07/10/2007 Farm Bureau Market Report

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Grain & Soybean Date: July 10, 2007 Soybeans Local Elevators: (Jul) EAST AR:  812 to 858 (NC) Summ. 840 to 862 River Elevators: (Jul) MISS: 832 to 862 ; AR & White 813 to 839 (NC) Summ. 840 to 866 Ark. Processor Bids: (Jul) 844 to 855  (NC) 863 to - - - Memphis:  (Jul) 822 1/2 to 831 1/2 (NC)  852 1/2 to 862 1/2 Riceland Foods:  (NC) Stuttgart 855 ; Pendleton 858 ; West Memphis 862 Chicago Futures: Aug up 18 at  893 1/2   Nov  up  18 1/2  at  920 1/2   Jan up 19 1/2  at  934 1/4   Mar up 19 1/2  at  942 3/4   Nov '08 up 16  at  924   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gapped higher on the open and continued to firm throughout the session. Hotter, drier forecasts provided the boost plus technically it was a positive for November to close above $9.00. There is no indication this market is through, at this point further gains appear possible despite a big carryover. The next supply demand report is due on Thursday. Wheat Cash bid for July at Memphis  556 to 566; Bids to farmers at Local Elevators 532-544; River Elevators 529-560; Chicago Futures: Sep up  2 1/4  at  601 3/4    Dec up 2 3/4  at  615 3/4    Mar up  4 1/2  at  619 1/2    Jul '08 up  11 1/2  at  566 1/2    Jul '09 up  7  at  545    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  n/a 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   345 1/2 to 347 1/2;   new crop at Memphis   313 1/2 to - - -; Bids to farmers at River Elevators  n/a to - - - Chicago Futures: Sep up  6 1/4  at  345 1/2    Dec up  6 3/4  at  357    Mar up  7 1/4  at  371    Dec '08 up  4  at  400 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures recovered a bit of yesterday’s losses. 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 10, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 41 at  6041   Greenwood up  41 at 6016 New York Futures: Oct up  41  at  6516    Dec up  45  at  6708    Mar up  40  at  7005    May up  40  at  7065    Dec '08 up  15  at  7165  This week's LDP rate for cotton is  -.99 cents   The estimate for next week is  -2.77 cents Cotton Comment Cotton was restricted to an inside trading range which means it didn’t exceed either yesterday’s high or low. The market is extremely overbought and is subject to a correction, or it could simply consolidate just below yesterday’s high. Given the current production outlook it appears there is longer term upside potential, but producers need to be aware the market has risen over 15 cents in the last seven weeks. Producers may want to use option and establish a price floor for both ’07 and ’08 crops. Cotton appears to have put itself back in position to contend for acreage in ’08. That could be a great pricing opportunity developing for the ’08 crop. Rice Long Grain Cash Bid for  Jul 900/cwt  to  - - -   Aug/Sep/Oct/Nov 997/cwt  to  - - - Chicago Futures: Sep down  17  at  1042    Nov down  16 1/2  at  1072    Jan down  13  at  1104    Mar down  13  at  1134    - - - down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was under pressure all day despite some developing strength in soybeans and the other grains. Slow milled exports remain a negative, despite indications that the overall international market is firming. Reduced world and U.S. stocks certainly suggest additional upside potential at some point during the upcoming marketing year. This week’s crop rating fell to 72% good to excellent, 17% above year ago ratings. Cattle & Hogs  Date: July 10, 2007 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 unevenly averaging near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 122 to 132   500 to 550 lbs. 112.50 to 121   600 to 650 lbs. 105 to 113  Medium & Large Frame 2   400 to 450 lbs. 101 to 121 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 98 to 108 Slaughter Cows, Boners 47.50   to   52 Light Weight 34 to 38 Bulls, Yield Grade   1-2   1000   to   2200 lbs.   61.50   to   65.25, high dressing 66-73 Midwest Steers   were $1-$.50 lower   at   88   to   90 Panhandle Steers   were $.50 lower   at   88   to   90 Oklahoma City Feeders Steers 500 to 550 lbs. 127 to 139   600 to 650 lbs. 118 to 127.75 Heifers 500 to 550 lbs. 110 to 120   600 to 650 lbs. 108.75 to 118 Chicago Futures: Live Cattle: Aug down 55 at 9197   Dec down 30 at 9747 Feeders: Aug down 45 at 11402   Oct down 15 at 11520 Cattle Comment Cattle prices were lower across the board. 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     steady   at   44.5   to   45 Chicago Futures: Aug up 95 at 7080   Oct up 57 at 6532 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended higher on ideas the market is oversold. Packers aren’t having any trouble bringing hogs to market, and prices reflect that. Composite pork prices are showing surprising strength following the holiday. Poultry  Date: July 10, 2007 Eggs New York:  Ex. Lg. 112-116; Lg. 110-114; Med. 78-82; Chicago:  Ex. Lg. 99-107; Lg. 97-105; Med. 67-75; Eastern Region Turkeys Hens: 8-16 lbs. 85-87 Toms: 16-24 lbs. 85-87   Delmarva Broilers U.S. Grade A Trade sentiment was steady in all areas. In production areas, live supplies were moderate at mixed weights. The Composite Weighted Average price for 07/09/07 was 81.12 compared to 80.68 a week earlier, and 67.50 a year ago. ---------------------------------------- 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