07/24/2007 Farm Bureau Market Report

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Grain & Soybean Date: July 24, 2007 Soybeans Local Elevators: (Jul) EAST AR:  713 to 753 (NC) Summ. 744 to 772 River Elevators: (Jul) MISS: 738 to 760 ; AR & White 728 to 748 (NC) Summ. 754 to 784 Ark. Processor Bids: (Jul) 735 to 750  (NC) 756 to 772 Memphis:  (Jul) 747 1/4 to 755 1/4 (NC)  778 1/2 to 780 1/2 Riceland Foods:  (NC) Stuttgart 750 ; Pendleton 753 ; West Memphis 757 Chicago Futures: Aug up 4 at  820 1/4   Nov  up  4 1/2  at  845 1/2   Jan up 5 1/4  at  862   Mar up 4 1/4  at  873   Nov '08 up 1 3/4  at  889 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed a little higher as the market benefited from big gains in wheat. A good crop rating and a fairly favorable near term weather outlook kept a cap on upside potential. Good yield prospects will partially offset this year’s smaller planted acreage. Technically, November futures have support just above $8.25. Failure to hold here would bring downside objectives between $7.76 and $7.52 into play. Wheat Cash bid for July at Memphis  589 to 595; Bids to farmers at Local Elevators 571-580; River Elevators 567-596; Chicago Futures: Sep up  21 3/4  at  642    Dec up 21 1/2  at  659    Mar up  17 1/2  at  658    Jul '08 up  13  at  581 1/2    Jul '09 up  10  at  562    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  571 to 575; Bids to farmers at River Elevators 486-557; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   286 1/2 to 303 1/2;   new crop at Memphis   271 1/2 to 281 1/2; Bids to farmers at River Elevators  241 to 262 Chicago Futures: Sep up  1 1/2  at  311 1/2    Dec up  1 1/4  at  326 3/4    Mar up  1 1/4  at  342    Dec '08 unchanged    at  381 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures gapped to new highs today on word that French wheat futures set a new all-time high today. Flooding in Europe was the impetus for this move, especially since world stocks are already tight. Higher prices are a way to ration tight supplies, but so far wheat continues to move even at these price levels. Export business came from Egypt and Algeria this week. Cotton & Rice  Date: July 24, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 85 at  5710   Greenwood up  85 at 5710 New York Futures: Oct up  85  at  6185    Dec up  105  at  6385    Mar up  100  at  6695    May up  105  at  6790    Dec '08 up  120  at  7110  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was able to rekindle the market with solid gains registered in today’s trading. 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 994/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep up  4  at  1039    Nov up  3  at  1069    Jan up  4  at  1099    Mar up  5  at  1125    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was slightly higher today as the market held above support near $10.50. Inability to hold this area would allow for probable move toward the mid-March contract low of $10.02. A good crop outlook and potentially excellent yields will offset this year’s smaller long grain acreage. However, declining world socks are a long term positive which could see better demand develop for U.S. rice. On the international market Vietnam has again oversold their export quota and that could provide opportunities for other providers. Cattle & Hogs  Date: July 24, 2007 Cattle As reported by Federal-State Market News, receipts were 1,264 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold steady. Heifers sold firm to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 123 to 133   500 to 550 lbs. 114 to 124   600 to 650 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 108 to 118 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 110 to 120  Medium & Large Frame 2   400 to 450 lbs. 100 to 110 Slaughter Cows, Boners 45   to   51 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   60.25   to   65.75 Midwest Steers   were $.50-$2.50 higher   at   88   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 117 to 124.50   650 to 700 lbs. 115 to 121.25 Heifers 550 to 600 lbs. 109.50 to 112.50   650 to 700 lbs. 106 to 112.50 Chicago Futures: Live Cattle: Aug up 65 at 9262   Dec up 17 at 9935 Feeders: Aug down 20 at 11650   Oct down 2 at 11782 Cattle Comment Cattle futures were mixed with live contracts supported by the quarterly inventory report and monthly cattle on feed report. 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     steady   at   46   to   46.5 Chicago Futures: Aug down 40 at 7415   Oct down 82 at 7135 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended lower after early strength sparked profit taking. October charted a bearish key reversal on indications that recent gains were overdone. Futures’ premium to cash prices is a limiting factor. Poultry  Date: July 24, 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 Trade sentiment was mixed, but overall no better than steady to instances week. In production areas, live supplies were moderate at mostly desirable weights. The Composite Weighted Average price for 07/23/07 was $80.51 compared to $81.24 a week earlier, and $67.93 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