07/13/2007 Farm Bureau Market Report

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Grain & Soybean Date: July 13, 2007 Soybeans Local Elevators: (Jul) EAST AR:  834 to 865 (NC) Summ. 863 to 885 River Elevators: (Jul) MISS: 837 to 869 ; AR & White 823 to 846 (NC) Summ. 852 to 889 Ark. Processor Bids: (Jul) 858 to 862  (NC) 879 to 885 Memphis:  (Jul) 860 3/4 to 861 3/4 (NC)  877 3/4 to 878 3/4 Riceland Foods:  (NC) Stuttgart 885 ; Pendleton 885 ; West Memphis 889 Chicago Futures: Aug up 7 1/4 at  921 3/4   Nov  up  7 1/4  at  948 3/4   Jan up 8  at  963 1/4   Mar up 7  at  970 3/4   Nov '08 up 2 3/4  at  945 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans made another contract high today in reaction to yesterday’s monthly supply/demand report. The USDA is estimating only 245 million bushels of soybeans will be carried over this year, which is bullish. Any kind of weather event could cause that number to be even lower, so look for volatility as traders react to the weather. Wheat Cash bid for July at Memphis  570 3/4 to 572 3/4; Bids to farmers at Local Elevators 551-563; River Elevators 542-579; Chicago Futures: Sep down  3/4  at  620 3/4    Dec down 1 1/2  at  635 1/4    Mar down  1/2  at  640 1/2    Jul '08 down  1 1/2  at  576    Jul '09 down  1  at  554    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  642 to - - -; Bids to farmers at River Elevators - - -; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   349 3/4 to 354 3/4;   new crop at Memphis   318 3/4 to 322 3/4; Bids to farmers at River Elevators  - - - to - - - Chicago Futures: Sep up  3 1/4  at  354 3/4    Dec up  3 1/4  at  368 1/2    Mar up  3 3/4  at  381 3/4    Dec '08 up  2 1/4  at  408 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures barely reacted to yesterday’s sharp cut in the USDA ending stocks estimate. This suggests that the supply situation is fully factored into prices. Last Friday’s contract high of $6.32 is likely to hold for some time. Cotton & Rice  Date: July 13, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 99 at  6149   Greenwood up  124 at 6149 New York Futures: Oct up  124  at  6649    Dec up  133  at  6838    Mar up  128  at  7119    May up  130  at  7185    Dec '08 up  140  at  7350  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton made another contract high today following a positive supply/demand report. USDA estimates ending stocks will fall to 5.9 million bales. However, the market is overbought and due a correction. Long term the market appears to be positioned for further gains. After losing over 4 million acres to corn and beans, cotton is poised to battle for some of those acres in ’08. December ’08 has traded above 72 cents already. Rice Long Grain Cash Bid for  Jul 900/cwt  to  - - -   Aug/Sep/Oct/NOv 1002/cwt  to  - - - Chicago Futures: Sep down  6  at  1044 1/2    Nov down  4  at  1077    Jan down  1  at  1105    Mar down  1  at  1131    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted gains yesterday but retraced part of that today. The supply/demand and acreage reports had a little good news, a little bad news, and overall has resulted in a neutral market reaction. The U.S. acreage estimate was raised from last month, but is still 6% below a year ago. Global ending stocks were raised a bit. The U.S. has found little demand for milled long grain rice, while paddy sales continue at a good pace. Depending on the size of the ’07 crop better marketing opportunities could come later in the year. Cattle & Hogs  Date: July 13, 2007 Cattle As reported by Federal-State Market News, receipts were 9,145 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly $3-$7 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 123 to 132   500 to 550 lbs. 112 to 122   600 to 700 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 115 to 125 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 108 to 118  Medium & Large Frame 2   400 to 450 lbs. 102 to 112 Slaughter Cows, Boners 48   to   55 Light Weight 34 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   68, high dressing 69-70.50 Midwest Steers   were steady   at   88   to   - - - Panhandle Steers   were $2 lower   at   88   to   - - - Oklahoma City Feeders Steers - - - to - - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Heifers - - - to - - - lbs. - - - to - --   - - - to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Aug down 50 at 9162   Dec down 10 at 9785 Feeders: Aug down 45 at 11385   Oct down 12 at 11487 Cattle Comment Cattle prices were lower today. The upside could be limited by futures’ premium to cash and ideas corn prices are headed higher again. August has resistance at the May high of $94.10. Hogs Peoria: were     steady   at   43   to   43.5 Chicago Futures: Aug down 62 at 7345   Oct up 17 at 6872 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were trading mixed on weakness in cash hogs and lower wholesale pork prices. Packers aren’t having any trouble bringing hogs to market, and prices reflect that. Poultry  Date: July 13, 2007 Eggs New York:  Ex. Lg. 117-121; Lg. 115-119; Med. 83-87; Chicago:  Ex. Lg. 99-107; Lg. 97-105; Med. 67-75; Eastern Region Turkeys Hens: 8-16 lbs. 85-88 Toms: 16-24 lbs. 85-88   Delmarva Broilers U.S. Grade A Majority prices for next week trending unchanged in all areas. 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. 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