07/26/2007 Farm Bureau Market Report

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Grain & Soybean Date: July 26, 2007 Soybeans Local Elevators: (Jul) EAST AR:  724 to 755 (NC) Summ. 755 to 777 River Elevators: (Jul) MISS: 740 to 762 ; AR & White 735 to 755 (NC) Summ. 757 to 786 Ark. Processor Bids: (Jul) 752 to - - -  (NC) 772 to 777 Memphis:  (Jul) 761 1/2 to 768 1/2 (NC)  781 1/2 to 784 1/2 Riceland Foods:  (NC) Stuttgart 777 ; Pendleton 777 ; West Memphis 786 Chicago Futures: Aug up 6 1/2 at  821 1/2   Nov  up  7 1/4  at  846 1/2   Jan up 6 1/2  at  861 1/2   Mar up 7 3/4  at  875 1/2   Nov '08 up 6 1/2  at  891 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans remained in a consolidation pattern with the market holding a portion of the early morning gains. A big move in wheat contributed to stronger corn and beans. The market was also boosted by smaller than projected rain events in the dry portions of the Western cornbelt. November has resistance around $8.60 and support around $8.34. Wheat Cash bid for July at Memphis  600 to 603; Bids to farmers at Local Elevators 580-589; River Elevators 576-605; Chicago Futures: Sep up  17  at  651    Dec up 16 1/2  at  669    Mar up  14 1/2  at  663    Jul '08 up  6 1/2  at  583 1/2    Jul '09 up  1  at  563    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  580 to 589; Bids to farmers at River Elevators - - -; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   292 1/2 to 314 1/2;   new crop at Memphis   277 1/2 to 290 1/2; Bids to farmers at River Elevators  259 to 270 Chicago Futures: Sep up  6  at  317 1/2    Dec up  5 3/4  at  333    Mar up  6  at  348 1/2    Dec '08 up  3 1/2  at  383 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures jumped to new highs today in reaction to a huge weekly export sales total. The USDA reported that 76 million bushels of wheat was sold to foreign buyers last week. The number indicates that prices aren’t yet high enough to ration wheat. $7 may not be out of the question at this point. Cotton & Rice  Date: July 26, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 125 at  5600   Greenwood down  125 at 5600 New York Futures: Oct down  125  at  6075    Dec down  116  at  6279    Mar down  112  at  6593    May down  105  at  6690    Dec '08 down  100  at  7010  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton’s failure to move above last week’s broken downtrend led to further weakness today. December closed near the day’s lows as the market declined over 100 points. Overall fundamentals are unchanged as big old crop stocks and a smaller ’07 crop will still be sufficient for expected demand. Good crop conditions in much of the cotton belt will help offset weather reduced yields in the parts of the southeast and midsouth production areas. Domestic demand continues to slide, while world demand is expected to grow with China leading the way. For now, ‘07 December will likely be pushed toward support around 59 to 61 cents. Rebounds will have a difficult time making it back to recent highs. Longer term the market will have to move higher to get more cotton planted in ’08. Rice Long Grain Cash Bid for  Aug/Sep/Oct/Nov 999/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep up  1 1/2  at  1040 1/2    Nov up  2  at  1074    Jan up  3  at  1105    Mar up  6  at  1134    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice failed to hold big mid-day gains and ended the day just slightly higher. The ability to hold above $10.50 is positive as the market did close above down trend resistance. Good crop prospects in the U.S. will likely offset this year’s smaller long grain plantings. For now, milled rice export demand remains slow as the U.S. price plus freight is well above the Asian origin price levels. As world stocks get tighter, that differential will get less important. Vietnam has exceeded their stated export objective and no new sales are being completed. Thailand continues to make sales out of intervention stocks as overall availability tightens. Additional supplies won’t be available until harvest late this year. Technically, the November contract high today of $10.89 becomes resistance. Cattle & Hogs  Date: July 26, 2007 Cattle As reported by Federal-State Market News, receipts were 1,950 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 126 to 136   500 to 550 lbs. 115 to 125   600 to 700 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 112 to 122 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 47   to   52 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   64, high dressing 68-70 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 - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Aug down 5 at 9202   Dec up 5 at 9902 Feeders: Aug up 50 at 11635   Oct up 25 at 11727 Cattle Comment Cattle futures were mixed again today. 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 $.5     lower   at   46.5   to   47 Chicago Futures: Aug down 95 at 7315   Oct down 92 at 7105 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended lower after posting strong gains early. Further weakness in cutouts has pushed packer margins into the red, a huge change from last week, when the average margin was estimated to be $10.85/head. Poultry  Date: July 26, 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. 87-89 Toms: 16-24 lbs. 87-90   Delmarva Broilers U.S. Grade A Trade sentiment in the major terminal markets were cautiously steady in the West, but weak in the East and Central regions. Supplies of larger sizes were more than sufficient to satisfy trade requirements. In production areas, live supplies were moderate. Weights were mixed, but mostly desirable. According to the National Agriculture Statistics Service (NASS) for the week ending 21-Jul-2007, broiler egg sets were up 2%, and chick placements were up 2% when compared to a year ago. Based on the preliminary chick placements, the number of fryers available for marketing during the week ending 01-Sep-2007 was estimated at 163.4 million head, this compares to 165.2 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