07/19/2007 Farm Bureau Market Report

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Grain & Soybean Date: July 19, 2007 Soybeans Local Elevators: (Jul) EAST AR:  749 to 799 (NC) Summ. 780 to 808 River Elevators: (Jul) MISS: 765 to 803 ; AR & White 746 to 780 (NC) Summ. 771 to 812 Ark. Processor Bids: (Jul) 781 to 796  (NC) 800 to 808 Memphis:  (Jul) 767 to 775 (NC)  795 to 799 Riceland Foods:  (NC) Stuttgart 808 ; Pendleton 808 ; West Memphis 812 Chicago Futures: Aug up 4 3/4 at  856   Nov  up  5 1/2  at  882   Jan up 4 3/4  at  896 3/4   Mar up 5 3/4  at  909   Nov '08 up 10  at  911 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybean prices posted another day of modest gains. Traders appear to still be concerned with lack of rains across parts of the Corn Belt. While much of the Corn Belt received a welcomed shower, these dry areas continue to miss the much needed rains. In addition, the national weather service continues to forecast more dry hot weather for the near term, which is threatening these soybeans during a critical development stage. However, upside potential is likely limited as weather conditions appear favorable across much of the Corn Belt. Wheat Cash bid for July at Memphis  570 to 575; Bids to farmers at Local Elevators 550-562; River Elevators 544-578; Chicago Futures: Sep down  3 1/2  at  620    Dec down 7 1/4  at  635 1/4    Mar down  9 1/2  at  637 1/2    Jul '08 down  2  at  566 1/2    Jul '09 down  6  at  563    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  586 to 592; Bids to farmers at River Elevators 493-564; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   291 1/4 to 296 1/4;   new crop at Memphis   281 1/4 to 291 1/4; Bids to farmers at River Elevators  259 to 270 Chicago Futures: Sep down  5 3/4  at  321 1/4    Dec down  6 1/4  at  336 1/4    Mar down  5 3/4  at  351 3/4    Dec '08 down  1 1/2  at  390    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures turned lower after posting gains early. Weekly export sales were reported to be 28.3 million bushels, which is strong, especially considering prices are over $6. Contract highs charted on June 29 will be tough resistance. Cotton & Rice  Date: July 19, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 180 at  5790   Greenwood down  180 at 5790 New York Futures: Oct down  180  at  6265    Dec down  190  at  6449    Mar down  181  at  6749    May down  165  at  6835    Dec '08 down  195  at  7140  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Hog futures turned lower, pressured by futures premium to cash and indications the market was overbought. Cash prices seem to have bottomed for now, and that limited losses. Rice Long Grain Cash Bid for  Aug/Sep/Oct/Nov 999/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep up  26 1/2  at  1041    Nov up  26  at  1074    Jan up  22  at  1104    Mar up  19  at  1129    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice prices made a technical jump today recovering most of the last week’s losses. Rice prices have been oversold from a technical standpoint for the last 2 weeks. Today traders decided to re-enter the market. There has been little or no change in the fundamentals, so expect the roller coaster ride to continue in the rice market. Cattle & Hogs  Date: July 19, 2007 Cattle As reported by Federal-State Market News, receipts were 1,419 head at sales in Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly $1-$5 higher, instances $5-$10 higher on lightweight steer calves . Steers:  Medium & Large Frame 1   400 to 450 lbs. 130 to 140   550 to 550 lbs. 110 to 120   600 to 700 lbs. 108 to 118  Medium & Large Frame 2   400 to 450 lbs. 116 to 126 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 111 to 121  Medium & Large Frame 2   400 to 450 lbs. 104 to 114 Slaughter Cows, Boners 45   to   51.50 Light Weight 37 to 44 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   62, high dressing 63-68 Midwest Steers   were steady   at   88   to   - - - Panhandle Steers   were steady   at   88   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to v   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Aug down 55 at 9082   Dec down 62 at 9840 Feeders: Aug up 5 at 11545   Oct steady at 11672 Cattle Comment Cattle futures were mixed with live contracts lower and feeders a bit higher as traders evened positions ahead of tomorrow’s release of the monthly cattle on feed report. Slower beef demand is causing weakness, but is expected to pick up in August as retailers stock up for Labor Day. Hogs Peoria: were $1     higher   at   44.5   to   45 Chicago Futures: Aug down 25 at 7360   Oct down 35 at 7240 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures turned lower, pressured by futures premium to cash and indications the market was overbought. Cash prices seem to have bottomed for now, and that limited losses. Poultry  Date: July 19, 2007 Eggs New York:  Ex. Lg. 119-123; Lg. 117-121; Med. 92-96; 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 steady at best with caution reported. In production areas, live supplies were moderate. Weights were mixed, but mostly desirable. According to the National Agricultural Statistics Service (NASS) for the week ending 14-July-07, broiler egg sets were up 2%, and chick placements were up 3% when compared to a year ago. Based on the preliminary chick placements, the number of fryers availabe for marketing during the week ending 25-Aug-2007 was estimated at 165.2 million head compared to 166.1 million head a week earlier. ---------------------------------------- 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