07/17/2007 Farm Bureau Market Report

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Grain & Soybean Date: July 17, 2007 Soybeans Local Elevators: (Jul) EAST AR:  746 to 777 (NC) Summ. 770 to 792 River Elevators: (Jul) MISS: 761 to 781 ; AR & White 742 to 762 (NC) Summ. 763 to 796 Ark. Processor Bids: (Jul) 765 to 774  (NC) 786 to 792 Memphis:  (Jul) 768 3/4 to - - - (NC)  785 1/2 to - - - Riceland Foods:  (NC) Stuttgart 774 ; Pendleton 777 ; West Memphis 781 Chicago Futures: Aug down 38 at  833 3/4   Nov  down  38 1/4  at  860 1/2   Jan down 37 1/2  at  875 3/4   Mar down 35 1/4  at  885 1/2   Nov '08 down 20 1/4  at  885   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were under pressure again today, despite a 3% decline in the excellent to good categories in yesterday’s crop progress report. Rain in the Eastern part of the corn belt and more moderate temperatures added to the downside pressure. However, it should be noted that to date rains have missed the driest areas in Minnesota, South Dakota, Nebraska and part of Iowa. The market has now retraced almost 50% of the April to July upturn with support ranging from $8.50 to $8.55 for November. A 62% retracement would carry November to $8.27 or slightly lower. Wheat Cash bid for July at Memphis  548 1/4 to 551 1/4; Bids to farmers at Local Elevators 531-543; River Elevators 518-559; Chicago Futures: Sep down  1/2  at  601 1/4    Dec down 3/4  at  617 1/4    Mar down  1 1/4  at  624 3/4    Jul '08 down  3 1/2  at  565 1/2    Jul '09 down  4 1/2  at  400 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  585 to 592; Bids to farmers at River Elevators 495-566; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   312 1/2 to 320 1/2;   new crop at Memphis   286 1/2 to 292 1/2; Bids to farmers at River Elevators  262 to 273 Chicago Futures: Sep down  1/2  at  601 1/4    Dec down  3/4  at  617 1/4    Mar down  10 1/2  at  351 1/2    Dec '08 down  5 3/4  at  385 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures recovered a bit on ideas that yesterday's losses were overdone. Support came from news that Egypt included U.S. wheat in their weekly tender. 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 17, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 231 at  5861   Greenwood down  231 at 5861 New York Futures: Oct down  231  at  6361    Dec down  205  at  6570    Mar down  205  at  6855    May down  205  at  6930    Dec '08 down  75  at  7240  This week's LDP rate for cotton is  0¢ cents   The estimate for next week is  0¢ cents Cotton Comment Cotton came under heavy pressure as corn and soybeans declined further today. December cotton was technically overbought, with the RSI (Relative Strength Index) moving above 90 last week. Retracement objectives range from 62.6 to 58.8 cents. The market may make further retracements in the day’s ahead, but there is growing concern about this year’s crop potential in the southeast U.S. At the same time the Texas crop has been called exceptional with yield prospects possibly approaching the 2005 record of 723 pounds. Weather will become a very important factor in the week’s ahead. Rice Long Grain Cash Bid for  Aug/Sep/Oct/Nov 974/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  19  at  1016    Nov down  18 1/2  at  1049 1/2    Jan down  13  at  1083    Mar down  11  at  1111    - - - down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice futures tumbled through major support around $10.60, taking the market out of a dollar trading range that contained the market since mid-January. The potential for excellent yields and the overall weakness in corn and soybeans contributed to the continued decline. U.S. milled rice exports remain at a very slow pace and may not increase until the gap in price between U.S. Asian growths diminishes. High freight also is a factor in export demand. Technically, November is oversold with the RSI falling below 30 after recent declines. Cattle & Hogs  Date: July 17, 2007 Cattle As reported by Federal-State Market News, receipts were 1,415 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold $2-$4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 123 to 133   500 to 550 lbs. 117 to 127   600 to 650 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 116 to 126 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 109.50 to 118  Medium & Large Frame 2   400 to 450 lbs. 98 to 108 Slaughter Cows, Boners 47.50   to   52 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   62   to   67.50, high dressing 68-72.50 Midwest Steers   were $2 higher to $3.50 lower   at   88   to   - - - Panhandle Steers   were $1 lower to $3.50 higher   at   88   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Aug up 7 at 9142   Dec up 62 at 9830 Feeders: Aug up 67 at 11582   Oct up 60 at 11655 Cattle Comment Cattle closed higher today. Further losses in corn were positive. The upside could be limited by futures’ premium to cash. August has resistance at the May high of $94.10. Hogs Peoria: were     steady   at   43.5   to   44 Chicago Futures: Aug up 105 at 7402   Oct up 300 at 7090 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 17, 2007 Eggs New York:  Ex. Lg. 118-122; Lg. 116-120; Med. 86-90; 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 Trade sentiment was about steady to steady with some caution noted. In production areas, live supplies were moderate at mostly desirable weights. The Composite Weighted Average price for 07/16/07 was 81.24 compared to 81.12 a week earlier, and 67.27 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