07/23/2007 Farm Bureau Market Report

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Grain & Soybean Date: July 23, 2007 Soybeans Local Elevators: (Jul) EAST AR:  709 to 759 (NC) Summ. 739 to 767 River Elevators: (Jul) MISS: 731 to 763 ; AR & White 712 to 740 (NC) Summ. 738 to 771 Ark. Processor Bids: (Jul) 731 to 756  (NC) 751 to 767 Memphis:  (Jul) 743 1/4 to 748 1/4 (NC)  776 to 779 Riceland Foods:  (NC) Stuttgart 757 ; Pendleton 757 ; West Memphis 761 Chicago Futures: Aug down 34 at  816 1/4   Nov  down  34 1/4  at  841   Jan down 35 1/4  at  856 3/4   Mar down 34 1/4  at  868 3/4   Nov '08 down 21 1/4  at  887 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were hit by another round of selling with November gapping out of a bear flag formation. The staff of the flag was 94 cents and the breakout point was $8.70, so the downside is $7.76. Today’s decline carried through initial support around $8.50. The next support around $8.25 appears vulnerable with good weather forecasts suggesting good yields. In addition this week’s export report was negative. Wheat Cash bid for July at Memphis  565 1/4 to 573 1/4; Bids to farmers at Local Elevators 549-558; River Elevators 482-554; Chicago Futures: Sep up  4  at  620 1/4    Dec up 4  at  637 1/2    Mar up  7  at  640 1/2    Jul '08 up  4 3/4  at  568 1/2    Jul '09 up  3  at  552    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  567 to 572; Bids to farmers at River Elevators 482-554; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   285 to 302;   new crop at Memphis   270 to 280; Bids to farmers at River Elevators  248 to 259 Chicago Futures: Sep down  8 1/4  at  310    Dec down  8  at  325 1/2    Mar down  8  at  340 3/4    Dec '08 down  4 1/2  at  381 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures turned higher today, bucking the trend in Chicago. Contract highs charted on June 29 will be tough resistance, as positive fundamentals should be mostly factored into prices at this point. Australia cut their crop estimate by 9% today, adding some support. The market does seem content to chop along mostly sideways (above $6) for the time being. Cotton & Rice  Date: July 23, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 10 at  5625   Greenwood down  10 at 5625 New York Futures: Oct down  10  at  6100    Dec up  8  at  6280    Mar down  2  at  6595    May down  10  at  6685    Dec '08 down  14  at  6990  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was narrowly mixed as the trade took time to let big losses the past two sessions sink in. Overall fundamentals are unchanged and technicals suggest the market should have support from 59 to 61 cents. The market has retraced over 38% of the recent gains and a drop to 60.7 cents would complete a 50% retracement. The market will have a hard time moving above the recent high of $68.80 for December ’07, without more and serious weather concerns. On the other hand, ’08 December can and will move higher if the market wants to pull acreage back into cotton. Rice Long Grain Cash Bid for  Aug/Sep/Oct/Nov 991/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  9  at  1035    Nov down  12  at  1066    Jan down  13  at  1095    Mar down  13  at  1120    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment After failing on two attempts to break downtrend resistance, rice futures took a header. However, the market retraced a good portion of the earlier declines late in the session. Overall fundamentals remain unchanged with milled rice exports moving at a slow pace. Yield prospects for the ’07 crop appear excellent and will likely offset smaller plantings of long grain. World supplies will continue to tighten as utilization is again projected to exceed production. Cattle & Hogs  Date: July 23, 2007 Cattle As reported by Federal-State Market News, receipts were 1,003 head at sales in Springdale.  Compared with last week, feeder steers sold mostly steady, instances $2 higher. Feeder heifers mixed, from $1 lower to $5 higher, generally steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 135 to 141   500 to 550 lbs. 117 to 126   600 to 700 lbs. 112 to 118  Medium & Large Frame 2   400 to 450 lbs. 123 to 133 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 117 to 127  Medium & Large Frame 2   400 to 450 lbs. 108 to 118 Slaughter Cows, Boners 46   to   51 Light Weight 34 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   65, high dressing 65-70 Midwest Steers   were $.50-$1 lower   at   87.50   to   90.50 Panhandle Steers   were $.50-$1 lower   at   89   to   90 Oklahoma City Feeders Steers 500 to 550 lbs. 126.50 to 127.50   600 to 650 lbs. 114.50 to 122 Heifers 500 to 550 lbs. 115 to 119   600 to 650 lbs. 113.75 to 118.75 Chicago Futures: Live Cattle: Aug up 115 at 9197   Dec up 50 at 9917 Feeders: Aug up 120 at 11670   Oct up 92 at 11785 Cattle Comment Cattle futures got a boost from the cattle on feed and inventory reports released after the close Friday. The total on feed inventory was 1% smaller than this time a year ago. The inventory report showed a 6% drop in beef replacements and little to no expansion in other categories. August live cattle have resistance just above $94. Hogs Peoria: were $.5     higher   at   46   to   46.5 Chicago Futures: Aug up 67 at 7455   Oct up 20 at 7217 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended higher supported by gains in the cattle pits and indications that China may import more U.S. pork in an effort to control high pork prices there. Resistance seems to be building for August between $74.65 and $74.75. Poultry  Date: July 23, 2007 Eggs New York:  Ex. Lg. 119-123; Lg. 117-121; Med. 92-96; Chicago:  Ex. Lg. 110-118; Lg. 108-116; Med. 84-92; Eastern Region Turkeys Hens: 8-16 lbs. 86-89 Toms: 16-24 lbs. 86   Delmarva Broilers U.S. Grade A Majority prices were mostly unchanged in all areas when compared to previous week. Trade sentiment ranged about steady to barely steady with caution. 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