10/09/2008 Farm Bureau Market Report

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Grain & Soybean Date: October 09, 2008 Soybeans Local Elevators: (Oct) EAST AR:  867 to 890 (NC) Summ. 896 to - - - River Elevators: (Oct) MISS: 870 to 918 ; AR & White 874 to 889 (NC) Summ. 929 to 973 Ark. Processor Bids: (Oct) 889 to 890  (NC) 954 to 956 Memphis:  (Oct) 875 to 920 (NC)  - - - to - - - Riceland Foods:  (Oct) Stuttgart 889 ; Pendleton 889 ; West Memphis 914 Chicago Futures: Nov up 16 at  980   Jan 09  up  16 1/4  at  995 1/2   Mar 09 up 16  at  1009 1/2   May 09 up 16 3/4  at  1019 3/4   Nov 09 up 11 1/2  at  1012   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continued to rebound today. Oversold conditions and position evening ahead of tomorrow’s report provided support. November failed to close Monday’s chart gap, however, so resistance at $9.91 remains intact. Exports were reported to be 22.1 million bushels for the week, which was at the top end of trade estimates and therefore provided some support as well. Tomorrow’s supply/demand report is expected to show increased stocks thanks to recent adjustments in last year’s crop. A small cut in the average yield is also expected, bringing the average below 40 bushels per acre. Wheat Cash bid for October at Memphis  343 3/4 to 389 3/4; Bids to farmers at Local Elevators 405-490; River Elevators 489-505; Chicago Futures: Dec down  3 1/4  at  604 3/4    Mar 09 down 3  at  626    May 09 down  2 1/4  at  640 3/4    July 09 down  1 1/2  at  654 1/2    Sept 09 down  1/4  at  671 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  470 to 477; Bids to farmers at River Elevators 417-489; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   338 1/4 to 378 1/4;   New crop at Memphis   418 1/4 to - - -; Bids to farmers at River Elevators  329 to 353 Chicago Futures: Dec up  10 3/4  at  438 1/4    Mar 09 up  11 3/4  at  455 3/4    May 09 up  11 3/4  at  467 1/2    Dec 09 up  13 1/2  at  490 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn also recovered a bit today, also on oversold conditions and position evening. Resistance at $4.53 remains intact at the top of Monday’s chart gap. Wheat futures were unable to build any upside momentum. The market is very oversold and due a rebound, but the significant increase in world wheat production this year is weighing on the market. December has initial resistance at the chart gap between $6.17 and $6.36. Cotton & Rice  Date: October 09, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 114 at  4719   Greenwood down  114 at 4719 New York Futures: Dec down  114  at  5244    Mar 09 down  105  at  5687    May 09 down  108  at  5856    July 09 down  90  at  6057    Dec 09 down  70  at  6447  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton posted big losses again today. 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 45.9 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Nov down  43 1/2  at  1686 1/2    Jan 09 down  42  at  1720    Mar 09 down  42  at  1751 1/2    May 09 down  43 1/2  at  1784    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were sharply lower again today. 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 09, 2008 Cattle As reported by Federal-State Market News, receipts were 1656 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold mostly weak to $5 lower, instances $10 lower on plainer kinds . Steers:  Medium & Large Frame 1   400 to 450 lbs. 97.93 to - - -   500 to 550 lbs. 98.58 to - - -   600 to 650 lbs. 95.60 to - - -  Medium & Large Frame 2   450 to 500 lbs. 95.42 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 87.12 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.33 to - - - Slaughter Cows, Boners 41   to   47 Light Weight 32 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   62.50 Midwest Steers   were steady to $1 higher to $1 lower   at   92   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 111 to - - -   550 to 600 lbs. 106 to - - - Heifers 500 to 550 lbs. 87 to 91   550 to 600 lbs. 84 to 94 Chicago Futures: Live Cattle: Dec down 65 at 9430   Feb down 27 at 9482 Feeders: Nov down 27 at 9805   Jan up 12 at 9805 Cattle Comment Cattle futures were lower again today. Traders are worried economic conditions will hurt beef demand, and sharp losses in cutout values this week have begun to confirm those fears. Support begins around $90. Hogs Peoria: were     steady   at   41.5   to   43.5 Chicago Futures: Dec down 77 at 6112   Feb down 50 at 6655 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures were also lower on economic worries. Sharply lower composite cutout values are pressuring futures as well. October hogs could retest support at $65. Poultry  Date: October 09, 2008 Eggs New York:  Ex. Lg. 117-121; Lg. 115-119; Med. 103-107; Chicago:  Ex. Lg. 103-111; Lg. 101-109; Med. 91-99; Eastern Region Turkeys Hens: 8-16 lbs. 95-101 Toms: 16-24 lbs. 95-102   Delmarva Broilers U.S. Grade A Trade sentiment was about steady. Demand approaching the weekend was no better than fair with cautious buying interest. 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