08/03/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 03, 2007 Soybeans Local Elevators: (Aug) EAST AR:  751 to 779 (NC) Summ. 772 to 802 River Elevators: (Aug) MISS: 779 to 792 ; AR & White 765 to 792 (NC) Summ. 785 to 808 Ark. Processor Bids: (Aug) 780 to 781  (NC) 796 to 802 Memphis:  (Aug) 807 to 809 (NC)  806 to 811 Riceland Foods:  (NC) Stuttgart 802 ; Pendleton 802 ; West Memphis 808 Chicago Futures: Sep up 6 1/4 at  844 1/2   Nov  up  6  at  860 1/2   Jan up 6  at  874   Mar up 5 1/2  at  886   Nov '08 down 3  at  889   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans firmed to end the week. Support came in the way of drought reports from China’s major growing area. U.S. weather remains a potential problem as soybeans have very little cushion based on a much smaller ’07 planted acreage. Technically, November is holding above support down to $8.34. Wheat Cash bid for August at Memphis  595 to 600; Bids to farmers at Local Elevators 472; River Elevators 457-487; Chicago Futures: Sep up  8 1/4  at  650    Dec up 5 1/2  at  669    Mar up  5  at  661 1/4    Jul '08 down  2 1/2  at  551 1/2    Jul '09 up  2  at  406 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  630 to 634; Bids to farmers at River Elevators 554-625; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   286 1/2 to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  273 to 284 Chicago Futures: Sep up  2 1/2  at  326 3/4    Dec up  1 3/4  at  343    Mar up  2 1/2  at  358 3/4    Dec '08 up  3/4  at  393 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment September wheat closed back near $6.50 boosted by a reduced Canadian crop estimate. The recent contract high of $6.64 could be major resistance. Corn followed beans and wheat higher and held small end of session gains despite an Informa crop projection yield of 153.3 bushels per acre, or 13.1 bushel crop. Cotton & Rice  Date: August 03, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 25 at  5810   Greenwood up  25 at 5810 New York Futures: Oct up  25  at  6285    Dec up  31  at  6489    Mar up  36  at  6800    May up  45  at  6895    Dec '08 up  7  at  7130  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment December cotton futures closed a little higher to end the week on a firm note. Resistance at 65 cents again held the market and 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/Sep/Oct/Nov 1003/cwt  to  - - -   - - - - -  to  - - - Chicago Futures: Sep down  11  at  1045    Nov down  9 1/2  at  1078 1/2    Jan down  10  at  1110    Mar down  10  at  1135    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice futures gave back the remainder of Wednesday’s gains ending the day lower. The big gains on Wednesday simply completed a 50% retracement of the June-July price slide. The milled export market remains slow despite potential prospects in Cuba and Iraq. Many mills have been running reduced schedules in the immediate future. Thailand is the major terminal market of choices, as Vietnam has reached its export quota and has imposed a sales restriction. A higher price and high freight rates tend to reduce interest in U.S. rice. Technically, November futures have support at $10.50 and resistance at $11.05. Cattle & Hogs  Date: August 03, 2007 Cattle As reported by Federal-State Market News, receipts were 9,570 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 132 to 142   500 to 550 lbs. 114 to 124   600 to 700 lbs. 108 to 118  Medium & Large Frame 2   400 to 450 lbs. 115 to 125 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 113 to 123  Medium & Large Frame 2   400 to 450 lbs. 107 to 117 Slaughter Cows, Boners 47   to   54 Light Weight 37 to 43 Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   68, high dressing 68-72.50 Midwest Steers   were $3-$2.50 higher   at   92   to   - - - Panhandle Steers   were $3-$3.50 higher   at   92   to   92.50 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: Oct down 17 at 9797   Dec up 10 at 10005 Feeders: Oct down 12 at 11720   Jan up 17 at 11417 Cattle Comment Cattle futures were mixed as the market generally backed off the big mid-week gains. October live cattle have resistance at the recent contract high just above $100. November feeders are testing support around $116. On the cash side feed lots passed on offers of $90-$91. Packers were reluctant to bid higher with cutout values declining and beef demand sluggish. Hogs Peoria: were     steady   at   46.5   to   47 Chicago Futures: Oct up 290 at 7760   Dec up 192 at 7457 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were sharply higher on continued expectations of Chinese buying. This has brought index funds into play and the futures market has paid little attention to a weakening cash market situation. Futures are extremely overbought and due a downward correction. Poultry  Date: August 03, 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 Majority prices for next week were trending two cents lower in the Midwest, three cents lower in the East, but unchanged in the West. Trade sentiment was steady in the West, however, steady to weak in all other areas. Supplies of all sizes were at least adequate to available for trade needs. In production areas, live supplies were moderate at weights in a full range. ---------------------------------------- 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? 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