07/05/2007 Farm Bureau Market Report

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Grain & Soybean Date: July 05, 2007 Soybeans Local Elevators: (Jul) EAST AR:  793 to 824 (NC) Summ. 811 to 833 River Elevators: (Jul) MISS: 800 to 828 ; AR & White 794 to 814 (NC) Summ. 811 to 837 Ark. Processor Bids: (Jul) 815 to 821  (NC) 833 to 838 Memphis:  (Jul) 816 to 820 (NC)  833 1/2 to 851 1/2 Riceland Foods:  (NC) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a Chicago Futures: Aug up 4 1/4 at  860   Nov  up  4 1/4  at  886 1/2   Jan up 5 1/4  at  899   Mar up 5 1/2  at  906   Nov '08 up 23  at  923   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended higher on carryover strength in wheat. 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  557 to 564; Bids to farmers at Local Elevators 527-536; River Elevators 529-556; Chicago Futures: Sep up  21  at  604    Dec up 19  at  616    Mar up  21  at  619    Jul '08 up  10 1/2  at  556 1/2    Jul '09 up  10  at  540    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  581 to 585; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   332 1/2 to 333 1/2;   new crop at Memphis   297 1/2 to 300 1/2; Bids to farmers at River Elevators  n/a to - - - Chicago Futures: Sep up  4  at  332 1/2    Dec up  4 1/2  at  342 1/2    Mar up  4 3/4  at  366 3/4    Dec '08 up  3  at  389    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures gapped higher on news of sales of U.S. wheat to Egypt and Iraq. Production problems, especially in Europe, are also positive. Harvest pressure could keep a lid on prices. Last Friday’s contract high of $6.32 is likely to hold for some time. Cotton & Rice  Date: July 05, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 25 at  5700   Greenwood up  25 at 5700 New York Futures: Oct up  25  at  6200    Dec up  41  at  6389    Mar up  38  at  6663    May up  30  at  6730    Dec '08 up  40  at  6985  This week's LDP rate for cotton is  .55 cents   The estimate for next week is  -.99 cents Cotton Comment Cotton prices continue to show signs of a market top as prices continue to have difficulty moving much higher. Cotton prices have strong support from the smaller crop forecast released by the USDA last week. Cotton acres were down a million acres, reducing 2007/08 supplies by roughly 1.7 million bales given the USDA yield forecast. This will likely place U.S. ending stocks in the 5 million bale range roughly half of this years’ record stock levels. Cotton prices may potentially come under pressure from the speculators and other profit takers in the coming days as the markets looks over bought from a technical stand point. This being said losses should be limited given the current fundamentals. Rice Long Grain Cash Bid for  Jul 889/cwt  to  - - -   Aug/Sep/Oct/Nov 955/cwt  to  - - - Chicago Futures: Sep up  8  at  1060    Nov up  8  at  1091    Jan up  8  at  1120    Mar up  8  at  1148    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was higher, following the lead of wheat like the rest of the grains. 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 05, 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   were quoted   at   84   to   - - - Panhandle Steers   were quoted   at   84   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 125.50 to 133   600 to 650 lbs. 111.75 to 120.50 Heifers 500 to 550 lbs. 104 to 115   600 to 650 lbs. 103.50 to 112 Chicago Futures: Live Cattle: Aug up 72 at 9070   Dec up 37 at 9612 Feeders: Aug up 62 at 11217   Oct up 55 at 11315 Cattle Comment Cattle prices posted another day of gains as prices closed back above 90 today. Firmer beef prices and positive packer margins are supporting beef prices; however ample beef supplies are likely to limit market gains in the short term. Hogs Peoria: were     steady   at   46   to   46.5 Chicago Futures: Aug up 40 at 7060   Oct up 10 at 6490 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog prices are beginning to show signs of life for the first time in a couple of weeks. Today hog prices managed to close above trendline resistance and maybe gearing up for a couple of good days. However, fundamentals are still weak as packer margins remain negative and cash prices remain weak. Poultry  Date: July 05, 2007 Eggs New York:  Ex. Lg. 108-112; Lg. 106-110; Med. 76-80; 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 at least steady in the East, but mostly steady elsewhere. Supplies of all sizes were usually sufficient to satisfy trade needs. In production areas, live supplies were moderate at mixed 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/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