10/21/2008 Farm Bureau Market Report

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Grain & Soybean Date: October 21, 2008 Soybeans Local Elevators: (Oct) EAST AR:  807 to 827 (NC) Summ. 824 to - - - River Elevators: (Oct) MISS: 788 to 868 ; AR & White 817 to 837 (NC) Summ. 848 to 913 Ark. Processor Bids: (Oct) 824 to 827  (NC) 883 to 885 Memphis:  (Oct) 863 to 878 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 827 ; Pendleton 827 ; West Memphis 862 Chicago Futures: Nov down 21 at  908   Jan '09  down  25 1/2  at  915 1/4   Mar '09 down 26  at  924 1/2   May '09 down 26 1/2  at  933 1/2   Nov '09 down 26  at  947   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans turned lower on profit taking after two days of strong gains. Renewed weakness in crude oil futures is dragging other commodities down as well. It remains to be seen whether or not a low has been charted. The recent low of $8.25 is the first level of support. Resistance will be around $9.90, and then about $10.35. Corn was also lower, under pressure from lower crude oil prices and renewed strength in the dollar. Resistance begins at the chart gap at $4.40. Wheat Cash bid for October at Memphis  334 to 419; Bids to farmers at Local Elevators 347-462; River Elevators 457-477; Chicago Futures: Dec down  14 1/2  at  549    Mar '09 down 14 3/4  at  569    May '09 down  14 1/4  at  583    Jul '09 down  13 1/4  at  596 1/2    Sep '09 down  12 3/4  at  613 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  439 to 484; Bids to farmers at River Elevators 396-468; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   351 to 375;   new crop at Memphis   393 1/4 to - - -; Bids to farmers at River Elevators  327 to 351 Chicago Futures: Dec down  7 1/2  at  411    Mar '09 down  8 1/2  at  427 3/4    May '09 down  8 3/4  at  439 1/4    Dec '09 down  11 1/2  at  465    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were also lower in reaction to renewed weakness in crude oil and a strengthening dollar. This market is also dealing with negative fundamentals, with the world crop expected to be near-record levels. Support for December begins at the recent low of $5.43. Cotton & Rice  Date: October 21, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 154 at  4660   Greenwood up  154 at 4660 New York Futures: Dec up  154  at  5060    Mar '09 up  121  at  5360    May '09 up  123  at  5552    Jul '09 down  108  at  5525    Dec '09 up  125  at  6125  This week's LDP rate for cotton is  7.56 cents   The estimate for next week is  7.36 cents Cotton Comment Cotton futures regained some of yesterday’s big losses instead of following through with the key reversal charted yesterday. Continued concern about the worldwide economic situation suggests upside potential will be limited, however. Which in the long term means even smaller acreage in 2009, with a further tightening of stocks. Short term, though, a retest of the recent low of 45.66 cents is still a possibility. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Nov down  9 1/2  at  1502    Jan '09 down  11 1/2  at  1531 1/2    Mar '09 down  11  at  1563 1/2    May '09 down  11 1/2  at  1595 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued to move lower. While the U.S. crop is expected to be adjusted lower there is continuing concern about the world level. Last spring’s buying frenzy may have resulted in some countries covering long term needs, meaning less demand in the immediate future. It is fairly obvious that Vietnam is willing to lower the price despite a heavy sales volume. Thai offerings are at a big premium and drawing little interest. The same is true of the U.S. except for paddy movement to Central America and Mexico. Initial resistance on a rebound is recent support around $16.20. The initial retracement objective is $16.98. Cattle & Hogs  Date: October 21, 2008 Cattle As reported by Federal-State Market News, receipts were 1,216 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold $2-5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.61 to - - -   500 to 550 lbs. 101.01 to - - -   600 to 650 lbs. 93.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 106.35 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.12 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84.54 to - - - Slaughter Cows, Boners 43   to   48.50 Light Weight 30 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   63.50, high dressing 64-67 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 96.50 to 101   650 to 700 lbs. 92 to 94.50 Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Dec up 90 at 9297   Feb '09 up 70 at 9385 Feeders: Nov up 85 at 9945   Jan '09 up 117 at 9912 Cattle Comment Cattle futures turned higher today on short-covering and profit taking after recent losses. Higher cutout values and expectations for higher cast trade later this week were supportive. Hogs Peoria: were $.5     lower   at   36.5   to   37 Chicago Futures: Dec up 152 at 5777   Feb '09 up 102 at 6452 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs recovered a bit today as the market reacts to oversold conditions. December futures are a huge discount to the cash market which often signals a turn. Gains were limited by concerns that a stronger dollar will hurt exports. The next resistance is the small chart gap between $60 and $60.20. Poultry  Date: October 21, 2008 Eggs New York:  Ex. Lg. 121-125; Lg. 119-123; Med. 107-111; Chicago:  Ex. Lg. 111-119; Lg. 109-117; Med. 99-107; Eastern Region Turkeys Hens: 8-16 lbs. 93-101 Toms: 16-24 lbs. 93-102   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Demand was fair to moderate with limited trading. Supplies of all sizes were sufficient to satisfy trade requirements. In production areas, live supplies were moderate at mixed, but 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