08/01/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 01, 2007 Soybeans Local Elevators: (Aug) EAST AR:  738 to 766 (NC) Summ. 766 to 785 River Elevators: (Aug) MISS: 752 to 775 ; AR & White 769 to 791 (NC) Summ. 769 to 791 Ark. Processor Bids: (Aug) 767 to 769  (NC) 784 to 785 Memphis:  (Aug) 778 3/4 to 796 3/4 (NC)  790 3/4 to 798 3/4 Riceland Foods:  (NC) Stuttgart 785 ; Pendleton 785 ; West Memphis 791 Chicago Futures: Sep down 8 3/4 at  832 1/2   Nov  down  8 3/4  at  848 3/4   Jan down 9 1/4  at  863   Mar down 8 3/4  at  874 1/2   Nov '08 down 6  at  888 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans started the day on a strong note bolstered by concern about dry, hot temperatures and the potential impact on yields as we move through a critical development stage. Key support starts around $8.34 to $8.40. Wheat Cash bid for July at Memphis  485 1/2 to 495 1/2; Bids to farmers at Local Elevators 476; River Elevators 462-496; Chicago Futures: Sep up  6  at  636    Dec up 7  at  656    Mar up  5 1/4  at  653 1/4    Jul '08 up  4  at  555 1/2    Jul '09 down  1 1/2  at  548 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  609 to 621; Bids to farmers at River Elevators 541-613; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   279 to 284;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  261 to 272 Chicago Futures: Sep down  6 3/4  at  319    Dec down  6 1/4  at  336    Mar down  6 1/4  at  351 1/4    Dec '08 down  5 1/4  at  387 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended higher after early weakness closed the recent chart gaps. Export demand is strong despite the high prices, signaling just how short world supplies really are. However, profit taking and technical selling are likely to hit this market at any time. Cotton & Rice  Date: August 01, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 199 at  5750   Greenwood down  199 at 5750 New York Futures: Oct down  75  at  6225    Dec down  64  at  6426    Mar down  70  at  6740    May down  65  at  6845    Dec '08 down  105  at  7120  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was under early pressure as the market failed to mount much followthrough after late gains yesterday. Resistance developed around 65 cents and that may prove to be a difficult point to penetrate if next week’s crop report puts U.S. production at the high of early estimates. Projections range from 17.5 to 18.5 million bales. Anything on the upper end will keep pressure on ’07 price as total supplies would be near 28 million bales. With the U.S. domestic use under 5 million bales USDA has plugged in 17.5 million bales for 07/08. If that’s the case, then stocks will decline and set the stage for further price improvement in ’08 and beyond. Rice Long Grain Cash Bid for  Aug/Sep/Oct/Nov 1014/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep up  14  at  1056 1/2    Nov up  13  at  1089 1/2    Jan up  12  at  1122    Mar up  12  at  1147    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures made big early gains with November pushing above the $11.00, 50% retracement objective at one point. Today’s volatility may be an indication of what to expect as we move forward in the new marketing year. A smaller U.S. long grain acreage and continued tightening of world stocks suggest the potential for substantial market fluctuation. On the international scene, Thailand is the major market of choice as Vietnam has imposed sales restrictions after meeting their official export quota of 4.5 million metric tones. High freight (overall transportation costs) has limited interest in the U.S. milled rice. Major business has been concentrated in central and South America and the Caribbean. Cattle & Hogs  Date: August 01, 2007 Cattle As reported by Federal-State Market News, receipts were 1,210 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold 2-4 higher, heifers 1-3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 127 to 137   500 to 550 lbs. 115 to 125   600 to 700 lbs. 110 to 117  Medium & Large Frame 2   400 to 450 lbs. 116 to 126 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 114 to 124  Medium & Large Frame 2   400 to 450 lbs. 106 to 114 Slaughter Cows, Boners 47   to   51 Light Weight 36 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   69, high dressing 69-71.50 Midwest Steers   were $1 lower to steady   at   89   to   - - - Panhandle Steers   were $1-$.50 higher   at   89   to   89.50 Oklahoma City Feeders Steers 500 to 550 lbs. 126 to 133   600 to 650 lbs. 120.75 to 127.50 Heifers 500 to 550 lbs. 118 to 125   600 to 650 lbs. 106.50 to 111 Chicago Futures: Live Cattle: Oct down 115 at 9880   Dec down 70 at 10027 Feeders: Oct down 67 at 11820   Jan down 50 at 11440 Cattle Comment Cattle futures plunged lower on technical selling after recent gains. Futures’ premium to cash and questions about beef demand were also negative factors. Hogs Peoria: were $.5     higher   at   46.5   to   47 Chicago Futures: Oct down 62 at 7457   Dec down 60 at 7230 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures turned lower on profit taking and weakness in pork cutouts. October found support at $74, and resistance will begin at yesterday’s contract high of $75.40. Poultry  Date: August 01, 2007 Eggs New York:  Ex. Lg. 110-114; Lg. 108-112; Med. 87-91; 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 Trade sentiment ranged steady to weak. Supplies of all sizes were at least sufficient to handle 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