07/18/2007 Farm Bureau Market Report

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Grain & Soybean Date: July 18, 2007 Soybeans Local Elevators: (Jul) EAST AR:  763 to 794 (NC) Summ. 786 to 808 River Elevators: (Jul) MISS: 773 to 798 ; AR & White 754 to 775 (NC) Summ. 775 to 812 Ark. Processor Bids: (Jul) 782 to 791  (NC) 802 to 808 Memphis:  (Jul) 776 1/4 to 791 1/4 (NC)  793 1/2 to 801 1/2 Riceland Foods:  (NC) Stuttgart 791 ; Pendleton 794 ; West Memphis 798 Chicago Futures: Aug up 17 1/2 at  851 1/4   Nov  up  16  at  876 1/2   Jan up 16 1/4  at  892   Mar up 17 3/4  at  903 1/4   Nov '08 up 16 1/2  at  901 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment November soybeans rebounded today after posting losses for the last three days. Today’s rebound kept soybeans from closing the gap set after the June acreage report. Today’s gains come as some worry about the dry weather in parts of the corn belt and national weather service forecast for hot dry weather across the corn belt in the coming weeks. With a 64.1 million acre crop, the soybeans market cannot afford to ignore a forecast for dry weather during this critical time in soybean development. Wheat Cash bid for July at Memphis  573 1/2 to 578 1/2; Bids to farmers at Local Elevators 554-566; River Elevators 544-582; Chicago Futures: Sep up  22 1/4  at  623 1/2    Dec up 19  at  620 1/2    Mar up  22 1/4  at  647    Jul '08 up  3  at  568 1/2    Jul '09 up  11  at  569    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  596 to 597; Bids to farmers at River Elevators 507-579; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   317 to 322;   new crop at Memphis   291 to 297; Bids to farmers at River Elevators  267 to 278 Chicago Futures: Sep up  4 1/2  at  327    Dec up  5 3/4  at  342 1/2    Mar up  6 1/4  at  357 1/2    Dec '08 up  5 3/4  at  391 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures posted sharp gains today, but still have strong resistance from the contract highs charted June 29. Strong export demand for U.S. wheat and tight global supplies are supportive, but should be factored into prices at this point. Cotton & Rice  Date: July 18, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 109 at  5970   Greenwood up  109 at 5970 New York Futures: Oct up  84  at  6445    Dec up  69  at  6639    Mar up  75  at  6930    May up  70  at  7000    Dec '08 up  95  at  7335  This week's LDP rate for cotton is  0¢ cents   The estimate for next week is  0¢ cents Cotton Comment Cotton prices experienced modest gains today, as pressure from the corn and soy markets eased on weather concerns. Further strengthening in cotton prices will be difficult for the market, as the market continues to show signs that it is technically overbought. However, strong fundamentals and continued concern about weather conditions may limit the downward potential and help support cotton prices. Rice Long Grain Cash Bid for  Aug/Sep/Oct/Nov 973/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  1 1/2  at  1014 1/2    Nov down  1 1/2  at  1048    Jan down  1  at  1082    Mar down  1  at  1110    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was one of the few markets that did not benefit from today’s gains in the corn and soybean markets. Lack of fresh demand and a good yield potential for this years crop continue to pressure prices, even though the market is showing signs of being technically oversold. Cattle & Hogs  Date: July 18, 2007 Cattle As reported by Federal-State Market News, receipts were 1,193 head at sales in Conway, Ola & Pocahontas.  Compared with last week, feeder steers sold mostly $4-$7 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 100 to 130   500 to 550 lbs. 114 to 124   600 to 700 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 110 to 117 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 112 to 122  Medium & Large Frame 2   400 to 450 lbs. 105 to 115 Slaughter Cows, Boners 47   to   52 Light Weight 35 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   68, high dressing 69-71 Midwest Steers   were steady   at   88   to   - - - Panhandle Steers   were steady   at   88   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 125 to 132   600 to 650 lbs. 112 to 120.50 Heifers 500 to 550 lbs. 110 to 117.25   600 to 650 lbs. 103.50 to 110.75 Chicago Futures: Live Cattle: Aug down 5 at 9137   Dec up 72 at 9902 Feeders: Aug down 42 at 11540   Oct up 17 at 11672 Cattle Comment Cattle futures were mostly higher. Slower beef demand kept a lid on live prices, and feeders were under pressure from gains in corn. Hogs Peoria: were     steady   at   43.5   to   44 Chicago Futures: Aug down 17 at 7385   Oct up 185 at 7275 Sheep St. Paul shee shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mostly higher, but nearby August was under pressure from its premium to cash prices. Ideas that China will increase imports of U.S. pork were supportive. Poultry  Date: July 18, 2007 Eggs New York:  Ex. Lg. 118-122; Lg. 116-120; Med. 89-93; Chicago:  Ex. Lg. 107-115; Lg. 105-113; Med. 74-82; Eastern Region Turkeys Hens: 8-16 lbs. 86-89 Toms: 16-24 lbs. 86   Delmarva Broilers U.S. Grade A Trade sentiment was mixed, but overall no better than steady with some caution noted. 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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