07/09/2007 Farm Bureau Market Report

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Grain & Soybean Date: July 09, 2007 Soybeans Local Elevators: (Jul) EAST AR:  809 to 840 (NC) Summ. 826 to 848 River Elevators: (Jul) MISS: 814 to 844 ; AR & White 800 to 821 (NC) Summ. 822 to 852 Ark. Processor Bids: (Jul) 831 to 837  (NC) 848 to - - - Memphis:  (Jul) 823 1/2 to 832 1/2 (NC)  849 to 870 Riceland Foods:  (NC) Stuttgart 837 ; Pendleton 840 ; West Memphis 844 Chicago Futures: Aug up 6 1/4 at  875 1/2   Nov  up  6  at  902   Jan up 6 3/4  at  914 3/4   Mar up 7 3/4  at  923 1/4   Nov '08 up 3 3/4  at  908   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded to both sides of last Friday’s close before ending the day on a positive note. November hit a new contract high, while also closing above $900 for the first time. Weather will continue to be a major factor over the next six weeks as this year’s small acreage pushes toward maturity. The next major chart point is the ’04 high of $10.64. However, old crop July is still about 30 cents below the May ’07 high of $9.03. Wheat Cash bid for July at Memphis  559 1/2 to - - -; Bids to farmers at Local Elevators 530-542; River Elevators 526-558; Chicago Futures: Sep down  10 1/2  at  599 1/2    Dec down 9 1/2  at  613    Mar down  11  at  615    Jul '08 down  8 1/2  at  555    Jul '09 down  4  at  538    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  611 to 617; Bids to farmers at River Elevators - - -; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   339 1/4 to 341 1/4;   new crop at Memphis   304 1/4 to 307 1/4; Bids to farmers at River Elevators  n/a to - - - Chicago Futures: Sep down  2 1/4  at  339 1/4    Dec down  1 3/4  at  350 1/4    Mar down  1 1/2  at  363 3/4    Dec '08 down  1/2  at  396 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures posted double digit losses today. Production problems worldwide and harvest delays in the U.S. Southern Plains have been supportive, but should be mostly factored in to prices at this point. Last Friday’s contract high of $6.32 is likely to hold for some time. Cotton & Rice  Date: July 09, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 17 at  6000   Greenwood up  2 at 5975 New York Futures: Oct up  202  at  6475    Dec up  200  at  6663    Mar up  215  at  6965    May up  225  at  7025    Dec '08 up  150  at  7000  This week's LDP rate for cotton is  -.99 cents   The estimate for next week is  .2.02 cents Cotton Comment Cotton started the week with an exceptionally strong move, gapping higher and closing the session 200 points higher. The market exceeded a mid-June gap objective and with October becoming the lead month now has an objective about 250 points above today’s high of 65.1. This would suggest the next December objective is around 70 cents. The market is extremely overbought and due a downward correction. Sometimes a small correction will reduce the pressure. Cotton is now enjoying the strength of fund buying which often ignores both fundamentals and technicals. Obviously, much smaller plantings and weather concerns add to the upside potential. Producers should be aware of the current price for both the ’07 and ’08 crops and be prepared to lock in a price floor. Using options would allow that to be done. Rice Long Grain Cash Bid for  Jul 900/cwt  to  - - -   Aug/Sep/Aug/Nov 1013/cwt  to  - - - Chicago Futures: Sep up  1/2  at  1059    Nov down  1 1/2  at  1088 1/2    Jan down  2  at  1117    Mar unchanged    at  1147    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice traded in a narrow range before ending the session virtually unchanged for the third day in a row. Support for November remains in the $10.65 to $10.80 range with resistance at the recent high of $11.55, an overall trading range of 75 cents. A slightly larger than expected ’07 planted acreage was revealed in last week’s report. Overall acreage, while down a little over a 100,000 acres from ’06, is expected to produce a good crop. Current ratings have the crop at 74% good to excellent, 15% above the ’06 crop at the same point in development. Medium grain production is expected to be up while long grain will be down slightly. Cattle & Hogs  Date: July 09, 2007 Cattle As reported by Federal-State Market News, receipts were 891 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold steady to $5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 123 to 132   500 to 550 lbs. 108 to 115   600 to 700 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. 115 to 119 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 108 to 118  Medium & Large Frame 2   400 to 450 lbs. 101 to 111 Slaughter Cows, Boners 47.50   to   52.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   61   to   66.50 Midwest Steers   were $5-$6.50 higher   at   89   to   90.50 Panhandle Steers   were $4.50-$5.50 higher   at   88.50   to   90.50 Oklahoma City Feeders Steers 500 to 550 lbs. 127 to 134   600 to 650 lbs. 116.75 to 118 Heifers n/a to - - - lbs. - - - to - - -   600 to 650 lbs. 110 to 117 Chicago Futures: Live Cattle: Aug up 2 at 9252   Dec up 40 at 9777 Feeders: Aug down 22 at 11447   Oct down 5 at 11535 Cattle Comment Cattle prices took a breather today and closed mixed. Brisk movement was reported last week thanks to strong gains in futures. The upside could be limited by futures’ premium to cash, but August could retest the May high of $94.10. Hogs Peoria: were $1.5     higher   at   44.5   to   45 Chicago Futures: Aug down 25 at 6985   Oct steady at 6475 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures also closed on either side of unchanged. Fundamentals are still weak as packer margins remain negative and cash prices remain weak. Poultry  Date: July 09, 2007 Eggs New York:  Ex. Lg. 110-114; Lg. 108-112; Med. 76-80; Chicago:  Ex. Lg. 99-107; Lg. 97-105; Med. 67-75; Eastern Region Turkeys Hens: 8-16 lbs. 85-87 Toms: 16-24 lbs. 85-86   Delmarva Broilers U.S. Grade A Majority prices were unchanged in all areas when compared to previous week. Trade sentiment was steady. 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