10/08/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: October 08, 2008 Soybeans Local Elevators: (Oct) EAST AR:  836 to 874 (NC) Summ. 880 to - - - River Elevators: (Oct) MISS: 854 to 902 ; AR & White 848 to 873 (NC) Summ. 912 to 957 Ark. Processor Bids: (Oct) 858 to 874  (NC) 937 to 939 Memphis:  (Oct) 891 to 899 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 863 ; Pendleton 863 ; West Memphis 883 Chicago Futures: Nov up 38 at  964   Jan '09  up  38 1/4  at  979 1/4   Mar '09 up 38 3/4  at  993 1/2   May '09 up 37  at  1003   Nov '09 up 33 1/4  at  1004 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Despite lower crude oil values, soybeans were able to put up positive numbers during the morning. At this stage of the game, it is fairly obvious that beans are oversold and due a rebound. But that may not happen since index funds still have significant open contracts, which could be sold on any rally. Friday’s supply demand report has been lost in all the hubbub surrounding the current economic situation, but it appears we could have some changes. Stocks will increase as a result of recent adjustments in the ’07 crop, but ’08 production numbers may fall also. Corn reversed early losses to show small gains at mid day. Wheat Cash bid for October at Memphis  373 to 393; Bids to farmers at Local Elevators 406-491; River Elevators 491-506; Chicago Futures: Dec up  4 3/4  at  608    Mar '09 up 4 1/4  at  629    May '09 up  4 1/4  at  643    Jul '09 up  4 1/4  at  656    Sep '09 up  4 1/4  at  671 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  451 to 496; Bids to farmers at River Elevators 398-470; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   347 1/2 to 362 1/2;   new crop at Memphis   407 1/2 to - - -; Bids to farmers at River Elevators  318 to 372 Chicago Futures: Dec up  10 1/2  at  427 1/2    Mar '09 up  10 1/2  at  444    May '09 up  10 1/4  at  455 3/4    Dec '09 up  11 1/2  at  477    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were trading higher at mid-day. The market is very oversold and due a rebound. The upside was limited today, though, by sharp losses in European wheat futures and overnight losses in crude oil. December has initial resistance at the chart gap between $6.17 and $6.36. Cotton & Rice  Date: October 08, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 2 at  4833   Greenwood up  2 at 4833 New York Futures: Dec up  24  at  5380    Mar '09 up  21  at  5821    May '09 up  18  at  6007    Jul '09 up  40  at  6225    Dec '09 down  11  at  6560  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton lost more ground in early trading and it looks like the carnage isn’t over. Poor yields are being reported in the southern delta but big stocks are mitigating the potential impact. Cotton will remain under pressure for the time being. Whether Friday’s report reflects it or not, mid-South production should be down. The next long term chart support is the May ’07 low of 4.59 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Nov down  40  at  1730    Jan '09 down  41 1/2  at  1762    Mar '09 down  41 1/2  at  1793 1/2    May '09 down  40  at  1827 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures lost early gains and moved to the negative side at mid day. It appears that nothing is safe from the fallout from the financial crisis. The international market is exhibiting signs of a weaker undertone. Light demand has contributed to this week with Thai values dropping some in recent weeks. Vietnam’s market appears to have stabilized around $500, which is still a good $150 below the Thai market. This has brought pressure on U.S. offerings which are currently around $800 per tonne. With the world economic situation evolving daily we could see further fallout in the U.S. market. A retest of November support at $16.20 is a distinct possibility. Cattle & Hogs  Date: October 08, 2008 Cattle As reported by Federal-State Market News, receipts were 223 head at sales in Pocahontas.  Compared with last week, feeder steers sold weak to $5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. n/a to - - -   500 to 550 lbs. 85.97 to - - -   550 to 600 lbs. 84.95 to - - -  Medium & Large Frame 2   550 to 600 lbs. 82.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 88.87 to - - -  Medium & Large Frame 2   500 to 550 lbs. 77.77 to - - - Slaughter Cows, Boners 39.50   to   45.50 Light Weight 24.50 to 29.50 Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   - - - Midwest Steers   were $1 lower   at   91   to   92, few 93 Panhandle Steers   were quoted   at   92   to   93 Oklahoma City Feeders Steers 550 to 600 lbs. 93 to 97.50   600 to 650 lbs. 91.25 to 94.25 Heifers 550 to 600 lbs. 88 to 99.75   600 to 650 lbs. 80 to 89 Chicago Futures: Live Cattle: Dec down 15 at 9495   Feb down 2 at 9510 Feeders: Nov down 32 at 9832   Jan up 30 at 9792 Cattle Comment Cattle futures plummeted lower this morning. Renewed weakness in crude oil and concerns about the global economy and its effects on beef demand sparked losses. Support begins around $90. Hogs Peoria: were     steady   at   41.5   to   43.5 Chicago Futures: Dec up 47 at 6190   Feb down 10 at 6705 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were lower at mid-day on carryover pressure from near-limit losses in cattle futures. Lower crude oil prices are again forcing funds to liquidate long positions. Poultry  Date: October 08, 2008 Eggs New York:  Ex. Lg. 115-119; Lg. 113-117; Med. 101-105; Chicago:  Ex. Lg. 103-111; Lg. 101-109; Med. 91-99; Eastern Region Turkeys Hens: 8-16 lbs. 98-102 Toms: 16-24 lbs. 95-102   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Demand was fair to moderate with trading usually limited to regular commitments. Supplies of all sizes were at least adequate 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