07/20/2007 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: July 20, 2007 Soybeans Local Elevators: (Jul) EAST AR:  743 to 793 (NC) Summ. 773 to 801 River Elevators: (Jul) MISS: 759 to 797 ; AR & White 740 to 774 (NC) Summ. 764 to 805 Ark. Processor Bids: (Jul) 765 to 790  (NC) 785 to 801 Memphis:  (Jul) 769 1/4 to 775 1/4 (NC)  787 1/4 to 788 1/4 Riceland Foods:  (NC) Stuttgart 801 ; Pendleton 801 ; West Memphis 805 Chicago Futures: Aug down 5 3/4 at  850 1/4   Nov  down  6 3/4  at  875 1/4   Jan down 4 3/4  at  892   Mar down 6  at  903   Nov '08 down 2 1/2  at  909   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans lost ground again today as the market failed to hold early gains. After making sharp losses on Monday and Tuesday the market has been in a consolidation mode. Unfortunately the consolidation appears to be a potential bear flag which would suggest another downleg of about 94 cents, if it materializes. The actual downside objective would depend on the breakout point. Fundamentals are basically unchanged, but the market will be looking at temperature and rain patterns over the next 4 to 5 weeks. Current support is between $8.55 and $8.25. Wheat Cash bid for July at Memphis  566 1/4 to 571 1/4; Bids to farmers at Local Elevators 546-558; River Elevators 540-574; Chicago Futures: Sep down  3 3/4  at  616 1/4    Dec down 1 3/4  at  633 1/2    Mar down  4  at  633 1/2    Jul '08 down  2 1/2  at  563 3/4    Jul '09 down  4  at  555    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  581 to 587; Bids to farmers at River Elevators 488-564; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   293 1/4 to 310 1/4;   new crop at Memphis   278 1/4 to 288 1/4; Bids to farmers at River Elevators  256 to 267 Chicago Futures: Sep down  3  at  318 1/4    Dec down  2 3/4  at  333 1/2    Mar down  3  at  348 3/4    Dec '08 down  4  at  386    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended lower succumbing to the overall negative tone in Chicago today. Contract highs charted on June 29 will be tough resistance, as positive fundamentals should be mostly factored into prices at this point. Tight world stocks and the relative weakness of the dollar are resulting in strong export demand, which is supporting futures. Cotton & Rice  Date: July 20, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 55 at  5635   Greenwood down  55 at 5635 New York Futures: Oct down  155  at  6110    Dec down  177  at  6272    Mar down  152  at  6597    May down  140  at  6695    Dec '08 down  136  at  7004  This week's LDP rate for cotton is  0¢ cents   The estimate for next week is  0¢ cents Cotton Comment Cotton took another pounding as it appears funds continue to exit recent positions. December gapped lower and filled the June report gap, while also breaking trendline support. Today’s close was well off the day’s lows, which were a little over 100 points above a 50% retracement of recent gains. That point, 60.7 cents, could be the next objective. Fundamentals while mixed, have some supportive factors including improving export movement and a potential U.S. crop of 18 million bales or less this year. USDA is projected a significant improvement in exports for the 07/08 marketing year. And, if cotton is recouping any of this year’s lost acreage the price will need to be higher to compete with beans and corn. Rice Long Grain Cash Bid for  Aug/Sep/Oct/Nov 1003/cwt  to  - - - -   - - - - - -  to  - - - Chicago Futures: Sep up  3  at  1044    Nov up  4  at  1078    Jan up  4  at  1108    Mar up  4  at  1133    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice traded in a narrow range as the market held good gains from yesterday. November futures have pushed up to downtrend resistance the last two days, but has been unable to penetrate it. Overall fundamentals are unchanged. Milled rice exports remain slow, while rough rice sales continue at a good pace. A smaller acreage for long grain may be partially offset by good crop prospects, but overall supplies will tighten. On the international side, Vietnam has oversold their export quotas and buyers may have to turn to higher priced supplies in Thailand or elsewhere. World utilization will again exceed production, further tightening supplies. Cattle & Hogs  Date: July 20, 2007 Cattle As reported by Federal-State Market News, receipts were 9,910 head at sales in Arkansas this week.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame 1   400 to 450 lbs. 126 to 136   500 to 550 lbs. 102 to 112   600 to 700 lbs. 97 to 107  Medium & Large Frame 2   400 to 450 lbs. 103 to 113 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 111 to 121  Medium & Large Frame 2   400 to 450 lbs. 103 to 113 Slaughter Cows, Boners 48   to   54 Light Weight 38 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   68, high dressing $68.50-$71 Midwest Steers   were steady to $1.50 higher   at   88   to   89.50 Panhandle Steers   were $1.50 higher   at   89.50   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 steady at 9082   Dec up 27 at 9867 Feeders: Aug up 5 at 11550   Oct up 20 at 11692 Cattle Comment Cattle futures traded in a narrow range ahead of the cattle on feed and inventory reports released after the close. Pre-report estimates show traders expecting placements down almost 10% in June. Hogs Peoria: were $1     higher   at   45.5   to   46 Chicago Futures: Aug up 27 at 7387   Oct up 42 at 7197 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mostly 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 20, 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 Majority prices in the major terminal markets were generally unchanged when compared to a week earlier. In production areas, live supplies were moderate at mostly desirable 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. 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