08/02/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 02, 2007 Soybeans Local Elevators: (Aug) EAST AR:  743 to 771 (NC) Summ. 772 to 791 River Elevators: (Aug) MISS: 771 to 785 ; AR & White 757 to 784 (NC) Summ. 777 to 800 Ark. Processor Bids: (Aug) 772 to 775  (NC) 790 to 791 Memphis:  (Aug) 802 1/2 to - - - (NC)  799 1/2 to 804 1/2 Riceland Foods:  (NC) Stuttgart 791 ; Pendleton 797 ; West Memphis 797 Chicago Futures: Sept up 5 3/4 at  838 1/4   Nov  up  5 3/4  at  854 1/2   Jan up 5  at  868   March up 6  at  880 1/2   Nov '08 up 3 1/2  at  892   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment All the grains including soybeans received a boost from big export sales. Soybeans at 16.2 million bushels was at the high end of expectations. However, gains were limited and essentially just reversed yesterday’s losses. Trendline support remains intact. A close above yesterday’s high of 8.67 would be positive, while a close below support at 8.45 to 8.34 would be negative. Wheat Cash bid for August at Memphis  591 3/4 to 596 3/4; Bids to farmers at Local Elevators 474; River Elevators 459-489; Chicago Futures: Sept up  5 3/4  at  641 3/4    Dec up 7 1/2  at  663 1/2    March up  3  at  656 1/4    July '08 down  1 1/2  at  554    July '09 up  6 1/2  at  555    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  627 to 631; Bids to farmers at River Elevators 550-621; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   284 to - - -;   New crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  266 to 277 Chicago Futures: Oct up  35  at  6260    Dec up  32  at  6458    March up  24  at  6764    Dec '08 up  3  at  7123    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat gapped higher but closed near the low for the day. The U.S. remains one of the few places with wheat and sales are over 64 million bushels confirms buyers are still willing to pay current price levels. Cotton & Rice  Date: August 02, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 35 at  5785   Greenwood up  35 at 5785 New York Futures: Oct up  35  at  6260    Dec up  32  at  6458    March up  24  at  6764    May up  5  at  6850    Dec '08 up  3  at  7123  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures remain in a tight consolidation area as the market attempts to move above resistance around 65 cents. 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 the ’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/Sept 1013  to  - - -   Oct/ Nov 1013  to  - - - Chicago Futures: Sept down  1/2  at  1056    Nov down  1 1/2  at  1088    Jan down  2  at  1120    March down  2  at  1145    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures traded in a narrow range before closing slightly lower. Yesterday’s November high of $11.05 becomes resistance as the market attempts to establish an uptrend. Yesterday’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 02, 2007 Cattle As reported by Federal-State Market News, receipts were 1419 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers sold mostly firm to $3 higher, instances $4-$5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 128 to 138   500 to 550 lbs. 117 to 127   600 to 700 lbs. 110 to 120  Medium & Large Frame 2   400 to 450 lbs. 124 to 134 Heifers:  Medium & Large Frame 1   500 to 550 lbs. 104 to 114  Medium & Large Frame 2   400 to 450 lbs. 105 to 115 Slaughter Cows, Boners 47   to   53 Light Weight 35 to 42 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   59   to   65, high dressing 65 to 71.5 Midwest Steers   were steady to 50¢ higher   at   89   to   89.50 Panhandle Steers   were steady to 50¢ lower   at   89   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 130 to 144   550 to 600 lbs. 127. to 133 Heifers 500 to 550 lbs. 117 to 123.5   550 to 600 lbs. 117.5 to 118.5 Chicago Futures: Live Cattle: Oct down 65 at 9815   Dec down 32 at 9995 Feeders: Oct down 87 at 11732   Jan down 40 at 11400 Cattle Comment Cattle futures were lower as the market reacted to yet another blockage of U.S. beef by South Korea. Buyers also appear to be showing some resistance to recent higher values. In the Plains area, feedlots are asking $94 and finding no takers. Hogs Peoria: were     steady   at   46.5   to   47 Chicago Futures: Oct up 12 at 7470   Dec up 35 at 7265 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment October hog futures moved to a new contract high today, but look top heavy with large supplies expected to be available this fall. Anticipated Chinese demand has yet to materialize. Operating margins are limiting packer purchases and a soft tone is expected to hold in the cash market through next week. Poultry  Date: August 2, 2007 Eggs New York:  Ex. Lg. 105-109; Lg. 103-107; Med. 82-86; 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 was steady in the West, but steady to weak elsewhere. Supplies of all sizes were at least adequate to available with heavier weights in the longest position. In production areas, live supplies were moderate at desirable to heavy 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