07/30/2007 Farm Bureau Market Report

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Grain & Soybean Date: July 30, 2007 Soybeans Local Elevators: (Jul) EAST AR:  725 to 756 (NC) Summ. 756 to 778 River Elevators: (Jul) MISS: 741 to 764 ; AR & White 737 to 764 (NC) Summ. 765 to 787 Ark. Processor Bids: (Jul) 753 to - - -  (NC) 773 to 778 Memphis:  (Jul) 783 3/4 to 784 3/4 (NC)  787 3/4 to 789 3/4 Riceland Foods:  (NC) Stuttgart 778 ; Pendleton 778 ; West Memphis 787 Chicago Futures: Aug up 7 1/4 at  822 3/4   Nov  up  7 1/4  at  847 3/4   Jan up 6 1/2  at  862 3/4   Mar up 6 3/4  at  873 3/4   Nov '08 up 5  at  891   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Prospects of higher temperatures and minimal rain in the Midwest boosted soybeans today. However, trading remained in the fairly narrow consolidation area that has contained the market for the last six days. Today’s move left November at the top end of that range, but a close above $8.55 is needed to open the market to further gains. While a close below $8.34 would signal a move toward the $7.76 bear flag objective. Wheat Cash bid for July at Memphis  494 1/2 to 504 1/2; Bids to farmers at Local Elevators 567-576; River Elevators 563-592; Chicago Futures: Sep down  15 3/4  at  637 1/2    Dec down 12 1/4  at  656 3/4    Mar down  11 3/4  at  651    Jul '08 down  18 1/4  at  564 1/2    Jul '09 down  14  at  563    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  613 to 620; Bids to farmers at River Elevators 536-607; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   298 1/2 to 317 1/2;   new crop at Memphis   283 1/2 to 296 1/2; Bids to farmers at River Elevators  263 to 276 Chicago Futures: Sep up  2 1/2  at  323 1/2    Dec up  3 1/2  at  340    Mar up  3 1/2  at  355 1/4    Dec '08 up  3 3/4  at  390 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were solidly lower today on profit taking after September moved to a new high last week. Export demand is strong despite the high prices, signaling just how short world supplies really are. Last week’s high of $6.64 is the first level of resistance, after that the ’96 high of $7.17 is the next objective. Cotton & Rice  Date: July 30, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 269 at  5949   Greenwood up  269 at 5949 New York Futures: Oct up  94  at  6249    Dec up  105  at  6455    Mar up  99  at  6764    May up  75  at  6845    Dec '08 up  97  at  7165  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton started the week on a positive note with December adding almost a 100 points and closing just below the old uptrend that was broken two weeks ago. The market may be rather subdued in the days ahead, as traders look ahead to the August 10 supply demand report. Good crop conditions are likely to boost projected production. Anything over 18 million bales will be negative. While the market anticipates big export sales, a total supply of 28 million bales would limit upside potential for the ’07 crop. Currently December has good support in the 61 to 62 cents range. Rice Long Grain Cash Bid for  Aug/Sep/Oct/Nov 987/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  6  at  1027    Nov down  5  at  1062    Jan down  4  at  1096    Mar down  7  at  1122    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice started the week on a negative note with futures a little lower. 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, last week’s November contract high of $10.89 is resistance. Cattle & Hogs  Date: July 30, 2007 Cattle As reported by Federal-State Market News, receipts were 2,151 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold steady to firm, instances 3-5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 125 to 135   500 to 550 lbs. 112 to 122   600 to 700 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 119 to 129 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 111 to 121  Medium & Large Frame 2   400 to 450 lbs. 105 to 115 Slaughter Cows, Boners 46   to   52 Light Weight 42 to 50; lightweight lean cows 38-43 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   65, high dressing 65-68 Midwest Steers   were $3 lower to steady   at   88   to   91.50 Panhandle Steers   were $2 lower to steady   at   89   to   91.50 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 up 65 at 9427   Dec up 25 at 10007 Feeders: Aug down 15 at 11697   Oct up 10 at 11820 Cattle Comment Live cattle ended higher, and today’s close above $94 suggests that a move toward the contract high just above $96 is possible. Gains were limited by futures’ premium to cash and questions about beef demand. Hogs Peoria: were $.5     lower   at   46   to   46.5 Chicago Futures: Aug up 45 at 7322   Oct up 125 at 7380 Sheep St. Paul sheep shorn slaughter lambs   at   - - -   to   - - - Hogs Comment Hog futures were higher across the board, but gains in nearby August were limited by futures’ premium to cash. Persistent rumors of Chinese buying overrode negative factors including ample hog numbers and negative packer margins. Poultry  Date: July 30, 2007 Eggs New York:  Ex. Lg. n/a; Lg. n/a; Med. n/a; Chicago:  Ex. Lg. n/a; Lg. n/a; Med. n/a; Eastern Region Turkeys Hens: 8-16 lbs. n/a Toms: 16-24 lbs. n/a   Delmarva Broilers U.S. Grade A Majority prices were lower in the Midwest and the East, but unchanged in the West when compared to previous week. Trade sentiment was mixed, but overall steady at best. Supplies of all sizes were at least adequate to available for trade needs. In production areas, live supplies were moderate at mixed, but 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