high for the day. Support is seen at the recent low of $5.05. Wheat Cash bid for September at Memphis  544 3/4 to 558 3/4; Bids to farmers at Local Elevators 575; River Elevators 575-600; Chicago Futures: Dec up  8  at  774 3/4    Mar 09 up 7 3/4  at  798 1/2    May 09 up  8 1/4  at  813 1/4    July 09 up  6 1/4  at  825    Sept 09 up  6 3/4  at  841    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  852 to 861; Bids to farmers at River Elevators 746-863; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   522 1/4 to - - -;   New crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  494 to 518 Chicago Futures: Dec down  7  at  562 1/4    Mar 09 down  7  at  581    May 09 down  7 1/4  at  593    Dec 09 down  8 1/4  at  597 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures recovered a small portion of yesterday’s big losses. Global demand for wheat is still strong, which is supporting U.S. futures even though most of the business is going elsewhere. Weaker crude oil prices and the stronger dollar, however, are limiting the upside potential. The very wide Gulf basis has indicated for some time that U.S. wheat was overpriced on the global market, and the improving dollar has not helped that situation.wheat was overpriced on the global market, and the improving dollar has not help that situation. Cotton & Rice  Date: September 03, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 72 at  6244   Greenwood down  72 at 6244 New York Futures: Oct down  72  at  6719    Dec down  49  at  6969    Mar 09 down  63  at  7413    May 09 down  50  at  7628    July 09 down  39  at  7846  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was lower as the recent pattern remains intact. There is little doubt the lingering effects of Hurricane Gustav will impact cotton yields and quality in Mississippi, Louisiana and Arkansas. 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  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  34  at  1869    Jan 09 up  33  at  1899    Mar 09 up  34  at  1929    May 09 up  34  at  1954    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures reversed yesterday’s decline and closed higher in a light trade. A firmer undertone in the international market and concern about the impact of Hurricane Gustav on the Midsouth crop provided support. Vietnam has raised their Minimum Export Price back to $650 per tonne as export shipments against prior sales continue at a strong pace. In Thailand, the Government Intervention Program is providing support around $700 per tonne. Overall market conditions are rather quiet. That is also the case here as buyers await the new crop. Current support November futures starts around $17.60, the next upside objective is $19.22. Cattle & Hogs  Date: September 03, 2008 Cattle As reported by Federal-State Market News, receipts were 618 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers under 550 lbs. sold firm to $3 higher, over 550 lbs. steady to $1 lower. Feeder heifers sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118.15 to - - -   500 to 550 lbs. 109.34 to - - -   600 to 650 lbs. 103.63 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.06 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 99.04 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.99 to - - - Slaughter Cows, Boners 53   to   57 Light Weight 36 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   64.50   to   70.50 Midwest Steers   were $2 lower   at   97   to   - - - Panhandle Steers   were $2 lower   at   97   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 117 to 125   550 to 600 lbs. 113.25 to 119 Heifers 500 to 550 lbs. 107.50 to 113.50   550 to 600 lbs. 107.50 to 112.75 Chicago Futures: Live Cattle: Dec down 62 at 10547   Feb down 92 at 10582 Feeders: Nov down 122 at 11005   Jan down 105 at 10965 Cattle Comment Cattle futures were lower across the board. Fund liquidation is the driving factor here as in other markets. Sharp losses in corn are sparking worries about large feedlot placements this fall. Live cattle futures are trying to hold support between $103 and $104. Hogs Peoria: were 50¢ to $1 higher     higher   at   45.5   to   46 Chicago Futures: Dec down 120 at 6875   Feb down 20 at 7680 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment October hogs turned lower today after failing to break through resistance at the top of the recent chart gap of $70.50. Upside potential is limited by heavy supplies of pork and weak wholesale values. Poultry  Date: September 03, 2008 Eggs New York:  Ex. Lg. 131-135; Lg. 129-133; Med. 95-99; Chicago:  Ex. Lg. 121-129; Lg. 119-127; Med. 86-94; Eastern Region Turkeys Hens: 8-16 lbs. 97-100 Toms: 16-24 lbs. 97-100   Delmarva Broilers U.S. Grade A Trade sentiment was unsettled. Demand was light to fair with trading limited to regular commitments. Supplies of all sizes were fully sufficient to satisfy current trade needs. In the parts structure, movement was no better than fair for mid-week trading. 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