07/27/2007 Farm Bureau Market Report

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Grain & Soybean Date: July 27, 2007 Soybeans Local Elevators: (Jul) EAST AR:  718 to 749 (NC) Summ. 749 to 771 River Elevators: (Jul) MISS: 734 to 756 ; AR & White 718 to 749 (NC) Summ. 751 to 780 Ark. Processor Bids: (Jul) 746 to - - -  (NC) 766 to 771 Memphis:  (Jul) 764 1/2 to 772 1/2 (NC)  777 1/2 to 780 1/2 Riceland Foods:  (NC) Stuttgart 771 ; Pendleton 771 ; West Memphis 780 Chicago Futures: Aug down 6 at  815 1/2   Nov  down  6  at  840 1/2   Jan down 5 1/4  at  856 1/4   Mar down 8 1/2  at  867   Nov '08 down 5 1/2  at  886   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans remained in a consolidating phase as November held above recent support at $8.34. While most of the soybean crop has outstanding yield potential we are still a few weeks away from confirming that. So, weather remains a factor. Technically, November has a downside objective of $7.76. Wheat Cash bid for July at Memphis  605 1/4 to - - -; Bids to farmers at Local Elevators 582-591; River Elevators 576-607; Chicago Futures: Sep up  2 1/4  at  653 1/4    Dec unchanged   at  669    Mar down  1/4  at  662 3/4    Jul '08 down  3/4  at  582 3/4    Jul '09 down  3  at  566    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  596 to 613; Bids to farmers at River Elevators 529-600; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   296 to 318;   new crop at Memphis   281 to 294; Bids to farmers at River Elevators  263 to 274 Chicago Futures: Sep up  3 1/2  at  321    Dec up  3 1/2  at  336 1/2    Mar up  3 1/4  at  351 3/4    Dec '08 up  2 3/4  at  386 1/2    Today's Arkansas LDP rate for corn is: 0¢0 Grain Comment Wheat traded in a narrow range after wild moves yesterday. Further tightening of world stocks are adding to the technical potential with September having made a new contract high yesterday. That makes the ’96 high of $7.17 the next objective. Cotton & Rice  Date: July 27, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 80 at  5680   Greenwood up  80 at 5680 New York Futures: Oct up  80  at  6155    Dec up  71  at  6350    Mar up  72  at  6665    May up  80  at  6770    Dec '08 up  58  at  7068  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton recouped most of yesterday’s losses, but will have to close above 64.5 cents to get December back in an upmode. 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 992/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  7 1/2  at  1033    Nov down  7  at  1067    Jan down  5  at  1100    Mar down  5  at  1129    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended the week on a lower note, however 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 27, 2007 Cattle As reported by Federal-State Market News, receipts were 7,950 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly firm to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 127 to 137   500 to 550 lbs. 115 to 125   600 to 700 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 113 to 123 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 111 to 121  Medium & Large Frame 2   400 to 450 lbs. 108 to 118 Slaughter Cows, Boners 48   to   54 Light Weight 38 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   61   to   68, high dressing 68.50-75.50 Midwest Steers   were $3-$3.50 higher   at   91   to   91.50 Panhandle Steers   were $3-$3.50 higher   at   91   to   91.50 Oklahoma City Feeders Steers 500 to 550 lbs. 112.50 to 139   600 to 650 lbs. 107.50 to 124.25 Heifers 500 to 550 lbs. 100 to 114.50   600 to 650 lbs. 96 to 113.50 Chicago Futures: Live Cattle: Aug up 160 at 9362   Dec up 80 at 9982 Feeders: Aug up 77 at 11712   Oct up 82 at 11810 Cattle Comment Improved product movement and stronger beef values contributed to big gains in cattle futures. Live cattle are back in position to retest recent resistance at $94. A close above this level would suggest a move toward the contract high just above $96. Hogs Peoria: were     steady   at   46.50   to   47 Chicago Futures: Aug down 37 at 7277   Oct up 150 at 7255 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment With the exception of nearby August lean hogs, futures closed sharply higher. Persistent rumors of Chinese buying overrode negative factors including ample hog numbers and negative packer margins. Poultry  Date: July 27, 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. 87-89   Delmarva Broilers U.S. Grade A Majority prices in the West were unchanged, but in the East and Central regions values were lower compared to a week earlier. Supplies were fully adequate for trade needs, but lighter sizes were in the best position. Trade sentiment was mixed at current levels, but no better than steady. 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