09/25/2008 Farm Bureau Market Report

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Grain & Soybean Date: September 25, 2008 Soybeans Local Elevators: (Sep) EAST AR:  n/a to - - - (NC) Summ. 1093 to 1144 River Elevators: (Sep) MISS: 1088 to 1159 ; AR & White 1121 to 1141 (NC) Summ. 1088 to 1165 Ark. Processor Bids: (Sep) 1138 to - - -  (NC) 1121 to 1141 Memphis:  (Sep) 1148 to - - - (NC)  1138 to - - - Riceland Foods:  (Sep) Stuttgart 1141 ; Pendleton 1144 ; West Memphis 1165 Chicago Futures: Nov down 4 at  1183   Jan '09  down  4 1/4  at  1199 1/2   Mar '09 down 5  at  1212 1/2   May '09 down 5  at  1224 1/2   Nov '09 down 7  at  1197   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended lower in relatively quiet trading. Stronger stocks and news of a government bailout program boosted prices early on, but the bulls lost momentum as the day wore on. A healthy export sales total of 22.5 million bushels was reported by USDA. 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. December needs to close above $5.80 to signal a retest of resistance at $6.25. Support is the recent low of $5.24. Wheat Cash bid for September at Memphis  516 1/4 to 536 1/4; Bids to farmers at Local Elevators 531-586; River Elevators 553-606; Chicago Futures: Dec up  6  at  736 1/4    Mar '09 up 5 3/4  at  756 1/2    May '09 up  5 1/2  at  770 1/2    Jul '09 up  4 1/2  at  780 3/4    Sep '09 up  4 3/4  at  797    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  729 to 809; Bids to farmers at River Elevators 721-802; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   515 1/4 to 518 1/4;   new crop at Memphis   534 to 539; Bids to farmers at River Elevators  499 to 523 Chicago Futures: Dec down  4 3/4  at  558 1/4    Mar '09 down  4 1/2  at  576    May '09 down  5  at  587 1/4    Dec '09 down  3 1/4  at  599 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended higher again today. There is little fundamental justification for a rally with a major recovery of world-wide supplies of wheat in the works. December resistance starts at $7.57. Support begins at last week’s low of $6.86. Cotton & Rice  Date: September 25, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 31 at  5641   Greenwood up  31 at 5641 New York Futures: Oct   38  at  5920    Dec up  5  at  6140    Mar '09 up  10  at  6598    May '09 up  27  at  6810    Jul '09 up  36  at  7014  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 up  39  at  2018    Jan '09 up  38 1/2  at  2050    Mar '09 up  38 1/2  at  2081    May '09 up  38 1/2  at  2111    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice did not follow through on yesterday’s negative price action, instead posting solid gains. The market failed to challenge yesterday’s high, however, so the key reversal top charted yesterday is still valid and we could see the market work lower. 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. The U.S. has also reported the first sale of rice to Iran in five years. Cattle & Hogs  Date: September 25, 2008 Cattle As reported by Federal-State Market News, receipts were 2,632 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers mostly weak to $5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111.03 to - - -   500 to 550 lbs. 107.52 to - - -   600 to 650 lbs. 105.44 to - - -  Medium & Large Frame 2   400 to 450 lbs. 111.43 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95.54 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.34 to - - - Slaughter Cows, Boners 45   to   51 Light Weight 35 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   64.50, high dressing 65-67 Midwest Steers   remained steady   at   99   to   - - - Panhandle Steers   remained steady   at   99, few 98   to   - - - 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 down 157 at 10262   Feb down 82 at 10350 Feeders: Nov down 107 at 10637   Jan down 57 at 10650 Cattle Comment Cattle futures turned lower again on economic worries. Lower beef values were also a factor. October live cattle have tough resistance around $103. Hogs Peoria: were     steady   at   46   to   46.5 Chicago Futures: Dec down 10 at 6612   Feb steady at 7227 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mixed as traders worry the weak economy will hurt pork demand. Ideas that Friday’s inventory report will show herd liquidation were supportive. October futures have support near $65.50. Poultry  Date: September 25, 2008 Eggs New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 97-101; 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 with trading usually limited to most immediate needs. Supplies of all sizes were adequate to ample for light trade requirements. In production 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