09/18/2008 Farm Bureau Market Report

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Grain & Soybean Date: September 18, 2008 Soybeans Local Elevators: (Sep) EAST AR:  n/a to - - - (NC) Summ. 1008 to 1077 River Elevators: (Sep) MISS: 1036 to 1092 ; AR & White 1054 to 1074 (NC) Summ. 1036 to 1095 Ark. Processor Bids: (Sep) n/a to - - -  (NC) 1054 to 1074 Memphis:  (Sep) 1091 to - - - (NC)  1071 to 1081 Riceland Foods:  (Sep) Stuttgart 1074 ; Pendleton 1077 ; West Memphis 1095 Chicago Futures: Nov down 23 at  1116   Jan '09  down  23 1/2  at  1129 3/4   Mar '09 down 23 1/4  at  1142 1/4   May '09 down 22 3/4  at  1150 1/4   Nov '09 down 24  at  1088   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed lower failing to followthrough on yesterday’s late rebound. A weaker dollar and early grains in oil seemed to be overshadowed by recent good weather and the potential for the crop finishing on a good note. Further liquidation by index funds is also adding to volatility in the market. Overall the market appears oversold and is well below the average price expected by USDA. Current support remains the August report low of $10.60. Corn also reversed yesterday’s gains and pushed toward the recent low of $5.05. Like soybeans the market is underpriced relative to USDA’s projected average price. Wheat Cash bid for September at Memphis  472 3/4 to 487 3/4; Bids to farmers at Local Elevators 488; River Elevators 517-537; Chicago Futures: Dec down  33  at  692 3/4    Mar '09 down 33 1/4  at  712 3/4    May '09 down  33 1/4  at  725 1/2    Jul '09 down  32 3/4  at  737 1/2    Sep '09 down  33 1/4  at  752 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  754 to 763; Bids to farmers at River Elevators 693-763; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   497 1/4 to - - -;   new crop at Memphis   495 to 510; Bids to farmers at River Elevators  473 to 497 Chicago Futures: Dec down  26 3/4  at  527 1/4    Mar '09 down  26 3/4  at  543 1/4    May '09 down  27  at  552 1/2    Dec '09 down  26 3/4  at  558 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat continued the roller coaster ride this week by posting sharp losses today. Losses in crude oil and on Wall Street may have carried over, but the sharp increase in the world supply remains the focus of this market. Cotton & Rice  Date: September 18, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 66 at  5551   Greenwood down  66 at 5551 New York Futures: Oct down  41  at  5895    Dec down  57  at  6085    Mar '09 down  56  at  6542    May '09 down  58  at  6752    Jul '09 down  68  at  6958  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton made strong gains but closed lower for the day. December traded in an almost 400 point range, moving above 63 cents before losing momentum. Economic conditions and the potential impact on sales continue to be a factor in the cotton market. Bigger ending stocks in China mean smaller export sales for the U.S., which suggests the carryover from this year’s much smaller crop won’t be an immediate problem. At some point, cotton will need to be more competitively priced, or acreage will shrink further instead of increasing. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Nov up  13  at  1880    Jan '09 up  13 1/2  at  1911    Mar '09 up  13 1/2  at  1942 1/2    May '09 up  13 1/2  at  1973    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures bounced off $18.50 to close a little higher again today. Recent weather factors indicate harvest will be slow and well behind the norm. Losses are also likely and that should lower this year’s final production number. The international market appears to have evened out, although Vietnam remains somewhat erratic. Look for November futures to trade between $19.69 and $18.30. Cattle & Hogs  Date: September 18, 2008 Cattle As reported by Federal-State Market News, receipts were 2,347 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers were uneven, mostly steady to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115.97 to - - -   500 to 550 lbs. 109.86 to - - -   600 to 650 lbs. 102.21 to - - -  Medium & Large Frame 2   400 to 450 lbs. 112.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98.96 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.27 to - - - Slaughter Cows, Boners 49.50   to   55.50 Light Weight 37 to 43 Bulls, Yield Grade   1   1000   to   2100 lbs.   61   to   69.50 Midwest Steers   were $2 higher   at   99   to   - - - Panhandle Steers   were $2 higher   at   99   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 101 to 106   n/a to - - - lbs. - - - to - - - Heifers 500 to 550 lbs. 100 to 107   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Dec down 232 at 10172   Feb down 205 at 10170 Feeders: Nov down 205 at 10382   Jan down 175 at 10355 Cattle Comment Cattle were sharply lower again as concerns about economic conditions and financial woes weighed on potential beef demand. Feeders followed live cattle lower, with October setting a new contract low of $103.30. Hogs Peoria: were     steady   at   44   to   44.5 Chicago Futures: Dec down 140 at 6505   Feb down 202 at 7012 Sheep St. Paul sheep shorn slaugther lambs   at   n/a   to   - - - Hogs Comment Hogs were sharply lower today on improvement in the value of the dollar and concerns that weakness in the world economy will hurt pork demand. October futures have support near $65.50. Large hog supplies will limit upside potential. Poultry  Date: September 18, 2008 Eggs New York:  Ex. Lg. 111-115; Lg. 109-113; 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 no better than steady instances weak. Demand approaching the weekend was light to fair with trading confined to regular commitments. Supplies of all sizes were adequate to fully adequate to satisfy current 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