09/08/2008 Farm Bureau Market Report

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Grain & Soybean Date: September 08, 2008 Soybeans Local Elevators: (Sep) EAST AR:  n/a to - - - (NC) Summ. 1084 to 1133 River Elevators: (Sep) MISS: 1102 to 1163 ; AR & White 1125 to 1145 (NC) Summ. 1102 to 1154 Ark. Processor Bids: (Sep) n/a to - - -  (NC) 1122 to 1130 Memphis:  (Sep) 1147 to 1172 (NC)  1142 to 1146 Riceland Foods:  (Sep) Stuttgart 1130 ; Pendleton 1133 ; West Memphis 1151 Chicago Futures: Nov up 15 at  1192   Jan '09  up  15 1/4  at  1209   Mar '09 up 16 1/4  at  1223   May '09 up 15 1/2  at  1231   Nov '09 up 11  at  1179 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans firmed today as the market held above key support at the early August low of $11.73. Early strength in crude oil boosted the early trade, but a very strong dollar and a slight change in Hurricane Ike limited upside potential. Friday’s report will be a key to future price movement. An early estimate from Informa has them lowering their yield estimate from 42.1 to 41.4 bushels per acre. USDA projected yield at 40.5 bushels in August and is generally expected to reduce that number on Friday. Corn closed narrowly mixed with December holding near the $5.50 mark. The next major support is the August low of $5.05. Wheat Cash bid for September at Memphis  523 3/4 to 532 3/4; Bids to farmers at Local Elevators 543; River Elevators 542-567; Chicago Futures: Dec down  7 3/4  at  743 3/4    Mar '09 down 7 1/2  at  767 1/4    May '09 down  7 3/4  at  780 3/4    Jul '09 down  9 1/4  at  792 1/2    Sep '09 down  9  at  809 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  838 to - - -; Bids to farmers at River Elevators 723-839; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   511 to 514;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  484 to 508 Chicago Futures: Dec up  1/2  at  549    Mar '09 up  1/2  at  567 3/4    May '09 up  1/2  at  579 3/4    Dec '09 up  1  at  586    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were lower again today. Global demand is strong, but that business is not coming to the U.S. 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 08, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 4 at  5880   Greenwood up  4 at 5880 New York Futures: Oct up  22  at  6348    Dec down  14  at  6570    Mar '09 down  16  at  7017    May '09 unchanged    at  7271    Jul '09 down  13  at  7496  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton lost early gains and closed mixed. Weather is playing a major part in the mid-South crop. Recent rains will impact yield and quality. Hurricane Ike could cause more damage as the crop pushes toward harvest. Overall, the market is unconcerned about immediate stocks with over 10 million bales carried over from last year. However, things could really tighten up in the next 6 to 8 months. Prior expiring contracts have pushed toward 63 cents, and December may do the same thing. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Nov up  50  at  1960    Jan '09 up  50  at  1990    Mar '09 up  50  at  2020    May '09 up  50  at  2048    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice futures were up the limit as the market continues to rebound which began three weeks ago, shortly after the August report. There remains concern about recent weather – hurricane Faye and Gustav – and their impact on yield and quality. Yet, another hurricane appears set to possibly follow the same trace through the mid-South. More rain and wind would be devastating to the crop. On the international side, the market is fairly quiet with recent reports putting price in the $650 to $700 per tonne range. New sales appear to be slow while shipments against prior sales remain active. Current support for November futures starts at $17.60 gap area, while the next upside objective is $19.94. Cattle & Hogs  Date: September 08, 2008 Cattle As reported by Federal-State Market News, receipts were 795 head at sales in Ash Flat.  Compared with last week, feeder steers sold unevenly, about steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111.24 to - - -   500 to 550 lbs. 106.26 to - - -   600 to 650 lbs. 110.15 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104.38 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98.10 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.45 to - - - Slaughter Cows, Boners 52   to   57 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   67   to   71.50, high dressing 72-75 Midwest Steers   were $3 lower to steady   at   96   to   99 Panhandle Steers   were $2 lower to $.50 higher   at   97   to   99.50 Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Dec steady at 10495   Feb up 52 at 10632 Feeders: Nov up 15 at 11037   Jan up 22 at 11050 Cattle Comment Cattle futures were mostly higher. Tightening supplies and ideas the cash market is near a bottom were supportive. October live cattle have support at Friday’s low of $102.42 ½. Hogs Peoria: were     steady   at   45.5   to   46 Chicago Futures: Dec down 72 at 6745   Feb down 87 at 7525 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were lower across the board. 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. The stronger dollar is limiting exports, and that is also a negative factor. Poultry  Date: September 08, 2008 Eggs New York:  Ex. Lg. 129-133; Lg. 127-131; 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. Supplies of all sizes were sufficient to satisfy current trade needs. 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