10/07/2008 Farm Bureau Market Report

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Grain & Soybean Date: October 07, 2008 Soybeans Local Elevators: (Oct) EAST AR:  808 to 836 (NC) Summ. 842 to - - - River Elevators: (Oct) MISS: 832 to 864 ; AR & White 805 to 820 (NC) Summ. 884 to 919 Ark. Processor Bids: (Oct) 835 to 857  (NC) 901 to 904 Memphis:  (Oct) 853 to 861 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 835 ; Pendleton 835 ; West Memphis 855 Chicago Futures: Nov up 4 at  926   Jan '09  up  2 1/2  at  941   Mar '09 up 3 1/4  at  954 3/4   May '09 up 3 1/2  at  966   Nov '09 up 7 3/4  at  967 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed a little higher for the day, but failed to hold more substantial earlier gains. World financial crisis will likely worsen before it improves. That would tend to lessen world demand for a number of agricultural commodities including soybeans. However soybeans appear to be more underpriced than corn. December corn closed right on key support near $4.20. Wheat Cash bid for October at Memphis  373 1/4 to 388 1/4; Bids to farmers at Local Elevators 402-487; River Elevators 487-502; Chicago Futures: Dec up  8  at  603 1/4    Mar '09 up 8 3/4  at  624 3/4    May '09 up  9  at  638 3/4    Jul '09 up  9 3/4  at  651 3/4    Sep '09 up  8 3/4  at  667 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  432 to 495; Bids to farmers at River Elevators 387-443; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   343 to 352;   new crop at Memphis   397 1/2 to - - -; Bids to farmers at River Elevators  303 to 360 Chicago Futures: Dec down  7  at  417    Mar down  9  at  433 1/2    May '09 down  9 1/4  at  445 1/2    Dec '09 down  15 1/2  at  465 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended a bit higher as the market attempts to recover from oversold conditions. Egypt bought wheat from France and Russia this week, further indications that the U.S. wheat is having a difficult time competing for business as the dollar recovers. 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. December has initial resistance at the chart gap between $6.17 and $6.36. Cotton & Rice  Date: October 07, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 85 at  4831   Greenwood down  85 at 4831 New York Futures: Oct up  81  at  5322    Dec down  68  at  5373    Mar '09 down  72  at  5822    May '09 down  55  at  6025    Dec '09 down  105  at  6571  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton lost ground after trading to the positive side early. There is widespread concern that the current financial crisis will spread to other parts of the world including Europe. China has pulled back on purchases which could severely impact cotton. The next major support is around 47 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. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Nov up  6  at  1770    Jan '09 up  6  at  1803 1/2    Mar '09 up  6  at  1835    May '08 up  5 1/2  at  1867 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice managed a minor rebound with November ending the session on the positive side. However, this doesn’t put support at $16.20 out of the picture. Again, this really has little to do with supply demand. 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+. Cattle & Hogs  Date: October 07, 2008 Cattle As reported by Federal-State Market News, receipts were 602 head at sales in Fort Smith.  Compared with last week, feeder steers sold steady to $1 higher, heifers firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110.07 to - - -   500 to 550 lbs. 96.15 to - - -   600 to 650 lbs. 94.40 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96.49 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95.33 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82.87 to - - - Slaughter Cows, Boners 51   to   55.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   59.50, high dressing 60-65 Midwest Steers   were $4 lower   at   92   to   93 Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 600 to 650 lbs. 91.25 to 94.25   650 to 700 lbs. 97.50 to 100.60 Heifers 550 to 600 lbs. 81 to 87.50   600 to 650 lbs. 80 to 89 Chicago Futures: Live Cattle: Dec up 32 at 9510   Feb up 42 at 9512 Feeders: Nov up 85 at 9865   Jan up 22 at 9762 Cattle Comment Cattle futures recovered a bit. Cutout values have improved this week, sparking ideas that cash trade will be higher as well. The easing of economic worries and improvement in crude oil prices today were also supportive. Yesterday’s chart gap up to $97.50 will serve as tough resistance. Hogs Peoria: were $1     lower   at   43   to   43.5 Chicago Futures: Dec up 160 at 6142   Feb up 95 at 6715 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures posted a strong recovery today as the market had become extremely oversold. The easing of economic worries and improving crude oil prices have provided some support. Poultry  Date: October 07, 2008 Eggs New York:  Ex. Lg. 114-118; Lg. 112-116; Med. 100-104; Chicago:  Ex. Lg. 103-111; Lg. 101-109; Med. 91-99; Eastern Region Turkeys Hens: 8-16 lbs. 98-102 Toms: 16-24 lbs. 98-102   Delmarva Broilers U.S. Grade A Trade sentiment was about steady. Demand was no better than fair with limited trading. Supplies of all sizes were more than sufficient 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