10/01/2008 Farm Bureau Market Report

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Grain & Soybean Date: October 01, 2008 Soybeans Local Elevators: (Oct) EAST AR:  963 to 999 (NC) Summ. 969 to - - - River Elevators: (Oct) MISS: 953 to 1020 ; AR & White 972 to 992 (NC) Summ. 1004 to 1048 Ark. Processor Bids: (Oct) 991 to 1009  (NC) 1031 to - - - Memphis:  (Oct) 1008 to - - - (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 996 ; Pendleton 999 ; West Memphis 1020 Chicago Futures: Nov up 8 at  1053   Jan '09  up  8 1/4  at  1070 1/2   Mar '09 up 8 1/2  at  1086   May '09 up 7 1/4  at  1097   Nov '09 up 4 1/4  at  1078 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended higher on indications the market had become oversold this week. Soybeans took a hit yesterday when USDA released the Quarterly Stocks Report, which showed soybean stocks as of Sept 1 at 205 million bu. compared to the trade expectations of around 144 million, that’s more than 40% higher than was expected. So, the supply situation for soybeans isn’t as tight as we thought. Technically, November seems to have found support at $10.40. Any rebound will have to break through tough resistance at Monday’s big chart gap between $11.20 and $11.56. Corn posted losses today after early rebound attempts failed. USDA’s quarterly stocks report pegged stocks at 1.652 billion bu, well above the average trade estimate of 1.576. In addition to being above trade estimates, today’s stock number was 25% higher than year ago levels. While stocks are still relatively tight, we have more corn than we thought and the market is reacting to that mind set. Wheat Cash bid for October at Memphis  444 3/4 to 469 3/4; Bids to farmers at Local Elevators 470-555; River Elevators 555-570; Chicago Futures: Dec down  10 1/4  at  669 3/4    Mar '09 down 9 1/2  at  691 3/4    May '09 down  10  at  706 1/4    Jul '09 down  9 1/4  at  719 3/4    Sep '09 down  9 3/4  at  736    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  641 to 650; Bids to farmers at River Elevators 589-670; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   439 to - - -;   new crop at Memphis   467 to 472; Bids to farmers at River Elevators  425 to 449 Chicago Futures: Dec down  3 1/2  at  484    Mar '09 down  3 1/2  at  503    May '09 down  3 1/2  at  515    Dec '09 down  4 1/4  at  537    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures turned lower. The stocks report showed wheat stocks tighter than expected. However, gains will likely be limited as global wheat production is forecast to post new records in 2008/09. Cotton & Rice  Date: October 01, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 109 at  5309   Greenwood up  109 at 5309 New York Futures: Oct up  36  at  5586    Dec up  88  at  5813    Mar '09 up  82  at  6257    May '09 down  23  at  6350    Jul '09 up  92  at  6677  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton prices rebounded today as the market had become clearly oversold. December is trading back above 57 cents. Yesterday’s spike low to 55.11 cents will provide support. This market continues to be weighed down by already slow demand and concerns that the weakening global economy will drive demand down even more. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Nov down  56  at  1833 1/2    Jan '09 down  55  at  1867 1/2    Mar '09 down  54  at  1899 1/2    May '09 down  52  at  1931 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted sharp losses again today, but November did hold at support at $18.30. The market has become oversold, like many other grains and oilseeds, and is due a corrective rebound. Initial resistance will be seen at the chart gaps between $19.20 and $19.38 and then $19.53 and $19.88. Cattle & Hogs  Date: October 01, 2008 Cattle As reported by Federal-State Market News, receipts were 1,280 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $2-5 lower, heifers $1-3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.81 to - - -   500 to 550 lbs. 95.28 to - - -   600 to 650 lbs. 91.15 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89.05 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 91.99 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82.56 to - - - Slaughter Cows, Boners 44   to   51 Light Weight 35 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   63.50, high dressing not tested Midwest Steers   were steady to $1 lower   at   96   to   97 Panhandle Steers   were $2 lower   at   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 up 10 at 10047   Feb down 10 at 10062 Feeders: Nov down 12 at 10360   Jan up 5 at 10370 Cattle Comment Cattle futures ended mixed as the market waits to see if the Senate will pass a bailout bill this week. Weaker wholesale beef prices continued to pressure the market as concerns about demand remain a focus. Hogs Peoria: were $1     lower   at   45   to   45.5 Chicago Futures: Dec down 122 at 6297   Feb down 30 at 7035 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mixed today, weaker corn prices supported hogs as herd liquidations are expected to slow. October futures have support near $65.50. Poultry  Date: October 01, 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 was no better than fair with trading usually limited to regular commitments. Supplies of all sizes were 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