10/02/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: October 02, 2008 Soybeans Local Elevators: (Oct) EAST AR:  914 to 943 (NC) Summ. 920 to - - - River Elevators: (Oct) MISS: 904 to 964 ; AR & White 923 to 943 (NC) Summ. 954 to 999 Ark. Processor Bids: (Oct) 938 to 943  (NC) 979 to 981 Memphis:  (Oct) 959 to - - - (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 943 ; Pendleton 943 ; West Memphis 964 Chicago Futures: Nov down 49 at  1004   Jan '09  down  49 3/4  at  1020 3/4   Mar '09 down 50 1/4  at  1035 3/4   May '09 down 50  at  1047   Nov '09 down 33 1/4  at  1045   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans have plummeted lower in today’s trade. The fundamentals haven’t changed much, but continued losses on Wall Street and in crude oil have forced the index funds out of the agriculture markets as well. Big losses have mounted as they have liquidated huge long positions. The weekly export report wasn’t particularly good for soybeans, coming in at an uninspiring 17.3 million bushels. Corn was also sharply lower, despite growing confidence that Congress will pass some sort of bailout bill. However, sharp losses on Wall Street and overall economic concerns continue to carryover into ag commodities. Wheat Cash bid for October at Memphis  411 to 431; Bids to farmers at Local Elevators 434-519; River Elevators 519-534; Chicago Futures: Dec down  33 3/4  at  636    Mar '09 down 34  at  657 3/4    May '09 down  34 1/2  at  671 3/4    Jul '09 down  35 1/2  at  684 1/2    Sep '09 down  31 1/2  at  704 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  588 to 596; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   409 to - - -;   new crop at Memphis   438 to 443; Bids to farmers at River Elevators  397 to - - - Chicago Futures: Dec down  30  at  454    Mar '09 down  30  at  473    May '09 down  30  at  485    Dec '09 down  27 1/2  at  509 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were also sharply lower. Wheat does, however, have some bearish fundamentals to deal with. Statistics Canada said today that the crop in that country will be 27.27 million metric tons, up from their July estimate of 25.43 million. Cotton & Rice  Date: October 02, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 10 at  5319   Greenwood up  10 at 5319 New York Futures: Oct down  34  at  5625    Dec up  6  at  5840    Mar '09 up  5  at  6282    May '09 up  2  at  6475    Jul '09 down  7  at  6670  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures held their ground today, which is certainly more than we can say for most other commodities. December is trading back above 57 cents. This week’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  49  at  1784 1/2    Jan '09 down  49  at  1818 1/2    Mar '09 down  49 1/2  at  1850    May '09 down  48  at  1883 1/2    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted near limit losses today and November shattered support at $18.30. This market, like many others, is under significant pressure as index funds liquidate long positions. General economic worries are having an impact as well. The next downside objective for November is the chart gap between $17.60 and $17.42 ½. Cattle & Hogs  Date: October 02, 2008 Cattle As reported by Federal-State Market News, receipts were 2,391 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold mostly $2-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 106.92 to - - -   500 to 550 lbs. 102.20 to - - -   600 to 650 lbs. 102.61 to - - -  Medium & Large Frame 2   400 to 450 lbs. 108.42 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93.32 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.96 to - - - Slaughter Cows, Boners 42   to   48 Light Weight 33 to 36 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   56   to   63.50, high dressing untested Midwest Steers   remained   at   96   to   97 Panhandle Steers   were $2-1 lower   at   96   to   97 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 240 at 9807   Feb down 282 at 9780 Feeders: Nov down 300 at 10060   Jan down 300 at 10070 Cattle Comment Cattle futures posted sharp, across the board losses. This market, as well, is under pressure from concerns that economic weakness will hurt demand for beef. Weaker wholesale beef prices are underscoring those concerns this week. Hogs Peoria: were     steady   at   45   to   45.5 Chicago Futures: Dec down 157 at 6140   Feb down 215 at 6820 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were also lower. Weaker corn prices are a negative for deferred hogs as herd liquidations are expected to slow. General economic concerns continue to weigh on the market, sparking concerns of weakening global demand for pork. Poultry  Date: October 02, 2008 Eggs New York:  Ex. Lg. 113-117; Lg. 111-115; Med. 99-103; 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 approaching the weekend was light to fair with limited first of the month trading. Supplies of all sizes were at least adequate to satisfy current 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