09/26/2008 Farm Bureau Market Report

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Grain & Soybean Date: September 26, 2008 Soybeans Local Elevators: (Sep) EAST AR:  n/a to - - - (NC) Summ. 1074 to 1125 River Elevators: (Sep) MISS: 1069 to 1140 ; AR & White 1102 to 1122 (NC) Summ. 1069 to 1146 Ark. Processor Bids: (Sep) 1115 to - - -  (NC) 1102 to 1122 Memphis:  (Sep) 1124 to 1129 (NC)  1119 to - - - Riceland Foods:  (Sep) Stuttgart 1122 ; Pendleton 1125 ; West Memphis 1146 Chicago Futures: Nov down 19 at  1164   Jan '09  down  19  at  1180 1/2   Mar '09 down 18 1/4  at  1194 1/4   May '09 down 17 1/2  at  1207   Nov '09 down 17 1/2  at  1179 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted sharp losses on the news that government talks regarding a bank bailout program had broken down today. Soybean harvest is getting underway, and yield reports are mixed from across the country. USDA says the average yield will be 40 bushels per acre, which would leave a tight supply situation. Any decline in that yield will, of course, mean that stocks will be even tighter and the market might have some work to do to ration usage. Support is seen at $11.00. A close above $12.30 would confirm a seasonal low. Wheat Cash bid for September at Memphis  496 to 521; Bids to farmers at Local Elevators 512-592; River Elevators 592-612; Chicago Futures: Dec down  20 1/4  at  716    Mar '09 down 19 1/2  at  737    May '09 down  19 1/2  at  751    Jul '09 down  19 1/4  at  761 1/2    Sep '09 down  19  at  778    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  720 to 746; Bids to farmers at River Elevators 695-775; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   498 to 503;   new crop at Memphis   521 1/2 to 526 1/2; Bids to farmers at River Elevators  484 to 508 Chicago Futures: Dec down  15 1/4  at  543    Mar '09 down  15  at  561    May '09 down  14 3/4  at  572 1/2    Dec '09 down  10 1/2  at  588 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment 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 was also lower. December resistance starts at $7.57. Support begins at last week’s low of $6.86. Cotton & Rice  Date: September 26, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 128 at  5513   Greenwood down  128 at 5513 New York Futures: Oct down  111  at  5810    Dec down  141  at  6025    Mar '09 down  147  at  6473    May '09 down  131  at  6679    Jul '09 down  144  at  6870  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was lower, pressured by the disappointing news from Washington. Big 07-08 stocks also 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  - - -   - - -  to  - - - Chicago Futures: Nov down  29 1/2  at  1988 1/2    Jan '09 down  28 1/2  at  2021 1/2    Mar '09 down  28 1/2  at  2052 1/2    May '09 down  28 1/2  at  2082 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice gapped lower today. November charted a downward key reversal Wednesday, so additional losses are likely. 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. Cattle & Hogs  Date: September 26, 2008 Cattle As reported by Federal-State Market News, receipts were 9,505 head at sales in Arkansas this week.  Compared with last week, feeder steers sold weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118.06 to - - -   500 to 550 lbs. 105.84 to - - -   600 to 650 lbs. 97.38 to - - -  Medium & Large Frame 2   400 to 450 lbs. 102.64 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 96.12 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91.20 to - - - Slaughter Cows, Boners 43   to   48 Light Weight 25 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   65, high dressing 67.50-69.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 109 to 123.75   600 to 650 lbs. 102 to 107.50 Heifers 500 to 550 lbs. 101 to 113   600 to 650 lbs. 95 to 111.25 Chicago Futures: Live Cattle: Dec up 17 at 10280   Feb down 4 at 10307 Feeders: Nov 80 at 10557   Jan 70 at 10580 Cattle Comment Cattle futures continued lower on concerns about the economy and its impact on beef demand. Lower beef values seemed to confirm ideas that demand is decreasing. October live cattle have support at the recent spike low. Hogs Peoria: were     steady   at   46   to   46.50 Chicago Futures: Dec down 7 at 6605   Feb down 42 at 7185 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 this afternoon’s inventory report will show herd liquidation provided some underlying support. October futures have support near $65.50. Poultry  Date: September 26, 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. 97-102   Delmarva Broilers U.S. Grade A Trade sentiment was about steady to barely steady. Demand entering the weekend was light to fair with limited trading. Supplies of all sizes were at least adequate to satisfy current trade needs. 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