07/25/2007 Farm Bureau Market Report

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Grain & Soybean Date: July 25, 2007 Soybeans Local Elevators: (Jul) EAST AR:  717 to 748 (NC) Summ. 743 to 765 River Elevators: (Jul) MISS: 733 to 755 ; AR & White 729 to 749 (NC) Summ. 750 to 777 Ark. Processor Bids: (Jul) 740 to 745  (NC) 764 to 765 Memphis:  (Jul) 755 to 760 (NC)  774 1/4 to 775 1/4 Riceland Foods:  (NC) Stuttgart 765 ; Pendleton 765 ; West Memphis 774 Chicago Futures: Aug down 5 1/4 at  815   Nov  down  6 1/4  at  839 1/4   Jan down 7  at  855   Mar down 5 1/4  at  867 3/4   Nov '08 down 4 1/2  at  885   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed lower after holding small gains for a short time early in the session. Weather remains a factor with most of the Midwest growing area in excellent shape. Technically, November appears weak after gapping out of a bear flag formation that has an objective of $7.76. Additional support is located around $8.25. While last Friday’s high of $8.93 ½ is now major resistance. Wheat Cash bid for July at Memphis  585 to 586; Bids to farmers at Local Elevators 563-572; River Elevators 559-588; Chicago Futures: Sep down  8  at  634    Dec down 6 1/2  at  652 1/2    Mar down  9 1/2  at  648 1/2    Jul '08 down  4 1/2  at  577    Jul '09 unchanged    at  562    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  572 to 579; Bids to farmers at River Elevators 489-561; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   271 1/2 to 306 1/2;   new crop at Memphis   271 1/2 to 281 1/2; Bids to farmers at River Elevators  253 to 264 Chicago Futures: Sep unchanged    at  311 1/2    Dec up  1/2  at  627 1/4    Mar up  1/2  at  342 1/2    Dec '08 up  1 1/4  at  380 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended lower on profit taking after gapping higher yesterday. Trade was limited to a narrow range today with no fresh news out of Europe. Early reports from the U.S. spring wheat tour indicate the crop is in good shape. Cotton & Rice  Date: July 25, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 25 at  5725   Greenwood up  25 at 5725 New York Futures: Oct up  15  at  6200    Dec up  10  at  6395    Mar up  10  at  6705    May up  5  at  6795    Dec '08 unchanged    at  7110  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton moved in a very narrow range before ending the session with very small gains. 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 997/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep unchanged    at  1039    Nov up  3  at  1072    Jan up  3  at  1102    Mar up  3  at  1128    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice again managed small gains as the market continues to hold above support at $10.50. Inability to hold this area would allow for a 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 stocks 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 25, 2007 Cattle As reported by Federal-State Market News, receipts were 1,232 head at sales in Conway, Ola & Pocahontas.  Compared with last week, feeder steers sold mostly firm to $2 higher. Feeder heifers steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 125 to 135   500 to 550 lbs. 113 to 123   600 to 700 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 110 to 120 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 111 to 121  Medium & Large Frame 2   400 to 450 lbs. 101 to 111 Slaughter Cows, Boners 47   to   51 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   68 Midwest Steers   were steady   at   88   to   - - - Panhandle Steers   were quoted   at   88   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 117 to 124.50   650 to 700 lbs. 115 to 121.25 Heifers 500 to 550 lbs. 115 to 119   600 to 650 lbs. 112.50 to 118.75 Chicago Futures: Live Cattle: Aug down 55 at 9207   Dec down 27 at 9907 Feeders: Aug down 65 at 11585   Oct down 80 at 11702 Cattle Comment Cattle futures were lower under pressure from profit taking. Weak beef product prices are having an effect on futures’ trade as is news that South Korea has delayed a decision about importing bone-in beef from the U.S. August live cattle have resistance just above $94 with support beginning near $91. Hogs Peoria: were $1     higher   at   47   to   47.5 Chicago Futures: Aug down 5 at 7410   Oct up 62 at 7197 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mixed. News that Tyson will cut back production indicates cash prices may have topped for the time being. Futures’ premium to cash prices is a limiting factor. October ended higher but would have to close back above $72.70 in order to negate the bearish reversal charted yesterday. Poultry  Date: July 25, 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 ranged no better than steady to weak. Supplies of all sizes were at least adequate to readily availble with heavier weights ample in the West. 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