09/19/2008 Farm Bureau Market Report

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Grain & Soybean Date: September 19, 2008 Soybeans Local Elevators: (Sep) EAST AR:  n/a to - - - (NC) Summ. 1036 to 1105 River Elevators: (Sep) MISS: 1054 to 1119 ; AR & White 1081 to 1101 (NC) Summ. 1054 to 1123 Ark. Processor Bids: (Sep) n/a to - - -  (NC) 1082 to 1102 Memphis:  (Sep) 1118 1/2 to - - - (NC)  1098 1/2 to 1108 1/2 Riceland Foods:  (Sep) Stuttgart 1102 ; Pendleton 1105 ; West Memphis 1123 Chicago Futures: Nov up 27 1/2 at  1143 1/2   Jan '09  up  29 1/2  at  1159 1/4   Mar '09 up 30 3/4  at  1173   May '09 up 31 3/4  at  1182   Nov '09 up 36 1/2  at  1124 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Grains and soybeans close out the week with solid gains. Soybeans headed the week on a positive note, with November bumping against last week’s support. While the strong close doesn’t confirm a seasonal low it is a positive note. It would take a close above $12.10 to confirm a low. Stronger oil, and a weaker dollar helped boost the market, while excellent Midwest weather limited upside potential. Corn also made solid gains and this week’s ability to hold above the August low of $5.05 suggests that is solid support and probably the seasonal low. Resistance looms at $5.80 and then $6.25. Wheat Cash bid for September at Memphis  498 to 513; Bids to farmers at Local Elevators 512-532; River Elevators 552-577; Chicago Futures: Dec up  25 1/4  at  718    Mar '09 up 25  at  737 3/4    May '09 up  24 3/4  at  750 1/4    Jul '09 up  24 1/2  at  762    Sep '09 up  24 3/4  at  777 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  781 to 790; Bids to farmers at River Elevators 711-789; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   512 1/4 to - - -;   new crop at Memphis   510 to 525; Bids to farmers at River Elevators  488 to 512 Chicago Futures: Dec up  15  at  542 1/4    Mar '09 up  15 3/4  at  559    May '09 up  17  at  569 1/2    Dec '09 up  17 1/4  at  576    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat reclaimed yesterday’s big losses today to finish the week on a positive note. Despite wide price swings this week, very little actually changed from a technical perspective. The trend is still lower as the market focuses on the big rebound in the quantity of wheat available worldwide. Cotton & Rice  Date: September 19, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 176 at  5727   Greenwood up  176 at 5727 New York Futures: Oct up  215  at  6090    Dec up  194  at  6270    Mar '09 up  191  at  6725    May '09 up  198  at  6950    Jul '09 up  123  at  7081  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was able to hold sold gains into today’s close. The market needs to show followthrough early next week. For now, the fundamentals suggest the supply situation will tighten significantly by the end of the 08/09 marketing year. At some point cotton will have to move higher or producers and their bankers will encourage a move to soybeans. For now the market has ample supplies with 07/08 stocks approaching 10 million bales. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Nov up  41  at  1921    Jan '09 up  40 1/2  at  1951 1/2    Mar '09 up  38 1/2  at  1981    May '09 up  38  at  2011    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice had solid gains again today with November closing well above $19. Look for the trend to be sideways to higher with support around $18.30 and resistance at the recent high of $19.69. 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. Cattle & Hogs  Date: September 19, 2008 Cattle As reported by Federal-State Market News, receipts were 10,105 head at sales in Arkansas this week.  Compared with last week, feeder steers sold weak to $4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114.32 to - - -   500 to 550 lbs. 104.40 to - - -   600 to 650 lbs. 98.97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 114.32 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100.67 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90.80 to - - - Slaughter Cows, Boners 49   to   56 Light Weight 35 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   62   to   69, high dressing 70-75 Midwest Steers   remained   at   99   to   - - - Panhandle Steers   were $1 lower to steady   at   98   to   99 Oklahoma City Feeders Steers 500 to 550 lbs. 107 to 123   600 to 650 lbs. 104.50 to 116.75 Heifers 500 to 550 lbs. 98 to 111   600 to 650 lbs. 95 to 110.25 Chicago Futures: Live Cattle: Dec up 152 at 10325   Feb up 147 at 10317 Feeders: Nov up 147 at 10530   Jan up 152 at 10507 Cattle Comment Cattle futures got a boost today from gains on Wall Street in reaction to news of a massive government bailout. Feeders were also higher on strength from live futures. October live cattle traded in a relatively narrow range near the middle of yesterday’s wide range. Hogs Peoria: were     steady   at   44   to   44.5 Chicago Futures: Dec up 100 at 6605   Feb up 100 at 7112 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended higher but near the bottom of the day’s trading range. Economic concerns were eased somewhat with news the government is working on a bailout program for banks. Concerns that weakness in the world economy will hurt pork demand remain, however. October futures have support near $65.50. Poultry  Date: September 19, 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. 98-102 Toms: 16-24 lbs. 98-102   Delmarva Broilers U.S. Grade A Trade sentiment was barely steady to weak. Demand entering the weekend was light to fair with limited trading. Supplies of all sizes were fully 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