09/24/2008 Farm Bureau Market Report

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Grain & Soybean Date: September 24, 2008 Soybeans Local Elevators: (Sep) EAST AR:  n/a to - - - (NC) Summ. 1079 to 1148 River Elevators: (Sep) MISS: 1092 to 1163 ; AR & White 1125 to 1145 (NC) Summ. 1092 to 1169 Ark. Processor Bids: (Sep) 1142 to - - -  (NC) 1125 to 1145 Memphis:  (Sep) 1152 to - - - (NC)  1137 to 1142 Riceland Foods:  (Sep) Stuttgart 1145 ; Pendleton 1148 ; West Memphis 1169 Chicago Futures: Nov unchanged at  1187   Jan '09  unchanged    at  1203 3/4   Mar '09 down 3/4  at  1217 1/2   May '09 down 3/4  at  1229 1/2   Nov '09 down 8  at  1204   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed as the market lost ground late in the session. Outside markets tended to influence price with higher oil and a weaker $ supporting the market early. As trading in those areas reversed, so did beans and corn. The market is not reacting to fundamentals as much as it normally does. However, with harvest just beginning, traders would like to get a feel for actual yields. Projections indicate stocks will remain tight. Support is seen at $11.00. A close above $12.30 would confirm a seasonal low. Corn followed much the same path as soybeans, but did close slightly higher for the day. December moved to $5.72 ½ before closing steam. A close above $5.80 would signal a retest of resistance at $6.25. Support is the recent low of $5.24. Wheat Cash bid for September at Memphis  510 1/4 to 515 1/4; Bids to farmers at Local Elevators 526-571; River Elevators 571-616; Chicago Futures: Dec down  20 1/4  at  730 1/4    Mar '09 down 19 1/2  at  750 3/4    May '09 down  18 1/2  at  765    Jul '09 down  19 3/4  at  776 1/4    Sep '09 down  20 1/4  at  792 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  738 to 818; Bids to farmers at River Elevators 748-820; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   523 to 528;   new crop at Memphis   537 3/4 to 552 3/4; Bids to farmers at River Elevators  509 to 533 Chicago Futures: Dec up  2 3/4  at  563    Mar up  2 1/2  at  580 1/2    May '09 up  3  at  592 1/4    Dec '09 up  4  at  602 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended higher again today, but December stopped short at resistance at $7.57 again today. There is little fundamental justification for a rally with a major recovery of world-wide supplies of wheat in the works. The market has further resistance at a chart gap to $7.70 and then a gap between $7.77 and $7.98. Support begins at last week’s low of $6.86. Cotton & Rice  Date: September 24, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 95 at  5610   Greenwood down  95 at 5610 New York Futures: Oct down  134  at  5800    Dec down  80  at  6150    Mar '09 down  69  at  6604    May '09 down  88  at  6783    Jul '09 down  87  at  6978  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was lower again today. Big 07-08 stocks continue to pressure the market despite prospects of a much smaller ’08 U.S. crop. Yield prospects in Texas have improved, while the mid-South lost some potential yield to hurricanes Gustav and Ike. Economic conditions that threaten to spread world wide are adding to the negative undertone for cotton. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Nov down  25  at  1979    Jan '09 down  23 1/2  at  2011 1/2    Mar '09 down  22 1/2  at  2042 1/2    May '09 down  22  at  2072 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice left a huge key reversal top today. The market opened higher then declined sharply ending the session lower. This generally means the market will work lower in the short term. The bottom of the recent trading range is $18.30. That should provide some support on a downward retracement move. Most mills are busy into November, and milled sales to normal customers like Haiti continue. Rough rice exports to Mexico and other Central American countries also continue. However, the U.S. market is about $100 above milled values in Thailand and Vietnam’s market is about $200 lower than Thailand. Cattle & Hogs  Date: September 24, 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 $1-3 lower, instances $4-6 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110.93 to - - -   500 to 550 lbs. 103.65 to - - -   600 to 650 lbs. 95.24 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.90 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93.72 to - - -  Medium & Large Frame 2   400 to 450 lbs. 78.80 to - - - Slaughter Cows, Boners 43   to   52 Light Weight 34 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   61, high dressing untested Midwest Steers   were $2 higher   at   99   to   - - - Panhandle Steers   were $2 higher   at   99   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 114 to 123.75   600 to 650 lbs. 103.75 to 106 Heifers 500 to 550 lbs. 105 to 110.50   600 to 650 lbs. 103.50 to 109 Chicago Futures: Live Cattle: Dec up 75 at 10420   Feb up 65 at 10432 Feeders: Nov up 150 at 10745   Jan up 122 at 10707 Cattle Comment Cattle futures turned lower again on economic worries and renewed strength in the dollar. The latter will hurt our export potential. October live cattle have tough resistance around $103. Hogs Peoria: were $1.5     higher   at   46   to   46.5 Chicago Futures: Dec down 7 at 6622   Feb up 40 at 7227 Sheep St. Paul shee shorn slaughter lambs.   at   n/a   to   - - - Hogs Comment Hogs were lower, also on concerns about the strength of the economy and the stronger dollar and its potential impact on exports. October futures have support near $65.50. Poultry  Date: September 24, 2008 Eggs New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 96-100; Chicago:  Ex. Lg. 101-109; Lg. 99-107; 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 was slow to fair, slightly better where features were active. Supplies of all sizes were adequate to ample for light 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