07/16/2007 Farm Bureau Market Report

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Grain & Soybean Date: July 16, 2007 Soybeans Local Elevators: (Jul) EAST AR:  784 to 815 (NC) Summ. 808 to 830 River Elevators: (Jul) MISS: 799 to 819 ; AR & White 780 to 800 (NC) Summ. 824 to 830 Ark. Processor Bids: (Jul) 803 to 812  (NC) 824 to 830 Memphis:  (Jul) 801 3/4 to 810 3/4 (NC)  823 3/4 to 828 3/4 Riceland Foods:  (NC) Stuttgart 830 ; Pendleton 830 ; West Memphis 834 Chicago Futures: Aug down 50 at  871 3/4   Nov  down  50  at  898 3/4   Jan down 50  at  913 1/4   Mar down 50  at  920 3/4   Nov '08 down 40  at  905 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were hit hard early and held limit declines going into the end of the session. Lower temperatures and more rain than forecast late last week, provided the impetus for the downturn. The market was heavily overbought and due a correction. Initial support at $8.80 could be vulnerable, if so, trendline support around $8.50 will be next. Wheat Cash bid for July at Memphis  548 3/4 to 551 3/4; Bids to farmers at Local Elevators 332-344; River Elevators 523-560; Chicago Futures: Sep down  19  at  601 3/4    Dec down 17 1/4  at  618    Mar down  14 1/2  at  626    Jul '08 down  14  at  562    Jul '09 down  9  at  545    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  604 to 606; Bids to farmers at River Elevators 511-582; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   329 3/4 to 332 3/4;   new crop at Memphis   298 3/4 to 304 3/4; Bids to farmers at River Elevators  275 to 286 Chicago Futures: Sep down  20  at  334 3/4    Dec down  20  at  348 1/2    Mar down  20  at  361 3/4    Dec '08 down  16 3/4  at  391 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were sharply lower following limit losses in corn and beans. Fundamentals should be positive, but are likely well factored in to prices at this point. The recently charted contract high of $6.32 is likely to hold for some time. Cotton & Rice  Date: July 16, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 57 at  6092   Greenwood down  57 at 6092 New York Futures: Oct down  57  at  6592    Dec down  63  at  6775    Mar down  59  at  7060    May down  50  at  7135    Dec '08 down  35  at  7315  This week's LDP rate for cotton is  0¢ cents   The estimate for next week is  0¢ cents Cotton Comment Cotton was slightly lower as the market retraced a portion of the recent gains. Overall fundamentals remain on the positive side and suggest additional long term gains are possible. A much smaller acreage and weather problems have set the stage to reduce ending stocks significantly as indicated by last week's report. The big price move puts cotton back in the acreage mix for '08. For now look for a little more downward retracement as the market reacts to an overbought situation. Weather conditions make this year's crop suspect and could further reduce stocks. Rice Long Grain Cash Bid for  Aug/Sep/Oct/Nov 993/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  9 1/2  at  1035    Nov down  9  at  1068    Jan down  9  at  1096    Mar down  9  at  1122    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was down today, but losses were much less than what was seen in beans and grains. This year's crop yields could be good and that will partially offset a smaller long grain acreage. However, the lightening of world and U.S. stocks suggests additional upside potential as November traces near recent support just above $10.60. Cattle & Hogs  Date: July 16, 2007 Cattle As reported by Federal-State Market News, receipts were 2,640 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold mostly firm to $5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 121 to 131   500 to 550 lbs. 113 to 123   600 to 700 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 118 to 128 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 109 to 119  Medium & Large Frame 2   400 to 450 lbs. 104 to 114 Slaughter Cows, Boners 46   to   52 Light Weight 36 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   65, high dressing 66-73 Midwest Steers   were $2 lower to $3.50 higher   at   86   to   91.50 Panhandle Steers   were $1 lower to $3.50 higher   at   89   to   91.50 Oklahoma City Feeders Steers 550 to 600 lbs. 115 to 124   600 to 650 lbs. 113 to 117 Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Aug down 27 at 9135   Dec down 17 at 9767 Feeders: Aug down 130 at 11515   Oct down 107 at 11595 Cattle Comment Cattle prices were mixed. 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 $.5     higher   at   43.5   to   44 Chicago Futures: Aug down 47 at 7297   Oct down 82 at 6790 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended 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 16, 2007 Eggs New York:  Ex. Lg. 117-121; Lg. 115-119; Med. 83-87; Chicago:  Ex. Lg. 107-115; Lg. 105-113; Med. 74-82; Eastern Region Turkeys Hens: 8-16 lbs. 85-88 Toms: 16-24 lbs. 85-86   Delmarva Broilers U.S. Grade A Majority prices were mostly unchanged in all areas when compared to previous week. Trade sentiment was mixed, but overall steady at best. Supplies of all sizes were at least sufficient for trade needs. In production areas, live supplies were moderate. Weights were desirable to instances heavy, 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