Farm Bureau Market Report 09/16/2008

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Grain & Soybean Date: September 16, 2008 Soybeans Local Elevators: (Sep) EAST AR:  n/a to - - - (NC) Summ. 1016 to 1080 River Elevators: (Sep) MISS: 1044 to 1100 ; AR & White 1062 to 1082 (NC) Summ. 1044 to 1098 Ark. Processor Bids: (Sep) n/a to - - -  (NC) 1062 to 1077 Memphis:  (Sep) 1099 to 1109 (NC)  1079 to 1087 Riceland Foods:  (Sep) Stuttgart 1077 ; Pendleton 1080 ; West Memphis 1098 Chicago Futures: Nov down 55 at  1124   Jan '09  down  55 1/2  at  1139 1/4   Mar '09 down 55 1/4  at  1153 1/4   May '09 down 55  at  1161   Nov '09 down 60  at  1099   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybean prices like corn and wheat saw sharp declines today. Turmoil in the stock markets combined with weakening crude oil prices caused prices to decline sharply. While there are a number of fundamental and technical factors to support higher soybean prices, outside influences are too much to overcome. November soybeans have strong support at $10.62. Wheat Cash bid for September at Memphis  470 to 475; Bids to farmers at Local Elevators 484; River Elevators 498-518; Chicago Futures: Dec down  37  at  690    Mar '09 down 37  at  712    May '09 down  38 3/4  at  723 1/4    Jul '09 down  38 1/2  at  733 1/2    Sep '09 down  38 3/4  at  748 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  736 to 763; Bids to farmers at River Elevators 693-771; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   501 1/4 to 502 1/4;   new crop at Memphis   504 to 519; Bids to farmers at River Elevators  477 to 501 Chicago Futures: Dec down  29 3/4  at  532 1/4    Mar '09 down  30  at  550 1/4    May '09 down  30  at  562    Dec '09 down  27  at  565    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment While wheat made it through yesterday relatively unchanged, due to speculative profit taking, prices today have fallen sharply. Pressure from weakening crude oil and declining stock markets, combined with large wheat supplies forcing nearby wheat prices to their lowest levels in over a year. Both September and December corn prices posted limit down moves today. Sharp declines in crude oil prices are pulling corn down with them. While corn price appeared poised to rebound after last Friday’s USDA report, the funds along with other non commodity interest continue their sell off pushing price lower. One positive to declining prices is that lower prices will likely improve demand, which will support prices in the coming months. Cotton & Rice  Date: September 16, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 140 at  5407   Greenwood down  140 at 5407 New York Futures: Oct down  144  at  5853    Dec down  171  at  6042    Mar '09 down  168  at  6497    May '09 down  185  at  6690    Jul '09 down  156  at  6940  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continues to feel the effect of a weakening stock market. Cotton prices continued to fall, as October futures may approach major support level of 57 cents sometime this week. One positive, if you call it a positive, December futures managed to stay above the 60-cent level. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Nov down  50  at  1853 1/2    Jan '09 down  50  at  1882 1/2    Mar '09 down  50  at  1912 1/2    May '09 down  50  at  1939 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment There was no rally for rice today as prices closed down the limit for all contact months. While last week's USDA report was slightly negative, the majority of the decline was the result of declines in other markets. November support starts around $18.30. Cattle & Hogs  Date: September 16, 2008 Cattle As reported by Federal-State Market News, receipts were 1,271 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold $3-7 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108.97 to - - -   500 to 550 lbs. 105.90 to - - -   600 to 650 lbs. 103.03 to - - -  Medium & Large Frame 2   400 to 450 lbs. 94.22 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95.59 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.76 to - - - Slaughter Cows, Boners 51   to   57 Light Weight 35 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   64.75   to   69.25, high dressing 69.25-70.50 Midwest Steers   were $2 higher to $3.50 lower   at   97   to   - - - Panhandle Steers   were $1-$2.50 lower   at   97   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 115.50 to 123   600 to 650 lbs. 110 to 115.25 Heifers 550 to 600 lbs. 100 to 111   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Dec down 70 at 10462   Feb down 202 at 10372 Feeders: Nov down 127 at 10760   Jan down 125 at 10680 Cattle Comment While feeder cattle prices declined today, it was significantly less than many of the declines on the crop side. Firm beef prices continue to support cattle prices and limit losses. Hogs Peoria: remained     steady   at   45.5   to   46 Chicago Futures: Dec down 45 at 6610   Feb down 172 at 7180 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment After sharp losses early, nearby lean hogs managed close to virtually unchanged. However, all 2009 contracts closed down sharply lower. Poultry  Date: September 16, 2008 Eggs New York:  Ex. Lg. 117-121; Lg. 115-119; Med. 95-99; Chicago:  Ex. Lg. 113-121; Lg. 111-119; Med. 86-94; Eastern Region Turkeys Hens: 8-16 lbs. 99-102 Toms: 16-24 lbs. 99-102   Delmarva Broilers U.S. Grade A Trade sentiment was about steady. Demand was no better than fair with cautious buying interest. Supplies of all sizes were more than sufficient to satisfy 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