10/13/2008 Farm Bureau Market Report

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Grain & Soybean Date: October 13, 2008 Due to the holiday, some prices were not available. A full report will be available Tuesday, October 14, 2008. Soybeans Local Elevators: (Oct) EAST AR:  n/a to - - - (NC) Summ. n/a to - - - River Elevators: (Oct) MISS: n/a to - - - ; AR & White n/a to - - - (NC) Summ. n/a to - - - Ark. Processor Bids: (Oct) n/a to - - -  (NC) n/a to - - - Memphis:  (Oct) n/a to - - - (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a Chicago Futures: Nov up 18 at  928   Jan '09  up  18  at  943 1/2   Mar '09 up 17 1/4  at  956 3/4   May '09 up 17  at  966 3/4   Nov '09 up 33  at  975   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed the day higher, but off the day’s highs. Last week’s report, while negative, wouldn’t have evoked the losses that were seen, if it hadn’t been for the financial crisis. No doubt the larger carryover and the prospects for smaller world wide demand will limit the potential rebound. It probably will reduce the implied need for more soybean acres in 2009. The other side of the coin is that the lower cost of producing soybeans may tempt both farmers and ag lenders. Corn also closed higher, but below the day’s highs. USDA increased projected yields this month. That gives the market a little more wiggle room. Overall corn appears to be under priced based on current fundamentals, but like soybeans, upside potential is limited. December will need to close above $4.53 to confirm a turnaround. Wheat Cash bid for October at Memphis  n/a to - - -; Bids to farmers at Local Elevators n/a; River Elevators n/a; Chicago Futures: Dec up  25  at  588 1/2    Mar '09 up 25 1/4  at  609    May '09 up  25  at  622 1/2    Jul '09 up  24 1/4  at  634 3/4    Sep '09 up  23 1/4  at  650 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  n/a to - - -; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   n/a to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  n/a to Chicago Futures: Dec up  3 1/4  at  411 1/2    Mar '09 up  3 3/4  at  429 1/2    May '09 up  3 3/4  at  441 1/4    Dec '09 up  6  at  466 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat showed double-digit gains today following gains in stocks and in corn and soybeans. This market got a bearish surprise in Friday’s report, and that may have limited the upside. Production was increased by 38 million bushels, but that was no surprise. What wasn’t expected was only a 10 million bushel increase in usage resulting in a carryout of 601 million bushels. December has initial resistance at the top of Friday’s chart gap at $6.01 and Friday’s low of $5.58 is key support. Cotton & Rice  Date: October 13, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis  n/a at  - - -   Greenwood   n/a at - - - New York Futures: Dec up  78  at  5022    Mar 09 up  71  at  5458    May '09 up  76  at  5632    Jul '09 up  45  at  5802    Dec '09 up  64  at  6211  This week's LDP rate for cotton is  2.76 cents   The estimate for next week is  6.86 cents Cotton Comment Cotton made a solid rebound, closing higher, but like grains, well off the day’s highs. The rebound on Wall Street was positive for cotton but the current crisis, here and abroad, essentially jerked the rug out from under the U.S. cotton market. Slower world use and larger production estimates means smaller export demand for the U.S. The big killer was a million bale increase in China’s production estimate which carried a like reduction in import needs. Thus U.S. export numbers dropped from 14.5 to 13 million bales, while ending stocks rose 1.3 to 6.2 million bales. The projection for this Thursday’s LDP is already up to 6.86 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Nov down  12  at  1625 1/2    Jan '09 down  12  at  1659    Mar '09 down  11 1/2  at  1691    May '09 down  10 1/2  at  1723 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice also failed to hold early gains and closed lower for the day. Last week’s report saw minor changes, but there continues to be adjustments in the international market. International sales continue under pressure leaving U.S. milled quotes at a widening premium to other export quotes. Technically, November futures are in position to test earlier support just below $16.20. Cattle & Hogs  Date: October 13, 2008 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were quoted   at   91   to   93 Panhandle Steers   were quoted   at   92   to   94 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 up 170 at 9300   Feb up 162 at 9345 Feeders: Nov up 112 at 9617   Jan up 177 at 9682 Cattle Comment Cattle futures posted a strong recovery to Friday’s limit losses. A weaker dollar and stronger stock markets world-wide have given the market a boost by easing fears that demand will be down sharply. December futures have key support at Friday’s spike low of $91.30. Hogs Peoria: were $1     lower   at   40.5   to   41 Chicago Futures: Dec up 122 at 6110   Feb up 155 at 6652 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended higher but near the bottom of the day’s trading range. Improvement in crude oil and corn prices were supportive as was a weaker dollar. December has key support at $58.70. Poultry  Date: October 13, 2008 Eggs New York:  Ex. Lg. n/a; Lg. n/a; Med. n/a; Chicago:  Ex. Lg. n/a; Lg. n/a; Med. n/a; Eastern Region Turkeys Hens: 8-16 lbs. n/a Toms: 16-24 lbs. n/a   Delmarva Broilers U.S. Grade A n/a ---------------------------------------- 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. 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