Grain & Soybean Date: August 31, 2007 Due to the Labor Day Weekend, there will not be a Market Report for Monday, September 3. However, we will return on Tuesday, September 4.
Soybeans
Local Elevators:
(Aug) EAST AR: 766 to 788
(NC) Summ. 809 to 830
River Elevators:
(Aug) MISS: 787 to 794 ; AR & White 775 to 794
(NC) Summ. 813 to 836
Ark. Processor Bids: (Aug) 772 to 788 (NC) 830 to 831
Memphis: (Aug) 787 1/2 to - - - (NC) 834 1/2 to 837 1/2
Riceland Foods: (NC) Stuttgart 788 ; Pendleton 788 ; West Memphis 787
Chicago Futures: | Sept | down | 2 1/2 | at | 868 |
| Nov | down | 2 1/2 | at | 882 1/2 |
| Jan | down | 1 1/2 | at | 898 |
| March | down | 2 3/4 | at | 907 1/2 |
| Nov '08 | up | 3/4 | at | 893 1/2 |
| Today's Arkansas LDP rate for soybeans is: | 0¢ |
Soybean Comment
Soybeans failed to hold early gains but ended the pre-holiday session only a few cents lower. November closed back below recent resistance at $8.88 and appears vulnerable to further setbacks in the short term. Seasonally, the market generally moves lower into late October or early November.
Wheat
Cash bid for August at Memphis 652 to 672;
Bids to farmers at Local Elevators | 521; |
River Elevators | 501-531; |
Chicago Futures: | Sept | down | 3 | at | 767 |
| Dec | down | 9 | at | 775 1/2 |
| March | down | 6 1/4 | at | 771 1/4 |
| July '08 | down | 9 | at | 601 |
| July '09 | down | 6 | at | 590 |
| Today's Arkansas LDP rate for wheat is: | 0¢ |
Grain Sorghum
Cash bid for August at Memphis 571 to 580;
Bids to farmers at River Elevators | 491-580; |
Today's Arkansas LDP rate for sorghum is: | 0¢ |
Corn
Cash bid for | August at Memphis 261 to - - -; |
| New crop at Memphis - - - to - - -; |
Bids to farmers at River Elevators | 242 to 252 |
Chicago Futures: | Sept | up | 1 1/4 | at | 324 |
| Dec | up | 1/4 | at | 340 |
| March | unchanged | | at | 356 |
| Dec '08 | up | 1 1/2 | at | 391 1/2 |
| Today's Arkansas LDP rate for corn is: | 0¢ |
Grain Comment
Wheat hits $8.00 then loses steam going into the long Labor Day Holiday. New crop July registered a key reversal top, while old crop did not quite complete a topping move. December futures could be set to gap lower on Tuesday, and if so that would signal a top there as well. Key support for new crop July is the old high at $5.85, inability to hold here would project down to the $5.40 to $5.60 area.
Cotton & Rice Date: August 31, 2007
Cotton
Spot Price, Grade 41 Staple 34: | Memphis up 172 at 5612 |
| Greenwood up 172 at 5612 |
New York Futures: | Oct | up | 172 | at | 5887 |
| Dec | up | 190 | at | 6097 |
| March | up | 211 | at | 6431 |
| May | up | 210 | at | 6550 |
| Dec '08 | up | 199 | at | 6994 |
This week's LDP rate for cotton is | 3.12 cents |
| The estimate for next week is | 2.19 cents |
Cotton Comment Cotton futures gapped above downtrend resistance and pushed up near the 3 cent limit at one point. Late profit taking chipped away part of the gain, but left values almost 4 cents above this weeks low. December futures have retracement values of 61.31, 62.72 and 64.14 cents. Strong export sales provided a boost yesterday and it appears traders wanted to get in the market before the recent bargain disappeared. It is no secret that producers are being swayed by high grain and soybean prices. Many cotton producers are contemplating planting wheat and double cropping soybeans, or putting additional acreage in corn. Great corn yields combined with strong levels could reduce 08 planting significantly unless cotton futures move considerably higher.
Rice
Long Grain Cash Bid for | Aug/Sept | 945 | to | 1025/cwt |
| Oct/Nov | 1025/cwt | to | |
Chicago Futures: | Sept | up | 16 | at | 1085 |
| Nov | up | 14 | at | 1113 |
| Jan | up | 12 | at | 1140 |
| March | up | 11 | at | 1165 |
| n/a | | - - - | at | - - - |
Today's Arkansas LDP rate for long grain rice is | 0 |
medium grain rice is | 0 |
Rice Comment November rice futures showed good followthrough on yesterdays big gains and ended the week on a positive note. November closed right on the 62% retracement objective and could be set to move toward the contract high of $11.58. Tightening world stocks and a second consecutive year of smaller U.S. production make the market susceptible to wide swings. Potential tenders from Iraq and the Philippines have kept the market optimistic, while mills continue to operate on a very reduced schedule. With Vietnam having reached their export quota, Thailand and the U.S. are and will be the major sources for rice in the near term. Longer term rice prices may have to move higher to keep acreage in the U.S. from moving to wheat, corn and soybeans.
Cattle & Hogs Date: August 31, 2007 Cattle
As reported by Federal-State Market News, receipts were 9,655 head at sales in Arkansas this week. Compared with last week, feeder steers sold unevenly ranging from $2 higher to $2 lower, averaging near steady .
Steers: |
Medium & Large Frame 1 | 400 | to | 450 lbs. | 124 | to | 134 |
|
| 500 | to | 550 lbs. | 111 | to | 121 |
|
| 600 | to | 700 lbs. | 106 | to | 116 |
|
Medium & Large Frame 2 | 400 | to | 450 lbs. | 109 | to | 119 |
Heifers: |
Medium & Large Frame 1 | 500 | to | 550 lbs. | 105 | to | 115 |
|
Medium & Large Frame 2 | 400 | to | 450 lbs. | 104 | to | 114 |
Slaughter Cows, Boners 46 to 52
Light Weight 34 to 40
Bulls, Yield Grade 1 1000 to 2100 lbs. 59 to 66.5; high dressing 66.50 to 69.
Midwest Steers n/a at - - - to - - -
Panhandle Steers n/a at - - - to - - -
Oklahoma City Feeders
|
Steers | 500 | to | 550 lbs. | 116 | to | 135.5 |
| 550 | to | 600 lbs. | 115 | to | 129.5 |
Heifers | 500 | to | 550 lbs. | 104 | to | 122.5 |
| 550 | to | 600 lbs. | 103 | to | 123 |
Chicago Futures: Live Cattle: | Oct | down | 17 | at | 9690 |
| Dec | up | 12 | at | 10002 |
Feeders: | Oct | down | 52 | at | 11762 |
| Jan | down | 12 | at | 11542 |
Cattle Comment
Cattle closed mixed with December futures showing signs of potentially moving lower. While cash fundamentals are positive, futures are trading a big premium to current packer bids. The long holiday weekend has pushed wholesale values up to the highest level since June, with retailers having to hustle to cover their needs. Reduced feedlot numbers also suggest potential gains in the cash market near term.
Hogs Peoria: were steady at 41.5 to 42
Chicago Futures: | Oct | down | 102 | at | 6682 |
| Dec | down | 15 | at | 6882 |
Sheep St. Paul n/a at - - - to - - -
Hogs Comment
Hog futures declined as carcass values lost over $2/cwt this week. The market is anticipating a big slaughter rate through the last quarter of the year, and that could mean weaker price levels.
Poultry Date: August 31, 2007 Eggs
New York: | Ex. Lg. 131-135; Lg. 129-133; Med. 92-96; |
Chicago: | Ex. Lg. 112-120; Lg. 110-118; Med. 85-93; |
Eastern Region Turkeys Hens: | 8-16 lbs. | 89-93 |
Toms: | 16-24lbs. | 89-93 |
| | |
Delmarva Broilers U.S. Grade AMajority prices for next week were trending unchanged in all areas. Trade sentiment was generally steady. Supplies of all sizes were usually sufficient to at times well cleared for trade needs. In production areas, live supplies were moderate at desirable to light weights.
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