09/05/2008 Farm Bureau Market Report

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Grain & Soybean Date: September 05, 2008 Soybeans Local Elevators: (Sep) EAST AR:  n/a to - - - (NC) Summ. 1069 to 1118 River Elevators: (Sep) MISS: 1087 to 1144 ; AR & White 1110 to 1130 (NC) Summ. 1087 to 1139 Ark. Processor Bids: (Sep) n/a to - - -  (NC) 1107 to 1115 Memphis:  (Sep) 1132 to 1157 (NC)  1127 to 1131 Riceland Foods:  (Sep) Stuttgart 1118 ; Pendleton 1121 ; West Memphis 1139 Chicago Futures: Nov down 58 at  1177   Jan '09  down  58 1/4  at  1193 3/4   Mar '09 down 57 3/4  at  1206 3/4   May '09 down 57  at  1215 1/2   Nov '09 down 59 1/4  at  1168 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans finished this short week of trading at $1.50 lower. Much of the decline can be attributed to futures declined and the dollar continued to strengthen. This week’s export numbers indicate the stronger dollar is cutting in to demand. End of the year marketing tally also suggests an upward adjustment 20-25 million bushels in ending stocks is likely. Technically, November is testing key support around $41.73. The next major support is at $10.60. Corn was also lower for the week with overall losses of 35 cents. A retest of support at the recent low of $5.05 is likely. Wheat Cash bid for September at Memphis  531 1/2 to 540 1/2; Bids to farmers at Local Elevators 552; River Elevators 552-557; Chicago Futures: Dec down  25 1/2  at  751 1/2    Mar '09 down 26  at  774 3/4    May '09 down  27  at  788 1/2    Jul '09 down  26 1/2  at  801 3/4    Sep '09 down  25 3/4  at  818 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  837 to - - -; Bids to farmers at River Elevators 721-838; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   510 1/2 to 513 1/2;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  483 to 507 Chicago Futures: Dec down  17 3/4  at  531 1/2    Mar '09 down  16  at  567 1/4    May '09 down  16  at  579 1/4    Dec '09 down  15  at  585    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures gapped to new lows for the move. Weaker crude oil prices and the stronger dollar, however, are limiting the upside potential. Exports for last week were above trade expectations at 16 million bushels, but that is not an impressive total. The very wide Gulf basis has indicated for some time that U.S. wheat was overpriced on the global market, and the improving dollar has not helped that situation. Cotton & Rice  Date: September 05, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 272 at  5876   Greenwood down  272 at 5876 New York Futures: Oct down  228  at  6370    Dec down  253  at  6593    Mar '09 down  265  at  7034    May '09 down  121  at  7400    Jul '09 down  248  at  7509  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment December cotton dipped below recent support just under 67 cents and closed sharply lower. This suggests further declines are possible despite the impacts of recent weather. Hurricane Gustav added to potential crop problems in the Midsouth. Earlier rains from Hurricane Faye hit the crop with a period of rain, lower temperatures and prolonged cloudy conditions. Gustav will add to potential yield and quality concerns. Longer term, any cut in this year’s production will tighten stocks next year. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Nov up  14  at  1910    Jan '09 up  14  at  1940    Mar '09 up  14  at  1970    May '09 up  16  at  1998    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was the only grain with positive numbers for today and for the week. A firmer undertone in the international market and concern about the impact of Hurricane Gustav on the Midsouth crop provided support. Vietnam has raised their Minimum Export Price back to $650 per tonne as export shipments against prior sales continue at a strong pace. In Thailand, the Government Intervention Program is providing support around $700 per tonne. Overall market conditions are rather quiet. That is also the case here as buyers await the new crop. Current support for November futures starts around $17.60, the next upside objective is $19.22 and then $19.94. Cattle & Hogs  Date: September 05, 2008 Cattle As reported by Federal-State Market News, receipts were 3,165 head at sales in Arkansas this week.  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 $2 higher   at   99   to   - - - Panhandle Steers   were $2 higher   at   99   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 113 to 117.50   600 to 650 lbs. 109.78 to 120.50 Heifers 500 to 550 lbs. 100 to 109.75   600 to 650 lbs. 96 to 111.25 Chicago Futures: Live Cattle: Dec down 35 at 10495   Feb down 30 at 10580 Feeders: Nov up 25 at 11022   Jan up 40 at 11027 Cattle Comment Cattle futures were mixed. Fund liquidation has driven the market lower in recent days. Sharp losses in corn are sparking worries about large feedlot placements this fall. Hogs Peoria: were     steady   at   45.5   to   46 Chicago Futures: Dec down 22 at 6817   Feb down 10 at 7612 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mostly lower. October hogs have seen weakness after failing to break through resistance at the top of the recent chart gap of $70.50. Upside potential is limited by heavy supplies of pork and weak wholesale values. Poultry  Date: September 05, 2008 Eggs New York:  Ex. Lg. 131-135; Lg. 129-133; Med. 95-99; Chicago:  Ex. Lg. 121-129; Lg. 119-127; Med. 86-94; Eastern Region Turkeys Hens: 8-16 lbs. 97-100 Toms: 16-24 lbs. 97-100   Delmarva Broilers U.S. Grade A Trade sentiment was about steady. Demand entering the weekend was light to fair with interest not meeting expectations. Supplies of all sizes were more than sufficient and often discounted to help move. In productions 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

FWD: Morning Manna (Sept. 5); BP: Jer. 20; RBTTY: I Cor. 15:1-28; Ps.

 
Samuel D. High
sdhigh@aristotle.net

 

---

-----Original Message-----
From: Apostle Tom <pressingon@hotmail.com>
Sent: Thu, 4 Sep 2008 16:39:42 -0500
To: <pressingon@hotmail.com>
Subject: Morning Manna (Sept. 5); BP: Jer. 20; RBTTY: I Cor. 15:1-28; Ps.
 

DEAR FELLOW PILGRIM:

   Just a quick word to say hello again and thanks for praying for us during Hurrican Gustav.  Thankfully, the storm had weakened by the time it reached our area, doing little damage and causing few deaths.  We see this as an answer to prayer, not an accident or coincidence.  I pray that the "God of the Sea and Lord of the Storm" will also keep your hearts calm in Christ Jesus this day  God bless you.

   In Jesus' Precious Love,

   Bro. Tom

P.S.  If you'd like a condensed version of that message ("God of the Sea and Lord of the Storm") in booklet form, please let me know and I'll be glad to send it to you as an e-mail attachment.  One copy is in simple text form and the other one is laid out in booklet form (back-to-back) where you could copy, collate and staple it for use as a witnessing handout.  Just let me know.  Thanks.

 

September 5                                                                                          “The Inextinguishable Fire of God”

 

“Then said I, ‘I will not make mention of Him nor speak anymore in His Name.’  But, His Word was in my heart as a burning fire, shut up in my bones and I was weary with forbearing and I could not.”

                                                                                                                                                     Jeremiah 20:9

     Once it’s ignited, it can’t be extinguished, though it may grow dim at times.

     Fire.

     Created by God, this combination of an adequate supply of oxygen, combustible materials and a spark in a chemical reaction results in heat and light, which can be either constructive or destructive.  When harnessed or controlled properly, fire can cook food,  produce steam that drives turbines, generate electricity, provide light, help keep us warm, etc.  However, when left unchecked, it can wreck great havoc (e.g., forest fires) and destroy thousands of acres and homes.

 

     The fire Jeremiah describes in today’s Manna is not the above-described chemical oxidation of a fuel; it’s the inward, invisible inspiration of the Almighty that both captivates and animates.  Thus, we’d do well to see if we, too, have “a burning fire, shut up in our bones,” which is produced by the Indwelling Christ and His resurrection power.

 

     Again, we must remember that we’re “walking dead men/women/boys/girls” before Christ is born in our hearts (Eph. 2:1-3).  We may get excited over a sporting event. . . purchase of a new car or house. . .achievement of a certain goal, etc.; however, those “fires of enthusiasm” are still worldly and short-lived at best.  And, soon we’ll find ourselves looking for another “thrill” to fill the emptiness in our lives or quiet the noises in our hearts.

 

     True, Spirit-inspired “en-Theos-ism” (Godly enthusiasm) results when Truth and Praise combine, resulting in true worship (Jn. 4:23-24).  Our being rooted in God’s Word and inspired by His Spirit will produce “Christ-Combustion,” which is His “Divine Doxology,” where we sing, “Praise God from Whom all blessings flow, Praise Him all creatures here below, Praise Him above the Heavenly hosts, Praise Father, Son and Holy Ghost.  Amen.” 

 

     In Jeremiah’s case, his countrymen’s refusal to hear and hear his message—combined with Pashur’s harsh treatment of him (20:1-6)—was seemingly more than he could take.  And, like Elijah, he found himself under his own, proverbial juniper tree (I Kings 19:1-4) wanting to resign, not re-sign.

 

     But, he couldn’t—for he had a “burning in his bones”—and he knew he could never be satisfied doing anything other than what Almighty God had called him to do.  And, dear Pilgrim, the same’s true today  How tempting it is to throw in the towel or wave the white flag when others oppose us or it seems like God has forgotten or forsaken us.  But, do not give in to those devilish ploys, Pilgrim:  “Stay focused, stay faithful and stand firm.”  God’s not through with you yet.  Press on (Phil. 3:10-14; Heb. 12:1-2).

 

09/04/2008 Farm Bureau Market Report

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Grain & Soybean Date: September 04, 2008 Soybeans Local Elevators: (Sept) EAST AR:  - - - to - - - (NC) Summ. 1127 to 1169 River Elevators: (Sept) MISS: 1145 to 1198 ; AR & White 1164 to 1184 (NC) Summ. 1145 to 1193 Ark. Processor Bids: (Sept) - - - to - - -  (NC) 1165 to - - - Memphis:  (Sept) 1190 to 1200 (NC)  1180 to 1185 Riceland Foods:  (Oct/Nov) Stuttgart 1165 ; Pendleton 1169 ; West Memphis 1186 Chicago Futures: Nov down 16 1/2 at  1235   Jan 09  down  16 1/2  at  1252   Mar 09 down 16 1/4  at  1264 1/2   May 09 down 16  at  1272 1/2   Nov 09 down 13 1/2  at  1227 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were lower for the third day in a row. Potential yield gains from beneficial rains in the Midwest provided today’s negative impetus. The remnant of Hurricane Gustav finally made a hasty exit from Arkansas and more quickly through major soybean production areas to the north. All in all, the market expects the rain to add yield to the U.S. crop. November continues to push toward early August support at $11.74. For now, the market is in a trading range between that point and $13.50. After gapping lower on Tuesday, corn has held in a narrow trading range with support around $5.50. Additional support is located at $5.05 with resistance at $6.25. Wheat Cash bid for September at Memphis  547 to 559; Bids to farmers at Local Elevators 578; River Elevators 578-603; Chicago Futures: Dec up  2 1/4  at  777    Mar 09 up 2 1/4  at  800 3/4    May 09 up  2 1/4  at  815 1/2    July 09 up  3 1/4  at  828 1/4    Sept 09 up  3 1/4  at  844 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  865 to - - -; Bids to farmers at River Elevators 750-866; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   524 1/2 to 527 1/2;   New crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  496 to 520 Chicago Futures: Dec up  2 1/4  at  564 1/2    Mar 09 up  2 1/4  at  583 1/4    May 09 up  2 1/4  at  595 1/4    Dec 09 up  2 1/4  at  600    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were a bit higher again today. Global demand for wheat is still strong, which is supporting U.S. futures even though most of the business is going elsewhere. Weaker crude oil prices and the stronger dollar, however, are limiting the upside potential. The very wide Gulf basis has indicated for some time that U.S. wheat was overpriced on the global market, and the improving dollar has not helped that situation. December has resistance at $7.98, the top of the recent gap. Cotton & Rice  Date: September 04, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 96 at  6148   Greenwood down  96 at 6148 New York Futures: Oct down  121  at  6598    Dec down  123  at  6846    Mar 09 down  114  at  7299    May 09 down  107  at  7521    July 09 down  89  at  7757  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was sharply lower today despite indications Hurricane Gustav added to potential crop problems in the Midsouth. Earlier rains from Hurricane Faye hit the crop with a period of rain, lower temperatures and prolonged cloudy conditions. Gustav will add to potential yield and quality concerns. Longer term, any cut in this year’s production will tighten stocks next year. For now, resistance at 71 cents and support at 67 cents are the market extremes. A close outside either would indicate further movement in that direction. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  27  at  1896    Jan 09 up  27  at  1926    Mar 09 up  27  at  1956    May 09 up  28  at  1982    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures made another solid move higher, although early gains were trimmed at the close. A firmer undertone in the international market and concern about the impact of Hurricane Gustav on the Midsouth crop provided support. Vietnam has raised their Minimum Export Price back to $650 per tonne as export shipments against prior sales continue at a strong pace. In Thailand, the Government Intervention Program is providing support around $700 per tonne. Overall market conditions are rather quiet. That is also the case here as buyers await the new crop. Current support November futures starts around $17.60, the next upside objective is $19.22. Cattle & Hogs  Date: September 04, 2008 Cattle As reported by Federal-State Market News, receipts were 402 head at sales in Charlotte.  Compared with last week, feeder steers uneven, about steady . Steers:  Medium & Large Frame 1   450 to 500 lbs. 109.76 to - - -   550 to 600 lbs. 101.49 to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame 2   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 94.16 to - - -  Medium & Large Frame 2   500 to 550 lbs. 91.28 to - - - Slaughter Cows, Boners 51.5   to   55 Light Weight 37 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   66   to   - - - Midwest Steers   were steady   at   97   to   - - - Panhandle Steers   were steady   at   97   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 114 to 115   550 to 600 lbs. 112 to 155.75 Heifers 500 to 550 lbs. 103 to 105   600 to 650 lbs. 106 to 109 Chicago Futures: Live Cattle: Dec down 17 at 10530   Feb up 27 at 10610 Feeders: Nov down 7 at 10997   Jan up 22 at 10987 Cattle Comment Cattle futures were mixed. Fund liquidation has driven the market lower in recent days. Sharp losses in corn are sparking worries about large feedlot placements this fall. Live cattle futures are trying to hold support between $103 and $104. Hogs Peoria: were     steady   at   45.5   to   46 Chicago Futures: Dec down 35 at 6840   Feb down 57 at 7622 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were also mixed. October hogs have seen weakness after failing to break through resistance at the top of the recent chart gap of $70.50. Upside potential is limited by heavy supplies of pork and weak wholesale values. Poultry  Date: September 04, 2008 Eggs New York:  Ex. Lg. 131-135; Lg. 129-133; Med. 95-99; Chicago:  Ex. Lg. 121-129; Lg. 119-127; Med. 86-94; Eastern Region Turkeys Hens: 8-16 lbs. 97-100 Toms: 16-24 lbs. 97-100   Delmarva Broilers U.S. Grade A Trade sentiment was about steady. Demand was fair at best with light trading approaching the weekend. Supplies of all sizes were adequate to fully adequate to satisfy current trade needs. In production areas, live supplies were moderate with 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

Bi-Weekly Market Briefings for 09/05/2008

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ARKANSAS FARM BUREAU ELECTRONIC NEWSLETTER Bi-Weekly Market Briefings for 09-05-2008 -------------------------------------------------------------------------- http://www.arfb.com Even Gustav’s heavy rains can’t motivate Cotton. At this stage, it appears much of the Delta crop will be inundated with rain and that’s probably not what most farmers want. The potential for crop losses is substantial, considering some of these areas received heavy rain just two weeks ago. The market can see a big carryover, though, and little pressure in terms of a smaller crop. So, cotton continues to hold in a 4-cent trading range, with support at 66.79 cents and resistance at 71.18. A close to either side of this range will suggest further movement in that direction. Downside, 63.1 cents is the next support and 75 cents the next resistance. The Rice recovery is continuing. After losing $6 from late April to mid-August, futures have recouped $2.79 in just two weeks. November is just short of the 50-percent retracement objective of $19.22. Gustav’s rain and wind are presenting problems for a harvest-ready crop. We anticipate some loss, and harvest will be complicated if the forecasts of rain and wind for the next three–four days hold true. Tight U.S. stocks may become tighter. However, a rapidly strengthening dollar will affect potential exports, with U.S. quotes now exceeding those from Thailand and Vietnam by well over $100. Soybeans are being hit by weaker oil. Gustav’s less-than-anticipated damage to oil and natural gas facilities in the Gulf has prompted big oil futures losses. Oil is now at five-month lows and, with the dollar’s 11-month high, is testing the funds’ “stayability.” This can prompt another strong sell off that’ll test support at the recent $11.74 November low. Rains across the Delta may hurt crops there, but we expect rain in the Midwest to help drought areas — a potential net gain in terms of overall production. A bigger crop plus potentially smaller exports likely means lower price as harvest nears. Long term, the bidding war for acreage still looms large. Wheat is taking a pounding. It has an additional negative beyond factors affecting beans and corn: a huge world crop. Recent projections estimate world production higher, and U.S. exports remain in doubt. Technically, December wheat has gapped below key support at $7.68–$7.75. On weekly charts, it might be headed to the next support, $7.49–$7.31. No doubt, this will cement planting plans for the ’09 crop. Many producers were opting out of planting wheat this year, a result of a wide basis and high input costs. A higher dollar and weaker oil prompt Corn’s liquidation. Like other grains, it has taken a hit over the last two weeks. A $1.20 rally off the recent $5.05 low has seen a quick 70-cent retracement and put December within 4–5 cents of the $5.51 62-percent objective. This might be a re-entry point for funds. If so, a potential head-and-shoulder bottom will still be intact. The problem is immediate demand. Rain will further delay the southern harvest and might help turn the market back positive. The recent $5.05 low stands as strong support. Live Cattle prices are still trending lower. On the other hand, feeders have charted a reversal now and are working to break out of their down-trending channel. Lower crude oil prices are supportive — and sharply lower corn prices are particularly supportive for feeders. However, the strengthening dollar can limit exports. October Live Cattle are still finding support near $103. Given the continued tightening of supplies, prices may have a hard time dropping much below support levels. The downward trend in Hog Futures has accelerated in recent days. October has left big gaps on the way down, and attempts to rebound have stopped short of resistance at $70.50. The composite value of a pork carcass has dropped more than $13 in about a week. News that Russia is moving to curtail pork imports is also negative. Continuing improvement in the dollar’s value has made U.S. pork less competitive globally just when production may become burdensome. Plants are operating near capacity, with weekly kills topping 2.2 million head for the past two weeks. Support begins at $68.50. If prices break here, the next support will be the $64.20 contract low. In Dairy, the September Class I price is $21.45, down 82 cents from August and $3.56 from a year ago. Class II skim price, announced at $11.59, is down 15 cents from August and $5.87 from a year earlier. Class I utilization remains at 68 percent. United States dairy export values in the first half of ’08 totals $2.1 million-plus, up 75 percent from the same period last year and a record for the second year running. The driving factor for this increase is higher world dairy-product prices. In contrast, the value of U.S. dairy imports rose only 13 percent, to almost $1.5 million. Our nearest trading partners, Mexico at $501.5 million and Canada at $183.6 million, account for the largest share of U.S. dairy export value, 23.8 percent and 8.7 percent, respectively. Other nations, with 5 percent or more of our total dairy export value include the Philippines, Indonesia, Japan and China. Contact: • Gene Martin (501) 228-1330, gene.martin@arfb.com . • Brandy Carroll (501) 228-1268, brandy.carroll@arfb.com . • Bruce Tencleve (501) 228-1856, bruce.tencleve@arfb.com . • Matt King (501) 228-1297, matt.king@arfb.com . -------------------------------------------------------------------------- We promised you your own bank, and here it is - www.farmbureaubank.com Created by members who understand your financial needs like no other bank can. Backed by the strength, stability and leadership of Farm Bureau. Go ahead. See what better banking is all about. Call 1-800-492-FARM Personal Bankers are available Monday - Friday, 7am to 7pm CST -------------------------------------------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at: mktrpt@arfb.com -------------------------------------------------------------------------- ---------------------------------------- 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

09/03/2008 Farm Bureau Market Report

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Grain & Soybean Date: September 03, 2008 Soybeans Local Elevators: (Sept) EAST AR:  - - - to - - - (NC) Summ. 1144 to 1186 River Elevators: (Sept) MISS: 1162 to 1210 ; AR & White 1171 to 1191 (NC) Summ. 1162 to 1205 Ark. Processor Bids: (Sept) - - - to - - -  (NC) 1174 to 1182 Memphis:  (Sept) 1201 1/2 to 1216 1/2 (NC)  1196 1/2 to 1201 1/2 Riceland Foods:  (Oct/Nov) Stuttgart 1182 ; Pendleton 1186 ; West Memphis 1203 Chicago Futures: Nov down 47 at  1251 1/2   Jan 09  down  47  at  1268 1/2   Mar 09 down 47  at  1280 3/4   May 09 down 47  at  1288 1/2   Nov 09 down 42  at  1241   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans failed to carry through on yesterday’s rally. Lower oil and a stronger dollar continued to pressure the market. The stronger dollar raises concerns about U.S. export, especially soybeans. Weather is still a major factor in the Midsouth, with the remnants of Hurricane Gustav dumping huge amounts of water in Louisiana, Mississippi and Arkansas. At this point in the growing season it will probably hurt more than it will help. November soybeans appear headed for a retest of support at the early August low of $11.74. Corn, while lower again today, appeared to be a little more resilient than soybeans. December again closed near the high for the day. Support is seen at the recent low of $5.05. Wheat Cash bid for September at Memphis  544 3/4 to 558 3/4; Bids to farmers at Local Elevators 575; River Elevators 575-600; Chicago Futures: Dec up  8  at  774 3/4    Mar 09 up 7 3/4  at  798 1/2    May 09 up  8 1/4  at  813 1/4    July 09 up  6 1/4  at  825    Sept 09 up  6 3/4  at  841    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  852 to 861; Bids to farmers at River Elevators 746-863; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   522 1/4 to - - -;   New crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  494 to 518 Chicago Futures: Dec down  7  at  562 1/4    Mar 09 down  7  at  581    May 09 down  7 1/4  at  593    Dec 09 down  8 1/4  at  597 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures recovered a small portion of yesterday’s big losses. Global demand for wheat is still strong, which is supporting U.S. futures even though most of the business is going elsewhere. Weaker crude oil prices and the stronger dollar, however, are limiting the upside potential. The very wide Gulf basis has indicated for some time that U.S. wheat was overpriced on the global market, and the improving dollar has not helped that situation.wheat was overpriced on the global market, and the improving dollar has not help that situation. Cotton & Rice  Date: September 03, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 72 at  6244   Greenwood down  72 at 6244 New York Futures: Oct down  72  at  6719    Dec down  49  at  6969    Mar 09 down  63  at  7413    May 09 down  50  at  7628    July 09 down  39  at  7846  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was lower as the recent pattern remains intact. There is little doubt the lingering effects of Hurricane Gustav will impact cotton yields and quality in Mississippi, Louisiana and Arkansas. Longer term, any cut in this year’s production will tighten stocks next year. For now, resistance at 71 cents and support at 67 cents are the market extremes. A close outside either would indicate further movement in that direction. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  34  at  1869    Jan 09 up  33  at  1899    Mar 09 up  34  at  1929    May 09 up  34  at  1954    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures reversed yesterday’s decline and closed higher in a light trade. A firmer undertone in the international market and concern about the impact of Hurricane Gustav on the Midsouth crop provided support. Vietnam has raised their Minimum Export Price back to $650 per tonne as export shipments against prior sales continue at a strong pace. In Thailand, the Government Intervention Program is providing support around $700 per tonne. Overall market conditions are rather quiet. That is also the case here as buyers await the new crop. Current support November futures starts around $17.60, the next upside objective is $19.22. Cattle & Hogs  Date: September 03, 2008 Cattle As reported by Federal-State Market News, receipts were 618 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers under 550 lbs. sold firm to $3 higher, over 550 lbs. steady to $1 lower. Feeder heifers sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118.15 to - - -   500 to 550 lbs. 109.34 to - - -   600 to 650 lbs. 103.63 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.06 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 99.04 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.99 to - - - Slaughter Cows, Boners 53   to   57 Light Weight 36 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   64.50   to   70.50 Midwest Steers   were $2 lower   at   97   to   - - - Panhandle Steers   were $2 lower   at   97   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 117 to 125   550 to 600 lbs. 113.25 to 119 Heifers 500 to 550 lbs. 107.50 to 113.50   550 to 600 lbs. 107.50 to 112.75 Chicago Futures: Live Cattle: Dec down 62 at 10547   Feb down 92 at 10582 Feeders: Nov down 122 at 11005   Jan down 105 at 10965 Cattle Comment Cattle futures were lower across the board. Fund liquidation is the driving factor here as in other markets. Sharp losses in corn are sparking worries about large feedlot placements this fall. Live cattle futures are trying to hold support between $103 and $104. Hogs Peoria: were 50¢ to $1 higher     higher   at   45.5   to   46 Chicago Futures: Dec down 120 at 6875   Feb down 20 at 7680 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment October hogs turned lower today after failing to break through resistance at the top of the recent chart gap of $70.50. Upside potential is limited by heavy supplies of pork and weak wholesale values. Poultry  Date: September 03, 2008 Eggs New York:  Ex. Lg. 131-135; Lg. 129-133; Med. 95-99; Chicago:  Ex. Lg. 121-129; Lg. 119-127; Med. 86-94; Eastern Region Turkeys Hens: 8-16 lbs. 97-100 Toms: 16-24 lbs. 97-100   Delmarva Broilers U.S. Grade A Trade sentiment was unsettled. Demand was light to fair with trading limited to regular commitments. Supplies of all sizes were fully sufficient to satisfy current trade needs. In the parts structure, movement was no better than fair for mid-week trading. In production areas, live supplies were moderate with 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

09/02/2008 Farm Bureau Market Report

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Grain & Soybean Date: September 02, 2008 Soybeans Local Elevators: (Sept) EAST AR:  - - - to - - - (NC) Summ. 1191 to 1233 River Elevators: (Sept) MISS: 1238 to 1259 ; AR & White 1210 to 1228 (NC) Summ. 1209 to 1250 Ark. Processor Bids: (Sept) - - - to - - -  (NC) 1221 to 1229 Memphis:  (Sept) 1248 1/2 to 1253 1/2 (NC)  1243 1/2 to 1248 1/2 Riceland Foods:  (Oct/Nov) Stuttgart 1229 ; Pendleton 1233 ; West Memphis 1250 Chicago Futures: Nov down 25 1/2 at  1298 1/2   Jan 09  down  26  at  1315 1/2   Mar 09 down 26  at  1327 3/4   May 09 down 26 1/2  at  1335 1/2   Nov 09 down 18  at  1283   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were hit early as funds liquidated contracts following a sharp drop in oil. In addition, the dollar moved to the highest level in 11 months, raising concerns about this year’s potential exports. For the most part, this does not speak to current fundamentals and the question of weather impact. Rain may improve yield prospects in some parts of the Midwest, while hurting the crop in the Midsouth. No doubt, the tightening of available supplies and the weather impact on the Southern harvest is a positive for the basis and futures in the short term. This helped mitigate early losses, boosting November back near $13 at the close. Corn was hit by the same circumstances and reacted in the same way, trimming big losses by the close. Today’s low of $5.56 now becomes support. Wheat Cash bid for September at Memphis  536 3/4 to - - -; Bids to farmers at Local Elevators 569; River Elevators 569-594; Chicago Futures: Dec down  34 1/2  at  766 3/4    Mar 09 down 34 1/2  at  790 3/4    May 09 down  34 1/2  at  805    July 09 down  31 3/4  at  818 3/4    Sept 09 down  30 1/4  at  834 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  856 to 865; Bids to farmers at River Elevators 759-875; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   522 1/4 to 529 1/4;   New crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  501 to 525 Chicago Futures: Dec down  15 3/4  at  569 1/4    Mar 09 down  16  at  588    May 09 down  16  at  600 1/4    Dec 09 down  14  at  606    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat gapped lower following crude oil, and is now trading at the lowest level. The index funds have been forced to liquidate positions due to the losses in crude oil. The very wide Gulf basis has indicated for some time that U.S. wheat was overpriced on the global market, and the improving dollar has not helped that situation. Cotton & Rice  Date: September 02, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 38 at  6316   Greenwood up  38 at 6316 New York Futures: Oct up  38  at  6791    Dec up  40  at  7018    Mar 09 up  38  at  7476    May 09 up  40  at  7678    July 09 up  54  at  7885  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton moved in a similar pattern to soybeans and corn, down early, but eventually moving higher. In the case of cotton, the market actually moved to the positive side. There is little doubt the lingering effects of Hurricane Gustav will impact cotton yields and quality in Mississippi, Louisiana and Arkansas. Longer term, any cut in this year’s production will tighten stocks next year. For now, resistance at 71 cents and support at 67 cents are the market extremes. A close outside either would indicate further movement in that direction. Rice Long Grain Cash Bid for  Sept - - -  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov down  62  at  1835    Jan 09 down  63  at  1866    Mar 09 down  62  at  1895    May 09 down  62  at  1920    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was sharply lower throughout the session, ending near the day’s lows. No doubt the near $3 gains over the last two weeks left the market vulnerable to a set back. However, there is also little question that the lingering remnants of Hurricane Gustav will have an impact on this year’s yield. This should tighten U.S. long grains stocks even more, eventually leading to a higher price. Current support starts at $17.60 which is the top of an 18 cent gap that was left when the market moved higher. International conditions remain unchanged. Cattle & Hogs  Date: September 02, 2008 Cattle As reported by Federal-State Market News, receipts were 2146 head at sales in Springdale, Ash Flat, Ola and Marshall.  Compared with last week, feeder steers sold near steady, instances $1-$2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117.15 to - - -   500 to 550 lbs. 110.96 to - - -   600 to 650 lbs. 106.46 to - - -  Medium & Large Frame 2   400 to 450 lbs. - - - to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 98.31 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95.81 to - - - Slaughter Cows, Boners 49   to   55 Light Weight 38 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   65   to   70 Midwest Steers   were   at   99   to   - - - Panhandle Steers   were   at   99   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 117 to 125   550 to 600 lbs. 113.25 to 119 Heifers 500 to 550 lbs. 107.50 to 113.50   550 to 600 lbs. 107.50 to 112.75 Chicago Futures: Live Cattle: Dec down 30 at 10610   Feb up 2 at 10675 Feeders: Nov up 100 at 11127   Jan up 120 at 11070 Cattle Comment Live cattle futures were a bit lower today. Market ready supplies of cattle are expected to tighten in the near term, but the real determining factor may be heavy competition from pork. Either pork or beef could be featured items next week. Live cattle futures are trying to hold support between $103 and $104. Hogs Peoria: were $1.50 to $3     lower   at   45   to   46 Chicago Futures: Dec up 40 at 6995   Feb up 105 at 7700 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment October hogs charted big gains today, but failed to break through resistance at the top of the recent chart gap of $70.50. Upside potential is limited by heavy supplies of pork and weak wholesale values. Poultry  Date: September 02, 2008 Eggs New York:  Ex. Lg. 131-135; Lg. 129-133; Med. 95-99; Chicago:  Ex. Lg. 121-129; Lg. 119-127; Med. 86-94; Eastern Region Turkeys Hens: 8-16 lbs. 97-100 Toms: 16-24 lbs. 97-100   Delmarva Broilers U.S. Grade A Trade sentiment was about steady to steady. Post holiday demand was light to fair following the weekend. Supplies of all sizes were at least adequate to satisfy trade needs. In productions 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