09/17/2008 Farm Bureau Market Report

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Grain & Soybean Date: September 17, 2008 Soybeans Local Elevators: (Sep) EAST AR:  n/a to - - - (NC) Summ. 1031 to 1100 River Elevators: (Sep) MISS: 1059 to 1115 ; AR & White 1077 to 1097 (NC) Summ. 1059 to 1118 Ark. Processor Bids: (Sep) n/a to - - -  (NC) 1077 to 1097 Memphis:  (Sep) 1114 to - - - (NC)  1094 to 1104 Riceland Foods:  (NC) Stuttgart 1097 ; Pendleton 1110 ; West Memphis 1118 Chicago Futures: Nov up 15 at  1139   Jan '09  up  14  at  1153 1/4   Mar '09 up 12 1/4  at  1165 1/2   May '09 up 12  at  1173   Nov '09 up 13  at  1112   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were able to finally move to the positive side before today’s close. Boosted by weaker $, November soybeans fell to $11.08 before rallying to end the session about 15 cents higher. Support at $10.60 could still come into play as investors are wary about the current economic weakness. Fundamentals suggest the market is under priced and it is technically oversold. Corn retraced much of yesterday’s decline as the trade view’s corn as fundamentally under priced. Recent weather may push projected yields and production lower, further tightening stocks. Wheat Cash bid for September at Memphis  505 3/4 to 525 3/4; Bids to farmers at Local Elevators 520; River Elevators 540-560; Chicago Futures: Dec up  35 3/4  at  725 3/4    Mar '09 up 34  at  746    May '09 up  35 1/2  at  758 3/4    Jul '09 up  36 3/4  at  770 1/4    Sep '09 up  37 1/4  at  786    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  775 to 802; Bids to farmers at River Elevators 732-811; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   524 to - - -;   new crop at Memphis   521 to 536; Bids to farmers at River Elevators  499 to 523 Chicago Futures: Dec up  21 3/4  at  554    Mar '09 up  19 3/4  at  570    May '09 up  17 1/2  at  579 1/2    Dec '09 up  20 1/2  at  585 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat reversed the prior day losses and made strong gains. The market was technically oversold and due a rebound, but new buying will have to reverse the current downtrend. A new tender from Egypt may be an indication of things to come, as France is expected to be a competitive bidder. Cotton & Rice  Date: September 17, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 210 at  5617   Greenwood up  210 at 5617 New York Futures: Oct up  86  at  5918    Dec up  88  at  6149    Mar '09 up  84  at  6610    May '09 up  78  at  6810    Jul '09 up  86  at  7026  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton settled slightly higher today, but there is no real indication this market is ready to bottom. Weak economic conditions generally impact cotton more than either crops, since new clothing purchases can be delayed. Larger carryover stocks in China are expected to further reduce their import needs – much of which comes from the U.S. Longer term cotton acreage will decline further in ’09, if price isn’t more competitive with corn and beans. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Nov up  13 1/2  at  1867    Jan '09 up  15  at  1897 1/2    Mar '09 up  16 1/2  at  1929    May '09 up  20  at  1959 1/2    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures held above support and closed on a positive note after two straight days of sharp declines. Harvest will be a slow process with a high percentage of the crop being “down” following Hurricanes Gustav and Ike. This will reduce production from last week’s projection of 206.9 million cwt. For now, November support is $18.30. Cattle & Hogs  Date: September 17, 2008 Cattle As reported by Federal-State Market News, receipts were 1,139 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $3-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114.27 to - - -   500 to 550 lbs. 92.30 to - - -   600 to 650 lbs. 90.09 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.58 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95.87 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.58 to - - - Slaughter Cows, Boners 49   to   56 Light Weight 35 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   66.50   to   74, high dressing 73-76 Midwest Steers   remained   at   97   to   - - - Panhandle Steers   remained   at   97   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 115.50 to 123   600 to 650 lbs. 102 to 110 Heifers 500 to 550 lbs. 95 to 105   600 to 650 lbs. 95 to 99.25 Chicago Futures: Live Cattle: Dec down 57 at 10405   Feb up 2 at 10375 Feeders: Nov down 172 at 10587   Jan down 150 at 10530 Cattle Comment Cattle were sharply lower again as concerns about economic conditions and financial woes weighed on potential beef demand. For the time being October live cattle futures are consolidating $101.50 and $103.50. October feed cattle broke support and could test the $103.80 contract low. Hogs Peoria: were     lower   at   44   to   44.5 Chicago Futures: Dec up 35 at 6645   Feb up 35 at 7215 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs moved higher on indications declining pork values are attracting fresh demand. October futures bounced off support near $65.50 and are testing resistance around $68.50. Large hog supplies will limit upside potential. Poultry  Date: September 17, 2008 Eggs New York:  Ex. Lg. 113-117; Lg. 111-115; Med. 95-99; Chicago:  Ex. Lg. 113-121; Lg. 111-119; Med. 86-94; Eastern Region Turkeys Hens: 8-16 lbs. 99-102 Toms: 16-24 lbs. 99-102   Delmarva Broilers U.S. Grade A Trade sentiment was about steady to barely steady. Demand into all channels was light to fair with limited trading. Supplies of all sizes were more than sufficient to satisfy trade needs. In production areas, live supplies were moderate. Weights were mostly desirable. ---------------------------------------- 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