10/03/2008 Farm Bureau Market Report

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Grain & Soybean Date: October 03, 2008 Soybeans Local Elevators: (Oct) EAST AR:  902 to 931 (NC) Summ. 908 to - - - River Elevators: (Oct) MISS: 892 to 952 ; AR & White 901 to 921 (NC) Summ. 942 to 986 Ark. Processor Bids: (Oct) 926 to 931  (NC) 967 to 969 Memphis:  (Oct) 947 to 951 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a Chicago Futures: Nov down 12 at  992   Jan '09  down  12 1/4  at  1008 1/2   Mar '09 down 14 1/4  at  1021 1/2   May '09 down 14 1/2  at  1032 1/2   Nov '09 down 15 1/2  at  1029 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans failed to hold early gains and slipped to the negative side after the House voted to pass the bailout bill. This almost appears to be a “buy the rumor”, “sell the fact” type move. The financial crisis has spread across the world and there is concern that sales will decline. Some shipments are awaiting credit approval and that could become more common place. November below $10 puts the market within 40 cents of the 62% retracement objective of $9.59. Wheat Cash bid for October at Memphis  418 1/4 to 435 1/4; Bids to farmers at Local Elevators 424-439; River Elevators 524-539; Chicago Futures: Dec up  4 1/4  at  640 1/4    Mar '09 up 4  at  661 3/4    May '09 up  4 1/2  at  676 1/4    Jul '09 up  4 1/2  at  688 3/4    Sep '09 up  1 1/4  at  705 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  570 to 582; Bids to farmers at River Elevators 500-563; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   404 to 406;   new crop at Memphis   439 to 444; Bids to farmers at River Elevators  370 to 397 Chicago Futures: Dec unchanged    at  454    Mar '09 down  1/2  at  472 1/2    May '09 up  1/4  at  484 3/4    Dec '09 up  1 1/2  at  511    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended a bit higher on indications the market was extremely oversold and the recent declines were overdone. Wheat does, however, have some bearish fundamentals to deal with. World production could set a new record this year, so supplies will be ample to meet demand and the price rationing seen last year is unlikely to be repeated. Cotton & Rice  Date: October 03, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 97 at  5216   Greenwood down  97 at 5216 New York Futures: Oct down  108  at  5561    Dec down  103  at  5741    Mar '09 down  101  at  6194    May '09 down  95  at  6380    Dec '09 down  99  at  6976  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton also failed to hold early gains with December again closing below 58 cents. The current economic situation leaves the cotton market very shaky. As indicated before cotton doesn’t fare very well in economic downturns. The wider spread this situation, the more pressure we will see on cotton. This year’s big carryover just adds to the immediate problem. December needs to hold above long term support at 57 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Nov up  50  at  1834 1/2    Jan '09 up  50  at  1868 1/2    Mar '09 up  50  at  1900    May '09 up  50  at  1933 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice made a solid limit gain move as the market reversed after 5 days of declines. Overall market conditions appear stable with mills working to fill prior sales. Haiti, Mexico and Central America remain a good market for U.S. rice. A 10,000 metric tonne sale to Iran was a welcome surprise, also unexpected considering the current spread between U.S. and Asian origin rice. Vietnam and Pakistan have rice available around $500 per metric tonne, while Thai rice is just under $700. U.S. milled rice remains at $800+. November futures appear to have strong support just under $18 with resistance just above $20. Cattle & Hogs  Date: October 03, 2008 Cattle As reported by Federal-State Market News, receipts were 9,695 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $2-7 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110.72 to - - -   500 to 550 lbs. 104.03 to - - -   600 to 650 lbs. 90.40 to - - -  Medium & Large Frame 2   400 to 450 lbs. 102 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.64 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.66 to - - - Slaughter Cows, Boners 42.50   to   48 Light Weight 31 to 33 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   59.50, high dressing 60-64.50 Midwest Steers   were $1 lower   at   95   to   96 Panhandle Steers   were $1 lower   at   95   to   96 Oklahoma City Feeders Steers 500 to 550 lbs. 102 to 124   600 to 650 lbs. 94 to 114.25 Heifers 500 to 550 lbs. 80 to 109.50   600 to 650 lbs. 88 to 108.25 Chicago Futures: Live Cattle: Dec down 30 at 9777   Feb down 10 at 9770 Feeders: Nov up 20 at 10080   Jan up 30 at 10040 Cattle Comment Cattle futures were mixed. 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 $1     lower   at   44   to   44.5 Chicago Futures: Dec down 52 at 6087   Feb down 22 at 6797 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were also mixed. 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 03, 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. Demand entering the weekend was no better than fair with interest not meeting expectations for first of the month. Supplies 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