09/05/2008 Farm Bureau Market Report

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Grain & Soybean Date: September 05, 2008 Soybeans Local Elevators: (Sep) EAST AR:  n/a to - - - (NC) Summ. 1069 to 1118 River Elevators: (Sep) MISS: 1087 to 1144 ; AR & White 1110 to 1130 (NC) Summ. 1087 to 1139 Ark. Processor Bids: (Sep) n/a to - - -  (NC) 1107 to 1115 Memphis:  (Sep) 1132 to 1157 (NC)  1127 to 1131 Riceland Foods:  (Sep) Stuttgart 1118 ; Pendleton 1121 ; West Memphis 1139 Chicago Futures: Nov down 58 at  1177   Jan '09  down  58 1/4  at  1193 3/4   Mar '09 down 57 3/4  at  1206 3/4   May '09 down 57  at  1215 1/2   Nov '09 down 59 1/4  at  1168 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans finished this short week of trading at $1.50 lower. Much of the decline can be attributed to futures declined and the dollar continued to strengthen. This week’s export numbers indicate the stronger dollar is cutting in to demand. End of the year marketing tally also suggests an upward adjustment 20-25 million bushels in ending stocks is likely. Technically, November is testing key support around $41.73. The next major support is at $10.60. Corn was also lower for the week with overall losses of 35 cents. A retest of support at the recent low of $5.05 is likely. Wheat Cash bid for September at Memphis  531 1/2 to 540 1/2; Bids to farmers at Local Elevators 552; River Elevators 552-557; Chicago Futures: Dec down  25 1/2  at  751 1/2    Mar '09 down 26  at  774 3/4    May '09 down  27  at  788 1/2    Jul '09 down  26 1/2  at  801 3/4    Sep '09 down  25 3/4  at  818 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  837 to - - -; Bids to farmers at River Elevators 721-838; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   510 1/2 to 513 1/2;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  483 to 507 Chicago Futures: Dec down  17 3/4  at  531 1/2    Mar '09 down  16  at  567 1/4    May '09 down  16  at  579 1/4    Dec '09 down  15  at  585    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures gapped to new lows for the move. Weaker crude oil prices and the stronger dollar, however, are limiting the upside potential. Exports for last week were above trade expectations at 16 million bushels, but that is not an impressive total. 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. Cotton & Rice  Date: September 05, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 272 at  5876   Greenwood down  272 at 5876 New York Futures: Oct down  228  at  6370    Dec down  253  at  6593    Mar '09 down  265  at  7034    May '09 down  121  at  7400    Jul '09 down  248  at  7509  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment December cotton dipped below recent support just under 67 cents and closed sharply lower. This suggests further declines are possible despite the impacts of recent weather. 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. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Nov up  14  at  1910    Jan '09 up  14  at  1940    Mar '09 up  14  at  1970    May '09 up  16  at  1998    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was the only grain with positive numbers for today and for the week. 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 for November futures starts around $17.60, the next upside objective is $19.22 and then $19.94. Cattle & Hogs  Date: September 05, 2008 Cattle As reported by Federal-State Market News, receipts were 3,165 head at sales in Arkansas this week.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were $2 higher   at   99   to   - - - Panhandle Steers   were $2 higher   at   99   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 113 to 117.50   600 to 650 lbs. 109.78 to 120.50 Heifers 500 to 550 lbs. 100 to 109.75   600 to 650 lbs. 96 to 111.25 Chicago Futures: Live Cattle: Dec down 35 at 10495   Feb down 30 at 10580 Feeders: Nov up 25 at 11022   Jan up 40 at 11027 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. Hogs Peoria: were     steady   at   45.5   to   46 Chicago Futures: Dec down 22 at 6817   Feb down 10 at 7612 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mostly lower. 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 05, 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 entering the weekend was light to fair with interest not meeting expectations. Supplies of all sizes were more than sufficient and often discounted to help move. 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? 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