07/03/2007 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: July 03, 2007 Due to the holiday, the Farm Bureau Center will be closed on Wednesday, July 04, 2007. The next report will be available on Thursday, July 05, 2007. We wish you all a safe and happy holiday. Soybeans Local Elevators: (Jul) EAST AR:  789 to 820 (NC) Summ. 812 to 834 River Elevators: (Jul) MISS: 796 to 824 ; AR & White 795 to 815 (NC) Summ. 811 to 817 Ark. Processor Bids: (Jul) 811 to 817  (NC) 833 to 834 Memphis:  (Jul) 813 3/4 to 820 3/4 (NC)  832 1/4 to 847 1/4 Riceland Foods:  (NC) Stuttgart 817 ; Pendleton 820 ; West Memphis 824 Chicago Futures: Aug down 15 1/4 at  855 3/4   Nov  down  15 1/2  at  882 1/4   Jan down 15 1/4  at  893 3/4   Mar down 12 1/2  at  900 1/2   Nov '08 down 14 1/4  at  894   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gave back yesterday’s gains as traders took profits ahead of the mid-week holiday break. The market is overbought and probably a little overpriced relative to supply demand expectations. USDA projects an average price below $8, whereas futures are nearly $1 above that. So, additional corrections are likely. This year’s smaller planted acreage will make the market particularly sensitive to weather problems that may develop over the next 6 to 7 weeks. Wheat Cash bid for July at Memphis  533 to 536; Bids to farmers at Local Elevators 506-515; River Elevators 502-531; Chicago Futures: Sep down  1/4  at  583    Dec down 1/2  at  597    Mar down  3 1/2  at  598    Jul '08 down  2 1/2  at  546    Jul '09 unchanged    at  530    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  568 to - - -; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   328 1/2 to - - -;   new crop at Memphis   293 1/2 to 296 1/2; Bids to farmers at River Elevators  n/a to - - - Chicago Futures: Sep down  11 1/4  at  328 1/2    Dec down  12  at  338    Mar down  12 1/2  at  351 3/4    Dec '08 down  8 1/4  at  386    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended mixed as traders decided to take a breather before the holiday. Overall fundamentals are positive but technical indicators suggest the market is set for a near term correction. Cotton & Rice  Date: July 03, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 10 at  5675   Greenwood up  10 at 5675 New York Futures: Oct up  125  at  5925    Dec up  5  at  6348    Mar down  5  at  6625    May down  10  at  6700    Dec '08 down  20  at  6945  This week's LDP rate for cotton is  .55 cents   The estimate for next week is  -.79 cents Cotton Comment Cotton closed mixed again today with the market moving in a consolidation pattern just below Friday’s high. With over 4 million acres trimmed from ’06 plantings it appears the stocks situation will be reduced by this time next year. Plantings of 11.1 million acres should generate a crop of 17 to 18 million bales which with a carryover of approximately 10 million bales will be a more than adequate supply. Good use, particularly on the export side, should see stocks reduced to about half or around 5 million bales. Continued weather problems could push futures into the upper 60’s. December currently has a gap objective of just over 65 cents. July above 60.5 cents would break out of a long term trading range and suggest further gains. Rice Long Grain Cash Bid for  Jul 889/cwt  to  - - -   Aug/Sep/Oct/Nov 1008/cwt  to  - - - Chicago Futures: Sep down  11  at  1052    Nov down  11  at  1083    Jan down  11  at  1112    Mar down  10  at  1140    - - - down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was lower again today as it fell in line with the other grains and soybeans. November is testing support between $10.80 and $10.65. Arkansas's ’07 acreage of 1.3 million acres is down 105,000 from ’06. Long grain declined 120,000 acres while medium grain increased 15,000. Overall U.S. rice acreage was down just 94,000 acres, with Louisiana planting 40,000 acres more than in ’06. All other stocks declined a little. A smaller U.S. crop and tightening world stocks still suggest a firm market situation, although milled export movement is extremely slow. Cattle & Hogs  Date: July 03, 2007 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   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - 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: Aug up 30 at 8997   Dec up 2 at 9575 Feeders: Aug up 60 at 11155   Oct up 70 at 11260 Cattle Comment Cattle ended higher, with feeders supported by weakness in corn. Live cattle were supported by improved product prices on Monday. Hogs Peoria: were $1     lower   at   46   to   46.5 Chicago Futures: Aug up 32 at 7020   Oct up 75 at 6480 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were also higher as the market attempted to rebound after sharp losses in reaction to the June inventory report. A weak tone in the cash market limited gains. Poultry  Date: July 03, 2007 Eggs New York:  Ex. Lg. 106-110; Lg. 104-108; Med. 74-78; Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 65-73; Eastern Region Turkeys Hens: 8-16 lbs. 85-86 Toms: 16-24 lbs. 85-86   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady in the major terminal markets, but trending slightly higher on local markets. Generally, supplies were clearing, but usually sufficient for trade needs. In production areas, live supplies were moderate. Weights were mixed, but mostly desirable. ---------------------------------------- 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/daily_rpt_email.asp ---------------------------------------- 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 2007 Arkansas Farm Bureau, Inc. All rights reserved