09/04/2008 Farm Bureau Market Report

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Grain & Soybean Date: September 04, 2008 Soybeans Local Elevators: (Sept) EAST AR:  - - - to - - - (NC) Summ. 1127 to 1169 River Elevators: (Sept) MISS: 1145 to 1198 ; AR & White 1164 to 1184 (NC) Summ. 1145 to 1193 Ark. Processor Bids: (Sept) - - - to - - -  (NC) 1165 to - - - Memphis:  (Sept) 1190 to 1200 (NC)  1180 to 1185 Riceland Foods:  (Oct/Nov) Stuttgart 1165 ; Pendleton 1169 ; West Memphis 1186 Chicago Futures: Nov down 16 1/2 at  1235   Jan 09  down  16 1/2  at  1252   Mar 09 down 16 1/4  at  1264 1/2   May 09 down 16  at  1272 1/2   Nov 09 down 13 1/2  at  1227 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were lower for the third day in a row. Potential yield gains from beneficial rains in the Midwest provided today’s negative impetus. The remnant of Hurricane Gustav finally made a hasty exit from Arkansas and more quickly through major soybean production areas to the north. All in all, the market expects the rain to add yield to the U.S. crop. November continues to push toward early August support at $11.74. For now, the market is in a trading range between that point and $13.50. After gapping lower on Tuesday, corn has held in a narrow trading range with support around $5.50. Additional support is located at $5.05 with resistance at $6.25. Wheat Cash bid for September at Memphis  547 to 559; Bids to farmers at Local Elevators 578; River Elevators 578-603; Chicago Futures: Dec up  2 1/4  at  777    Mar 09 up 2 1/4  at  800 3/4    May 09 up  2 1/4  at  815 1/2    July 09 up  3 1/4  at  828 1/4    Sept 09 up  3 1/4  at  844 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  865 to - - -; Bids to farmers at River Elevators 750-866; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   524 1/2 to 527 1/2;   New crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  496 to 520 Chicago Futures: Dec up  2 1/4  at  564 1/2    Mar 09 up  2 1/4  at  583 1/4    May 09 up  2 1/4  at  595 1/4    Dec 09 up  2 1/4  at  600    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were a bit higher again today. 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. December has resistance at $7.98, the top of the recent gap. Cotton & Rice  Date: September 04, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 96 at  6148   Greenwood down  96 at 6148 New York Futures: Oct down  121  at  6598    Dec down  123  at  6846    Mar 09 down  114  at  7299    May 09 down  107  at  7521    July 09 down  89  at  7757  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was sharply lower today despite indications Hurricane Gustav added to potential crop problems in the Midsouth. Earlier rains from Hurricane Faye hit the crop with a period of rain, lower temperatures and prolonged cloudy conditions. Gustav will add to potential yield and quality concerns. 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  27  at  1896    Jan 09 up  27  at  1926    Mar 09 up  27  at  1956    May 09 up  28  at  1982    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures made another solid move higher, although early gains were trimmed at the close. 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 04, 2008 Cattle As reported by Federal-State Market News, receipts were 402 head at sales in Charlotte.  Compared with last week, feeder steers uneven, about steady . Steers:  Medium & Large Frame 1   450 to 500 lbs. 109.76 to - - -   550 to 600 lbs. 101.49 to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame 2   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 94.16 to - - -  Medium & Large Frame 2   500 to 550 lbs. 91.28 to - - - Slaughter Cows, Boners 51.5   to   55 Light Weight 37 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   66   to   - - - Midwest Steers   were steady   at   97   to   - - - Panhandle Steers   were steady   at   97   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 114 to 115   550 to 600 lbs. 112 to 155.75 Heifers 500 to 550 lbs. 103 to 105   600 to 650 lbs. 106 to 109 Chicago Futures: Live Cattle: Dec down 17 at 10530   Feb up 27 at 10610 Feeders: Nov down 7 at 10997   Jan up 22 at 10987 Cattle Comment Cattle futures were mixed. Fund liquidation has driven the market lower in recent days. 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     steady   at   45.5   to   46 Chicago Futures: Dec down 35 at 6840   Feb down 57 at 7622 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were also mixed. October hogs have seen weakness 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 04, 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 about steady. Demand was fair at best with light trading approaching the weekend. Supplies of all sizes were adequate to fully adequate to satisfy current 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