09/29/2008 Farm Bureau Market Report

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Grain & Soybean Date: September 29, 2008 Soybeans Local Elevators: (Sept) EAST AR:  n/a to - - - (NC) Summ. 1004 to 1055 River Elevators: (Sept) MISS: 994 to 1066 ; AR & White 1028 to 1048 (NC) Summ. 994 to 1076 Ark. Processor Bids: (Sept) 1049 to - - -  (NC) 1032 to 1052 Memphis:  (Sept) 1054 to 1059 (NC)  1049 to - - - Riceland Foods:  (Sept) Stuttgart 1052 ; Pendleton 1055 ; West Memphis 1076 Chicago Futures: Nov down 70 at  1094   Jan 09  down  70  at  1110 1/2   Mar 09 down 70  at  1124 1/4   May 09 down 70  at  1137   Nov 09 down 70  at  1109 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted limit losses across the board in reaction to the news that the House rejected the bailout bill today. Stocks were sent plummeting and commodities followed suit. Today’s gap lower took out recent lows and November could retest the April low of $10.60. December corn was sharply lower as well, but still has support at the August low of $5.05. Wheat Cash bid for September at Memphis  448 to 473; Bids to farmers at Local Elevators 451-466; River Elevators 551-566; Chicago Futures: Dec down  48  at  668    Mar 09 down 48  at  689    May 09 down  47 1/2  at  703 1/2    July 09 down  45 1/2  at  716    Sept 09 down  45  at  733    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  666 to 693; Bids to farmers at River Elevators 641-721; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   468 to 473;   New crop at Memphis   491 1/2 to 496 1/2; Bids to farmers at River Elevators  454 to 478 Chicago Futures: Dec down  30  at  513    Mar 09 down  30  at  531    May 09 down  30  at  542 1/2    Dec 09 down  30  at  558 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat also gapped lower. As in corn and soybeans, today’s move had nothing to do with wheat market fundamentals and everything to do with carryover selling pressure from Wall Street. However, despite a few problem areas in production areas in the Southern Hemisphere, the world crop is more than adequate to replenish tight supplies. Cotton & Rice  Date: September 29, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 300 at  5213   Greenwood down  300 at 5213 New York Futures: Oct down  300  at  5506    Dec down  300  at  5738    Mar '09 down  300  at  6190    May 09 down  277  at  6402    July 09 down  258  at  6612  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was also sharply lower in reaction to news that the House rejected the bailout bill and the resulting sharp losses on Wall Street. 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  - - -   n/a - - -  to  - - - Chicago Futures: Nov down  49  at  1939 1/2    Jan 09 down  49  at  1972 1/2    Mar 09 down  49  at  2003 1/2    May 09 down  49  at  2033 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice, too, was sharply lower on carryover weakness from Wall Street after the House rejected the bailout bill. 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 29, 2008 Cattle As reported by Federal-State Market News, receipts were 2248 head at sales in Springdale and Ash Flat.  Compared with last week, feeder steers under 500 lbs. $5 to $8 lower, over 500 lbs. firm to $2 higher. Feeder heifers sold $2 to $7 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.97 to - - -   500 to 550 lbs. 107.50 to - - -   600 to 650 lbs. 100.97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 112.17 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 91.27 to - - -  Medium & Large Frame 2   600 to 650 lbs. 90.27 to - - - Slaughter Cows, Boners 45   to   52 Light Weight 33 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   65 Midwest Steers   were   at   98   to   99 Panhandle Steers   were   at   99   to   - - - Oklahoma City Feeders Steers 400 to 500 lbs. 123 to 129   500 to 550 lbs. 116 to 124 Heifers 400 to 500 lbs. 106 to 111.75   500 to 550 lbs. 104 to 107.50 Chicago Futures: Live Cattle: Dec down 292 at 9987   Feb down 297 at 10010 Feeders: Nov down 300 at 10257   Jan down 300 at 10280 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. The dollar was stronger today, and that could hurt export prospects. Hogs Peoria: were     steady   at   46   to   46.5 Chicago Futures: Dec down 100 at 6505   Feb down 65 at 7120 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were also sharply lower on economic worries, despite the quarterly inventory report showing lower-than-expected farrowing intentions. October futures have support near $65.50. Poultry  Date: September 29, 2008 Eggs New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 97-101; Chicago:  Ex. Lg. 101-109; Lg. 99-107; Med. 88-96; 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 following the weekend was fair at best with light trading. Supplies of all sizes were more than sufficient 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