10/14/2008 Farm Bureau Market Report

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Grain & Soybean Date: October 14, 2008 Soybeans Local Elevators: (Oct) EAST AR:  780 to 806 (NC) Summ. 812 to - - - River Elevators: (Oct) MISS: 776 to 825 ; AR & White 785 to 800 (NC) Summ. 844 to 889 Ark. Processor Bids: (Oct) 800 to 806  (NC) 869 to 871 Memphis:  (Oct) 826 to 836 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 800 ; Pendleton 800 ; West Memphis 825 Chicago Futures: Nov down 32 at  896   Jan '09  down  32 1/4  at  911 1/4   Mar '09 down 32  at  924 3/4   May '09 down 31  at  935 3/4   Nov '09 down 29  at  946   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment After trading to the positive side at midday soybeans fell below $9. Weaker oil values and continued concern about demand contributed to the downturn. A negative export report on top of last week’s bearish supply demand report left the market looking for support. The next major chart support is just below $8. The world economic situation and index funds bail out on rallies are limiting upside potential. Corn ended the session narrowly mixed and held in the recent congestion area just above $4. Failure to hold here would bring last year’s low of $3.86 ¾ into play. Wheat Cash bid for October at Memphis  323 to 383; Bids to farmers at Local Elevators 371-456; River Elevators 456-471; Chicago Futures: Dec down  15 1/2  at  573    Mar '09 down 15 1/4  at  593 3/4    May '09 down  15  at  607 1/2    Jul '09 down  14  at  620 3/4    Sep '09 down  12 3/4  at  637 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  422 to 449; Bids to farmers at River Elevators 370-441; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   346 1/4 to 356 1/4;   new crop at Memphis   394 3/4 to - - -; Bids to farmers at River Elevators  302 to 344 Chicago Futures: Dec down  1/4  at  411 1/4    Mar '09 down  1/2  at  429    May '09 down  1/2  at  440 3/4    Dec '09 up  1/2  at  467    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were lower again today. The market is clearly oversold and due a correction, but just can’t seem to build any upward momentum. December ticked higher in early dealings, but failed at initial resistance at the top of Friday’s chart gap at $6.01. Friday’s low of $5.58 is key support. Cotton & Rice  Date: October 14, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 73 at  4617   Greenwood up  73 at 4617 New York Futures: Dec up  3  at  5025    Mar '09 unchanged    at  5461    May '09 up  211  at  5850    Jul '09 up  4  at  5836    Dec '09 down  4  at  6217  This week's LDP rate for cotton is  cents   The estimate for next week is  cents Cotton Comment Cotton again failed to hold substantial early gains, retreating to close slightly higher. The overall fundamental picture remains negative. Economic consideration such as those being seen now, generally weigh quite heavy on cotton. Consumers will delay clothing purchases and that means weaker demand. Increasing production in China also narrows their import needs. In turn, U.S. export expectations have declined, raising 08/09 projected ending stocks. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Nov down  45  at  1580 1/2    Jan '09 down  46  at  1613    Mar '09 down  45 1/2  at  1645 1/2    May '09 down  44 1/2  at  1679    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures gapped lower leaving a bearish technical signal as November dipped below support at $16.20. Key support on long term charts are the 50% retracement of this year’s big move: $15.29. Smaller yields for Arkansas in last week’s report may not be enough. Comments suggest yields are well below year ago levels, if that’s the case then subsequent reports could be adjusted downward. On the international level, Vietnam price appears to have settled around $500 per metric tonne. That is well below the Thai price and is drawing significant business. The U.S. price remains at a substantial premium to other offerings and is responsible, in part, for the current downturn. Cattle & Hogs  Date: October 14, 2008 Cattle As reported by Federal-State Market News, receipts were 3,042 head at sales in Fort Smith, Ola, Springdale and Ash Flat.  Compared with last week, feeder steers sold $2-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107.11 to - - -   500 to 550 lbs. 99.21 to - - -   600 to 650 lbs. 88.81 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99.07 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 88.38 to - - -  Medium & Large Frame 2   400 to 450 lbs. 81.83 to - - - Slaughter Cows, Boners 42   to   48 Light Weight 33 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   61, high dresing 61-65 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 84 to 100   600 to 650 lbs. 86 to 93.75 Heifers 500 to 550 lbs. 80 to 89.50   550 to 600 lbs. 88.85 to 90 Chicago Futures: Live Cattle: Dec up 35 at 9335   Feb up 45 at 9390 Feeders: Nov up 87 at 9705   Jan up 52 at 9735 Cattle Comment Cattle futures ended higher again today. The market is oversold and due a rebound. Economic concerns, however, could limit upside potential. December futures have key support at Friday’s spike low of $91.30. Hogs Peoria: were     steady   at   40.5   to   41 Chicago Futures: Dec down 60 at 6050   Feb down 10 at 6642 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures moved lower. Along with concerns about how the economy will affect demand, this market is dealing with burdensome supplies. December has key support at $58.70. Poultry  Date: October 14, 2008 Eggs New York:  Ex. Lg. 118-122; Lg. 116-120; Med. 105-109; Chicago:  Ex. Lg. 107-115; Lg. 105-113; Med. 95-103; Eastern Region Turkeys Hens: 8-16 lbs. 95-101 Toms: 16-24 lbs. 95-102   Delmarva Broilers U.S. Grade A Trade sentiment was steady to fully steady. Supplies of all sizes were adequate to close balanced for 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